Weakening Cash Conversion And Low Free Cash FlowOperating cash flow covering less than net income and materially reduced free cash flow in 2024–2025 constrain internal funding for capex, new product launches, acquisitions or higher dividends. Persistent weak cash conversion elevates refinancing and liquidity risk over the medium term.
Margin Compression Since 2023Declining operating and net margins versus the 2023 peak, with 2025 net income below 2023 despite higher revenue, suggests sustained cost pressure, pricing erosion or higher SG&A. Continued margin drift would impair return on invested capital and reduce funds for strategic initiatives.
Exposure To Procedure Volumes, Tenders And ReimbursementRevenue is structurally tied to PCI procedure demand, hospital procurement cycles, distribution discounts and reimbursement decisions. Changes in procedure volumes, budget constraints or reimbursement policies across key markets can durably depress sales and make growth lumpy and policy-sensitive.