Persistent Net Losses And Negative MarginsSustained net losses and negative operating margins erode retained earnings and limit internal funding for commercialization and R&D. Over time this constrains strategic choices, increases reliance on external capital, and can weaken negotiating leverage with suppliers and hospital customers.
Multi-period Negative Free Cash FlowRepeated negative free cash flow undermines the firm's ability to self-fund growth and clinical programs, forcing dependence on financing or equity issuance. That dynamic increases dilution or debt risk and raises execution risk for scaling commercial operations over the medium term.
Declining And Inconsistent Revenue GrowthInconsistent and declining revenue trends suggest challenges in market penetration, reimbursement or competitive share gains. For a med-tech firm, durable top-line growth is critical to spread fixed costs and justify continued investment in trials and commercialization; weakness raises sustainability concerns.