Weak Cash ConversionMaterial deterioration in free cash flow limits internal funding for capex, R&D, or shareholder returns. Persistent weak cash conversion increases reliance on the balance sheet to fund growth and makes the business more vulnerable if operating profits swing or working capital remains elevated.
Recent Margin CompressionMargin deterioration despite revenue gains suggests rising costs, pricing pressure, or unfavorable mix. If sustained, lower margins will reduce ROE and cash flow, forcing strategic trade-offs between pricing, cost control, and investment that could constrain durable earnings power.
Exposure To Procedure Volumes And ReimbursementDependence on PCI volumes, hospital procurement cycles and reimbursement creates structural demand variability. Changes in clinical guidelines, payer coverage, or tender outcomes can materially affect top-line visibility and require continuous regulatory and market-access investment to sustain sales.