Ongoing Operating Losses & Modest CashPersistent EBITDA losses and a relatively small cash balance create a structural funding risk. With cash roughly half the annual EBITDA loss, the company may need external financing to execute growth plans; financing cycles and dilution risk can constrain strategic flexibility over the coming months.
Negative Operating & Free Cash FlowConsistent negative operating and free cash flow indicates the business cannot self‑fund growth or working capital. This structural cash burn increases reliance on capital markets or partners, limits reinvestment capacity, and raises execution risk until operating leverage or sustained profitability is achieved.
Long Sales Cycles & Pipeline Conversion RiskExtended hospital sales cycles and reliance on large enterprise or GPO conversions create durable timing uncertainty for revenue realization. Even with a sizable Baxter pipeline, delayed conversions can stretch cash needs, limit predictable ARR growth, and increase execution risk over multiple quarters.