Ocular Therapeutix, Inc. — Earnings Quality Grade F
OCUL · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 30 days (186 → 215)
AR outpaced revenue for 2 consecutive years
Revenue -18.5%, CFFO -52.1%. Cash follows revenue
Expense Quality
Inventory 17.2% vs COGS 16.9%. Normal
CapEx growth 832.5% is >2x revenue growth -18.5%
SG&A/Gross Profit = 260.7%, exceeds 70%
Gross margin 87.3%, change -3.8pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.2B)
Accruals ratio = -7.6%. Low accruals
Cash $0.7B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -22.8x (<2x). Financial stress
Other assets 0.0% vs revenue -18.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
No goodwill
Manipulation Score
M-Score = -2.92 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25