PZ Cormay SA

PZ Cormay’s capital structure shows a market cap of 48.84 million PLN and a price-to-book ratio of 1.06, indicating a valuation in line with tangible book value. The company’s liquidity position is mixed, with a current ratio of 1.23 and negative operating cash flow of -360,000 PLN, suggesting limited short-term liquidity flexibility. Total liabilities of 42.25 million PLN are partially offset by 45.93 million PLN in equity, yielding a debt-to-equity ratio of 0.22, which is relatively conservative. Profitability metrics are weak, with a net loss of 4.16 million PLN and an operating loss of 3.06 million PLN, resulting in a negative return on equity of -9.06% and return on assets of -4.72%. These figures fall below the industry_config preferred metrics for medical equipment firms, which typically require positive ROE and ROIC to sustain growth. The gross profit margin of 39.36% (37.92 million PLN on 96.31 million PLN revenue) is in line with industry norms but insufficient to offset operating costs. The company’s revenue is concentrated in its domestic Polish operations, with no disclosed international revenue segments. This geographic concentration increases exposure to local economic and regulatory shifts, particularly in the healthcare sector. No material segment breakdown is provided, but the company’s product portfolio spans clinical chemistry, hematology, and urinalysis, with key products including the ACCENT-300 and MYTHIC 18 analyzers. Growth trajectory is under pressure, with the most recent actual revenue of 69.79 million PLN trailing the 96.31 million PLN reported in the financial snapshot. The outlook for the current fiscal year is negative, with no disclosed revenue growth drivers or market expansion plans. Capital expenditures of -2.53 million PLN suggest ongoing investment in production and distribution infrastructure, but the negative free cash flow of -668,000 PLN limits reinvestment capacity. Risk factors include medium liquidity risk due to negative operating cash flow and a low dilution risk score, though the company’s net cash position is negative after subtracting total debt. No dilution sources are disclosed in the 10-K or recent filings, and the shares outstanding remain unchanged between basic and diluted measures. Recent events include the 2014 restructuring plan executed through Orphee SA’s acquisition of TT Management Sp z o o, which transferred production and distribution activities to the parent company. No recent filings or transcripts disclose new product launches or strategic shifts.