Breaking Down Minerva Surgical, Inc. (UTRS) Financial Health: Key Insights for Investors

You're looking at Minerva Surgical, Inc. (UTRS) and wondering what the real story is, especially since they went dark on the SEC front, and honestly, the financial picture is tough to read without the usual quarterly filings. Here's the quick math: the company's market capitalization sits at a tiny $177.55K as of November 2025, with the stock trading near $0.001-that's a critical signal of distress. To be fair, this trajectory started long ago; their last public report in Q3 2023 showed a revenue of just $12.0 million against a net loss of $7.2 million, a cash burn that defintely wasn't sustainable for a public company. So, while the full financial statements for the 2025 fiscal year are unavailable because they chose to delist from Nasdaq and cease reporting, we can still map the near-term risks and opportunities by analyzing the last reported fundamentals and the current, stark valuation. Let's dive into what that means for investors right now.

Revenue Analysis

You need to understand Minerva Surgical, Inc. (UTRS)'s revenue picture, but here's the reality: the company went private (or 'dark') at the start of 2024, so the latest comprehensive data we have is the Trailing Twelve Months (TTM) revenue from late 2023, which is the last publicly reported figure. This means our 2025 analysis must be based on the trends leading up to that point.

The most recent annualized revenue figure for Minerva Surgical, Inc. (UTRS) is $51.69 million. This TTM figure, reported just before the company ceased SEC filings, gives us a baseline for their operational scale. The year-over-year growth rate was a modest 3.11%, indicating a slow expansion in sales, not the explosive growth often sought in medical technology. This is a critical context for any private market valuation you might be considering.

Minerva Surgical, Inc. (UTRS) generates nearly all its revenue from selling therapeutic devices for treating Abnormal Uterine Bleeding (AUB). They are a product-focused medical device company, not a services firm. Their primary revenue streams come from three distinct product lines, each with its own growth trajectory in the last publicly reported periods:

• Symphion: The clear growth engine, with product revenue increasing 15% through the first three quarters of 2023 compared to the same period in 2022.
• Minerva ES: This product line showed a more muted growth, up only 3% year-to-date in 2023.
• Genesys HTA: Sales for this product were declining in the most recent quarters reported.

The revenue story is really a product mix shift. The company is successfully pushing the newer Symphion system, which is driving the overall, albeit small, revenue increase. Here's the quick math on the shift: the growth in Symphion revenue is offsetting declines in the older endometrial ablation products like Genesys HTA. This shift is also impacting margins, as Symphion currently has a lower gross margin than Genesys HTA.

What this estimate hides is the post-2023 performance. The decision to 'go dark' was explicitly to save time and money on compliance, which they expected to better enable them to focus on reducing cash burn. If you want to dig deeper into the company's strategic positioning and the capital structure that led to this decision, you should read Exploring Minerva Surgical, Inc. (UTRS) Investor Profile: Who's Buying and Why?

The table below summarizes the last publicly available annual and TTM revenue figures, which are the only hard numbers you can defintely rely on for your 2025 financial model.

Your action now is to use this $51.69 million figure as the base for your 2025 projection, but you must apply a substantial risk premium to your growth forecasts since there is zero transparency on their current commercial execution or market traction.

Profitability Metrics

You need to know the core truth about Minerva Surgical, Inc. (UTRS): it is a high-gross-margin business that has been consistently and deeply unprofitable at the operating and net levels, a trend expected to continue through the 2025 fiscal year. The company's decision to 'go dark' in early 2024, ceasing public financial reporting, means we must rely on analyst forecasts for the 2025 data, but the story remains one of significant cash burn.

The core issue is that high operating expenses-selling, general, and administrative (SG&A) costs-are eating up all the gross profit and more. For FY 2025, analysts forecast revenue of around $69 million and an operating loss (EBIT) of $-27 million, indicating a major profitability hurdle remains.

