Negative Cash FlowPersistent negative operating and free cash flow reduces financial flexibility and increases reliance on external funding or one-time receipts. Worsening FCF growth constrains the company’s ability to invest in commercial expansion and product development over the medium term.
Unprofitable OperationsHigh gross margins indicate product-level efficiency, but heavy operating expenses result in recurring losses. Continued unprofitability limits retained earnings and reinvestment capacity, making long-term margin recovery and shareholder returns uncertain without sustained revenue scaling.
U.S. Sales Execution RiskReliance on U.S. hospital adoption makes delayed deals a material revenue timing risk. Persistent execution shortfalls reduce visibility on sales ramp, depress near-term cash receipts, and can slow the conversion of reimbursement gains into predictable, long-term commercial growth.