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The registrant (together with our consolidated operating subsidiary, the Company or Catheter ) was incorporated under the name Ra Medical Systems, Inc. as a Delaware corporation in July 2018. A predecessor had been incorporated in California in September of 2002, but was reincorporated in 2018 in connection with our initial public offering.
The business is unprofitable at the operating level (-2581.56% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 95.0% YoY with margins expanding 95.3pp.
ROIC dropped from -30.26% to -149.53%, capital efficiency is deteriorating. Negative free cash flow of -$8M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1M
▲ +95.0% YoY
Net Income (TTM)
-$15M
▼ -3.2% YoY
Op. Margin
-1794.77%
▲ +95.3pp YoY
ROIC
-139.72%
▼ -119.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$9M
▲ +11.0% YoY
Op. Cash Flow (TTM)
-$9M
▲ +10.5% YoY
Net Debt
$8M
Cash & Equiv.
$441K
5Y CAGR: -28.6%
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