Negative Free Cash Flow And Capex DemandsPersistent negative free cash flow signals the company currently needs external funding or working capital to support growth. Ongoing equipment-heavy capex for imaging and lab expansion can continue to pressure cash generation, limiting self-funded expansion and increasing financing needs.
Moderate Operating Margins (EBIT/EBITDA)While gross margins are high, mid-single-digit operating margins constrain cash available for reinvestment or cushion against tariff risk. Structural costs (staffing, compliance, maintenance) may cap margin expansion, so sustained margin improvement is required to amplify returns from revenue growth.
Revenue Exposure To Contract Renewals And TariffsA meaningful share of volumes comes from government/contracted tariffs, creating structural revenue risk if contracts are renegotiated or tariffs compressed. Dependence on renewals and public-sector decision cycles can cause multi-month volatility and constrain pricing freedom.