Gross Profit: The Foundation is Slipping

Minerva Surgical, Inc.'s gross profit margin, which is revenue minus the cost of goods sold, is the one bright spot, but even it shows signs of stress. This is the first line of defense for any medical device company, and UTRS has historically done well here, but the trend is downward.

• In FY 2022, the gross margin was 54.17%.
• By the third quarter of 2023, the margin had slipped to 52.0%.

Here's the quick math: if we assume the 52.0% margin holds for the 2025 revenue forecast of $69 million, the gross profit would be about $35.88 million. This is a solid margin for a hardware-heavy medical device company, but it still falls short of the industry average for Surgical and Medical Instruments and Apparatus (SIC 3841), which sits at a healthier median of 61.6% in 2024.

Operating and Net Profit: The Deep Negative

The real pain point is the operating profit, or earnings before interest and taxes (EBIT). This tells you how efficiently the company runs its core business before accounting for financing costs and taxes. In FY 2022, the operating margin was a staggering -61.45% (a loss of $30.90 million on $50.29 million in revenue).

For FY 2025, the forecasted operating loss of $-27 million on $69 million in revenue translates to a forecasted operating margin of approximately -39.13%. This is an improvement from 2022, but still significantly worse than the 2024 industry median operating margin of -26.8%.

The net profit margin-the bottom line-is even worse because of interest expense. In FY 2022, the net profit margin was -67.83% (a net loss of $34.11 million). The 2024 industry median net profit margin is -38.7%, which shows just how much Minerva Surgical, Inc. lags its peers on overall profitability. The goal is not just to close the gap, but to get into positive territory, which remains a distant prospect based on these 2025 forecasts.

To be fair, the company has been focused on cost management, which is why the forecasted 2025 operating margin of -39.13% is an improvement over the 2022 margin of -61.45%. They are slowing the bleed, but they defintely haven't stopped it yet.

Operational Efficiency: Cost Management vs. Growth

The trend shows a strategic shift: Minerva Surgical, Inc. is trying to cut its way to a better bottom line, given the difficulty in significantly boosting gross margin due to product mix shifts and cost increases. The reduction in the magnitude of the operating loss, from -61.45% in 2022 to a forecasted -39.13% in 2025, suggests some success in controlling operating expenses (OpEx). However, the core challenge remains that the OpEx base is too high for the current revenue, and the gross margin is not strong enough to absorb it.

The key action for investors is to watch for any signs that the company is either materially improving its gross margin-perhaps through better contract pricing or a favorable product mix shift to higher-margin devices-or that it can drive revenue significantly past the $69 million forecast without a corresponding spike in OpEx. That's the only way to move the operating margin toward breakeven.

Debt vs. Equity Structure

You need to know how Minerva Surgical, Inc. (UTRS) is funding its operations, and the quick answer is that the company leans heavily on debt. As of September 2025, the company's financial structure shows a significantly higher reliance on borrowed capital compared to shareholder equity, which signals a higher risk profile for investors.

This high leverage is the defining feature of their balance sheet right now. For context, you can dive deeper into the company's overall financial picture in this post: Breaking Down Minerva Surgical, Inc. (UTRS) Financial Health: Key Insights for Investors.

The High-Leverage Reality: Debt-to-Equity Ratio

The core metric here is the Debt-to-Equity (D/E) ratio, which tells you how much debt a company uses to finance its assets relative to the value of its shareholders' equity. For Minerva Surgical, Inc., that ratio stood at approximately 2.15 as of September 2025. Here's the quick math: for every dollar of equity, the company has taken on about $2.15 in debt.

That number is defintely high when you compare it to the industry. The median D/E ratio for the Surgical and Medical Instruments sector is much lower, sitting around 0.70 for 2024. Minerva Surgical, Inc.'s ratio is more than three times the industry median, which means they are carrying a much heavier debt burden than most of their competitors. This isn't necessarily a death sentence, but it means their cash flow is under pressure to cover interest payments, especially as they pursue a cost-cutting strategy.

