Ongoing Net LossesPersistent negative EBIT and net losses mean the company is not yet generating operating profitability, pressuring returns and limiting reinvestment capacity. Over a multi-quarter horizon, sustained losses can force strategic trade-offs, slower commercial expansion or repeated external financing, diluting shareholder value.
Negative Operating Cash FlowNegative operating and free cash flow with reliance on financing indicates the business needs external capital to fund operations. This raises execution risk: future dilution or debt, constrained investment in sales/validation, and potential limits on scaling lab capacity during the crucial adoption period.
Dependence On Adoption And ReimbursementRevenue is structurally tied to clinician adoption and payer reimbursement, both slow and evidence-driven processes. Failure or delay in securing broad reimbursement or clinician uptake can cap test volumes and revenues for many quarters, making growth and margin improvement contingent on durable commercial and policy wins.