Weak Cash ConversionCash generation lagged reported profits in 2025 as operating cash turned slightly negative and free cash flow fell meaningfully from 2024. If working‑capital or capex drains persist, the business faces higher funding needs and constrained ability to self‑fund commercial expansion over coming quarters.
Thin Net Profitability CushionAlthough the company reached positive operating and net income in 2025, margins remain thin. A small profit buffer leaves results vulnerable to reimbursement pressure, surgical volume fluctuations, or pricing concessions, increasing downside risk to sustainable earnings.
Near‑term Funding SensitivityNegative free cash flow and weakened operating cash in 2025 raise the odds the company may need external financing to sustain growth or inventory build. Dependence on capital markets or partners could affect strategic timing and increase execution risk over the next several quarters.