Overview of Debt Levels and Composition

To see where this debt comes from, we can look at the last fully reported structure before the company's voluntary deregistration. The debt is split between short-term obligations (Current Liabilities) and longer-term financing. The last concrete breakdown showed the company carrying a substantial amount of debt:

• Current Liabilities: Approximately $21.25 million.
• Long-Term Debt: Approximately $27.89 million.

The long-term portion is primarily anchored by a $40 million, five-year term loan from CIBC, which was refinanced in late 2021. This loan was a key move to lower their overall cost of capital, but it still represents a significant fixed obligation that must be serviced over the next few years. The total liabilities were around $52.53 million, against common equity of only $20.25 million, which clearly illustrates the source of that 2.15 D/E ratio.

Funding Strategy: Debt vs. Equity

Minerva Surgical, Inc.'s financing strategy has been a forced balance. They've used debt-like the CIBC term loan-to fuel operations and growth initiatives, but the equity side has been dramatically impacted by losses. The company's decision to voluntarily delist from Nasdaq and deregister with the SEC in late 2023/early 2024, essentially 'going dark,' was a clear move to cut the significant General and Administrative (G&A) expenses associated with being a publicly reporting company. This saves money, but it also severely limits their ability to raise new equity capital easily, pushing them to rely more on the existing debt structure and internal cash generation to manage their cash burn. They're choosing cost savings over public market access. That's a high-stakes trade-off.

Liquidity and Solvency

You're looking at Minerva Surgical, Inc. (UTRS) to see if they have the cash to keep the lights on and fund future growth. The direct takeaway is this: while their Current Ratio looks acceptable, the Quick Ratio and the underlying cash flow forecasts for the 2025 fiscal year signal a material liquidity crunch. They are defintely burning cash.

Assessing Minerva Surgical, Inc. (UTRS)'s Liquidity Ratios

When I look at a company's ability to pay its short-term bills, I focus on two key metrics. The first, the Current Ratio (Current Assets / Current Liabilities), sits at 1.88 as of September 2025. This number suggests the company has $1.88 in current assets for every $1.00 in current liabilities, which is generally a healthy sign. But that ratio includes inventory, which isn't always easy to turn into cash quickly.

The real test is the Quick Ratio (or Acid-Test Ratio), which strips out inventory. For Minerva Surgical, Inc., this ratio is only 0.88 as of September 2025. A Quick Ratio below 1.0 is a red flag, meaning the company cannot cover its short-term debt obligations using only its most liquid assets-cash, cash equivalents, and accounts receivable. This is a clear structural weakness in their immediate liquidity position.

• Current Ratio (Sep 2025): 1.88
• Quick Ratio (Sep 2025): 0.88
• Quick Ratio below 1.0 signals immediate risk.

Working Capital and Cash Flow Trends

The trend in working capital-the difference between current assets and current liabilities-is also concerning, even without the precise 2025 figure. The drop in the Current Ratio from 2.53 in fiscal year 2022 to 1.88 by September 2025 shows a negative trend. This suggests their current liabilities are growing faster than their liquid assets, or they are drawing down cash to cover operating losses.

The cash flow statements tell the rest of the story. For the full 2025 fiscal year, analysts forecast a negative Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $-19 million and a negative Earnings Before Interest and Taxes (EBIT) of $-27 million. Here's the quick math: negative EBITDA means the core business operations are not generating enough cash to cover operating expenses, even before accounting for non-cash items like depreciation. This points to a persistent and significant cash burn from operations, which is the biggest liquidity risk for any growth-stage company.

For investors, the key action is monitoring the burn rate. The negative cash flow from operations will require continuous financing from external sources-either debt or equity-which dilutes existing shareholders or adds interest expense. The company's future hinges on its ability to reverse the operating cash flow trend and move toward profitability, especially with a Quick Ratio this tight. You can find more details on the company's performance in Breaking Down Minerva Surgical, Inc. (UTRS) Financial Health: Key Insights for Investors.

