Multi-year Revenue Scale-upSustained revenue growth from ~0.8B to ~2.1B (2020–2025) reflects successful deal-making and commercial expansion in niche healthcare markets. Durable top-line scale supports investment in product development, cross-selling across subsidiaries, and long-term margin and cashflow improvement.
Consistent Operating ProfitabilityMid-teens EBIT margins and ~10–11% net margins indicate structural profitability across operating subsidiaries. This persistent margin profile suggests defensible pricing or cost discipline in medical niches, enabling reinvestment and resilience to moderate demand swings over the medium term.
Positive And Growing Free Cash FlowConsistent positive FCF that has grown materially supports internal funding for capex, acquisitions, and upstreaming cash to the parent. While conversion is imperfect, multi-year positive FCF reduces reliance on external financing and underpins the buy-and-build investment model.