Negative Free Cash FlowPersistent negative free cash flow constrains the firm's ability to self-fund growth, capex and working capital needs. Over several months this raises the likelihood of external financing, which can dilute shareholders or increase interest burden, and limits nimbleness in scaling commercial efforts.
Persistent Net Losses / Negative ROEOngoing net losses producing negative ROE indicate equity capital is not yet generating returns. Structurally this heightens pressure for either sustained margin improvement or additional capital raises, and weakens long‑term shareholder value creation until profitability consistently materializes.
Demand & Channel SensitivityRevenue dependence on procedure volumes and third‑party distribution exposes Aroa to structural risks: shifts in hospital utilization, reimbursement changes, or distributor concentration can materially affect sales. Diversifying channels and indications is needed to reduce this durable demand sensitivity.