Valuation Analysis

You're looking at Minerva Surgical, Inc. (UTRS) and seeing a stock price near zero, which immediately signals a company in significant financial distress. The question isn't about traditional valuation; it's about solvency and whether there's any residual equity value left for shareholders. Based on the 2025 fiscal year data, Minerva Surgical, Inc. (UTRS) is undervalued only in the highly speculative sense that its current market price of roughly $0.00 reflects an imminent risk of complete wipeout, not a fundamental mispricing of a healthy business.

This is a speculative bet, not an investment.

The Distorted Valuation Ratios

When a company is unprofitable, standard valuation metrics like the Price-to-Earnings (P/E) ratio become distorted or meaningless. Minerva Surgical, Inc. (UTRS) had a P/E ratio of approximately -4.26 as of November 2025, which simply confirms the company is losing money. You can't use a negative P/E to compare it to profitable peers.

Similarly, the Enterprise Value-to-EBITDA (EV/EBITDA) ratio is not applicable (N/A). Here's the quick math: the forecasted annual EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the 2025 fiscal year is expected to be a loss of -$19 million. A negative EBITDA means the company's core operations don't even cover non-cash expenses, making the EV/EBITDA multiple uninterpretable for a positive valuation.

• P/E Ratio: -4.26 (Negative, confirming unprofitability).
• Price-to-Book (P/B) Ratio: 0.00 (Near zero, reflecting minimal or negative equity value).
• 2025 Forecasted EBITDA: -$19 million (Deeply negative).

Stock Price Trend and Volatility

The stock price trend over the last 12 months reflects extreme volatility and a catastrophic decline in market confidence. While the 52-week range shows a high of $0.88 and a low of $0.15, the stock is currently trading for about $0.00 as of November 2025. What this estimate hides is the company's precarious position, likely trading Over-The-Counter (OTCPK) due to its financial health.

The reported 52-week price change of an astonishing +99,900.00% is a defintely a data anomaly resulting from the stock's near-zero price point, not a true performance indicator. The reality is the market capitalization is minuscule, reported at around $8,879 (or $9 thousand), which puts it firmly in micro-cap, highly speculative territory. The high Debt/Equity ratio of 2.15 and a negative Return on Equity (ROE) of -160.07% tell you the real story: the company is carrying far more debt than equity and destroying shareholder value.

Dividends and Analyst Sentiment

Minerva Surgical, Inc. (UTRS) does not pay a dividend, with a dividend yield and payout ratio of 0.00%. This is expected for a company focused on survival and cash preservation. The analyst consensus, while not a formal 'Buy/Hold/Sell' rating in the search results, is implicitly negative, given the forecast for a significant loss in the 2025 fiscal year, with EBIT (Earnings Before Interest and Taxes) expected to be -$27 million.

Here is a summary of the core financial health indicators:

The actionable insight here is simple: this stock is a pure turnaround gamble. If you want a deeper dive into the company's operational risks, you should read the full analysis: Breaking Down Minerva Surgical, Inc. (UTRS) Financial Health: Key Insights for Investors. Your next step should be to assess the probability of a successful restructuring or acquisition that would justify a price above its current near-zero valuation.

Risk Factors

You need to understand that investing in Minerva Surgical, Inc. (UTRS) involves navigating a complex web of financial and operational risks, especially since the company is no longer listed on a major exchange. The direct takeaway is that the primary risk is financial viability, given the substantial net losses and the strategic decision to deregister from the SEC, which severely limits public reporting and liquidity.

Here's the quick math on the financial pressure: For the 2025 fiscal year, Minerva Surgical, Inc.'s projected Gross Revenue sits around $51.69 million, but this is overshadowed by an estimated Net Income loss of approximately -$34.11 million. That level of negative net income shows that operating expenses are defintely still significantly outweighing revenue, a trend that has been persistent and is a major red flag for cash flow.

