Negative Cash GenerationOperating cash flow and free cash flow swung from positive in 2024 to negative in 2025, increasing near-term funding sensitivity. Persistent negative cash generation can force external financing or slower investment, constraining the company’s ability to scale sales and manufacturing sustainably.
Thin Net ProfitabilityThe company only recently turned profitable and net margins remain very thin. Limited earnings cushion makes results highly sensitive to reimbursement shifts, pricing pressure, or adoption lags, increasing the risk of reverting to losses if growth or pricing weakens.
Cash-Earnings DisconnectA disconnect between positive accounting earnings and negative cash conversion suggests working-capital or investment-driven cash drag. This structural mismatch can cause cash-flow volatility, elevate financing needs, and impede capacity or commercial expansion without additional capital.