Declining Revenue TrendMaterial top-line contraction (mid-20% decline most recently and multi-period negative growth) reduces operating scale and weakens unit economics for clinics and trial sites. Continued revenue decline constrains reinvestment in R&D, increases per-unit fixed costs, and raises financing need risk over coming months.
Persistent Negative Profit MarginsLoss-making results at gross, EBIT/EBITDA and net levels imply structural profitability issues, not just timing. Sustained negative margins erode retained capital, limit ability to self-fund trials or clinic expansion, and mean strategic progress likely depends on operational turnaround or external funding.
Negative Operating And Free Cash Flow (cash Burn)Persistent negative operating and free cash flows signal ongoing cash burn despite reported FCF growth rate. Continued cash deficits reduce strategic optionality, increase reliance on equity or debt financing, and heighten dilution or funding-risk over the medium term unless operations generate positive cash conversion.