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Pharmaceutical preparations company · F4 · Revenue $17M · -60.60% margin · $2M FCF
The business is unprofitable at the operating level (-60.60% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 34.8% YoY. Margins deteriorated 69.4pp alongside, both lines moving the wrong way.
Free cash flow declined 53% versus the prior year, cash generation momentum has weakened. ROIC dropped from 4.19% to -16.37%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$17M
▼ -34.8% YoY
Net Income (TTM)
-$10M
▼ -744.0% YoY
Op. Margin
-60.60%
▼ -69.4pp YoY
ROIC
-16.37%
▼ -20.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2M
▼ -53.0% YoY
Op. Cash Flow (TTM)
$2M
▼ -66.0% YoY
Net Debt
$3M
Cash & Equiv.
$7M
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