How a Near-Death Healthcare Company Quietly Became a Cash Machine

38% EBITDA Margins, 6x Forward Earnings, and a $266M Profit Swing

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Two years ago, this company was left for dead.

Manufacturing failures. Regulatory scrutiny. A balance sheet drowning in acquisition debt.

The stock cratered. Institutions fled. Most investors moved on and never looked back.

But the business didn’t die. It transformed.

Management gutted the cost structure. Sold non-core facilities. Divested the dead weight. Focused everything on two things that were working: long-term government contracts and a dominant franchise in a critical public health category.

The result?

$107 million in net income. Compared to a $159 million loss in the same period a year earlier.

Read that again. A $266 million swing in nine months.

38% EBITDA margins. SG&A cut in half. Cash nearly tripled. Net leverage slashed from 3.3x to 2x.

And the growth story is just getting started. International government sales now represent 34% of one segment’s revenue, up from the mid-teens a year ago. Over $150 million in new contracts awarded in Q3 alone.

The market’s pricing this at roughly 6x forward earnings.

The company is...