Weak Cash Conversion & FCF DynamicsDespite revenue and margin strength, weak free cash flow conversion and low OCF-to-net‑income create funding sensitivity. Persistent negative FCF growth can constrain reinvestment, extend payback on commercial expansion, and increase reliance on equity or debt during scale‑up phases.
Outpatient Reimbursement And Regulatory UncertaintyOutpatient channels represent meaningful incremental market opportunity, but exigent CMS coverage requiring RCT evidence delays monetization. Uncertain timing and trial requirements mean outpatient revenue is not guaranteed, slowing diversification away from hospital and burn‑centric volumes.
Lumpy Demand And Limited Near‑term VisibilityA business exposed to episodic burn volumes and seasonal case variability complicates forecasting and capacity planning. Combined with no formal guidance, this raises execution risk for scaling manufacturing and commercial spend, making outcome timing and cash flow less predictable.