Negative Free Cash FlowNegative free cash flow of -393 million, despite improving trends, indicates capex and working capital pressures that constrain discretionary spending. Persisting FCF deficits could limit organic expansion, dividend capacity, or require external financing in the medium term.
Margins Need ImprovementWhile profitable, mid-single-digit to low-double-digit operating margins leave room for improvement versus best-in-class diagnostics peers. Pressure to lift EBIT/EBITDA margins will be important to sustainably convert revenue growth into stronger shareholder returns over the coming months.
Dependence On PPP/government ContractsHeavy reliance on PPP and public-health contracts exposes revenue to tariff-setting, contract renewals and public procurement cycles. Structural dependence can constrain pricing flexibility and create cliff risks if large contracts are delayed, renegotiated, or not renewed.