Very High LeverageDebt at ~1.62B and debt/equity near 6.3x materially raises refinancing, covenant, and interest-rate risk. For a loss-making medtech firm, this constrains strategic flexibility, increases fixed financial obligations, and heightens vulnerability if procedure volumes or pricing pressure weaken.
Negative Free Cash FlowPersistently negative FCF (≈-38.3M) and slightly negative operating cash flow mean the business is not self-funding. Over months this requires external financing or asset sales, which is harder with elevated leverage and can dilute equity or increase debt costs, impairing long-term stability.
Widening Net LossesA net margin of roughly -33% demonstrates failure to convert revenue growth into sustainable profits. Continued operating losses limit retained earnings buildup, slow deleveraging, and force reliance on external capital, undermining the company's ability to invest in R&D and commercial expansion sustainably.