Overall Score

Revenue Model

Primarily a medical device business with revenue per share of 11.01 and a low EV/Sales of 0.93, suggesting a modestly valued but challenged top line.

Gross margin remains healthy at 65.98%, indicating the core product economics are still solid despite weak profitability below gross profit.

Profitability

Operating profitability remains negative, with EBIT margin at -34.08% and operating margin at -30.90%.

Return metrics are deeply negative, including ROA of -20.48% and ROE of -43.28%, showing the business is still not generating acceptable returns.

Net margin is -27.77%, so gross profit is not yet translating into bottom-line earnings.

Cash Generation

Operating cash flow is negative, with OCF per share at -0.52 and OCF margin at -4.76%.

Free cash flow remains negative at -0.79 per share, and FCF yield is -13.04%, indicating ongoing cash burn.

Cash conversion is weak, with a cash conversion cycle of 271.19 days and inventory days of 271.19, tying up working capital.

Balance Sheet

Liquidity is strong, with a current ratio of 4.62 and quick ratio of 3.62.

Cash per share of 7.89 exceeds book value per share of 6.23, supporting near-term financial flexibility.

Leverage is meaningful but manageable, with debt-to-equity at 1.09 and net debt to EBITDA at -1.25.

Capital Efficiency

ROIC is -25.82% and return on capital employed is -28.00%, showing poor capital deployment.

Asset turnover of 0.74 is not enough to offset weak margins and negative operating returns.

Working capital turnover is roughly 1.00, suggesting limited efficiency in converting working capital into sales.