Persistent UnprofitabilityConsistent negative net, EBIT and EBITDA margins indicate the business has not reached profitable scale. Long-term losses erode retained capital, suppress ROE and force reliance on external funding to sustain commercialization, hindering self-funded growth and margin improvement.
Negative Operating And Free Cash FlowSustained negative operating and free cash flows create cash burn that limits investments in sales, regulatory work and manufacturing scale. Even with some free cash flow improvement, persistent cash deficits elevate refinancing risk and constrain long-term commercialization execution.
Revenue Seasonality And Regulatory ExposureDemand depends on seasonal and outbreak-driven testing volumes and on regulatory/reimbursement approvals. That structural exposure makes revenues lumpy, slows steady adoption, and raises go-to-market friction in new jurisdictions, weakening predictability of scale and margins.