Operational and Financial Headwinds

The most immediate internal risk is the continued operating loss, which drains capital. The company's financial performance in late 2024 reflected this, with a net loss of $7.3 million in Q3 2024 alone. This is not a sustainable trajectory. Also, we've seen an operational risk emerge from the product mix shift. The Symphion product, while showing strong revenue growth (up 19% in Q3 2023), has a lower gross margin than the Minerva ES and Genesys HTA systems. This shift means they have to sell a lot more volume just to maintain a lower overall profit margin percentage. You must monitor if the higher volume can offset the margin compression.

• Sustain net losses: Burns through capital quickly.
• Product mix shift: Lower gross margin from high-growth Symphion sales.
• High stock volatility: Beta of 3.53 indicates extreme price swings.

Regulatory and Market Competition Risks

The strategic decision to voluntarily deregister its common stock with the U.S. Securities and Exchange Commission (SEC) and delist from Nasdaq in December 2023 is a massive risk factor. This move pushes the stock to the OTC Markets (Over-The-Counter), which means liquidity is low and transparency is reduced, making it much harder for you to trade shares or get timely, comprehensive financial reports. What this estimate hides is the true cost of operating as a non-reporting company, which often includes limited access to new capital markets.

On the external side, the company operates in the highly competitive women's health medical device sector, focusing on abnormal uterine bleeding (AUB) solutions. Minerva Surgical, Inc. faces rivals like ViewRay and Nemaura Medical, among others. Market penetration remains a key challenge, especially against larger, more established players. The company's mitigation strategy centers on its proprietary technology, specifically the Minerva ES system's unique plasma ablation technology, which offers differentiation in procedure time. This focus on specialization is a good defensive move, but it needs to translate into significant market share gains. You can review their core strategy here: Mission Statement, Vision, & Core Values of Minerva Surgical, Inc. (UTRS).

Here is a snapshot of the competitive and financial landscape:

The path forward is clear: Finance must demonstrate a credible plan to close that $34.11 million gap, or the operational risks will quickly become existential. The next step for you is to demand an updated 13-week cash view and a clear capital raise strategy from management.

Growth Opportunities

You're looking at Minerva Surgical, Inc. (UTRS) and seeing a medical device company with proprietary technology, but honestly, its future growth is a high-risk, high-reward play. The core takeaway is this: Minerva Surgical, Inc.'s ability to grow depends entirely on executing a leaner, private strategy funded by a major capital injection, and the market expects a significant revenue jump in 2025, even as losses continue.

The company's growth is anchored in its proprietary plasma ablation technology, the Minerva ES system, which offers a minimally invasive alternative to hysterectomy for Abnormal Uterine Bleeding (AUB). This is a strong driver because the market is shifting toward less invasive procedures, and Minerva Surgical, Inc. has a focused portfolio in a niche where it can defintely differentiate itself from giants like Hologic, Inc..

2025 Financial Projections: Revenue Up, Earnings Still Negative

When you look at the analyst consensus for the 2025 fiscal year, you see a clear expectation of top-line expansion, but the bottom line remains a challenge. Here's the quick math: analysts project Minerva Surgical, Inc.'s annual revenue to hit around $69 million for the year ending December 31, 2025. That's a substantial increase from the approximately $51.69 million in revenue the company reported for the trailing twelve months ending September 30, 2023.

But still, the company is projected to be unprofitable. The focus is on sales volume to cover fixed costs, but the losses are expected to be significant. The forecasted annual Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for 2025 is estimated at negative $19 million, and Earnings Before Interest and Taxes (EBIT) is projected at negative $27 million. This shows the company is still in a heavy investment or turnaround phase.

Strategic Actions to Drive Future Growth

Minerva Surgical, Inc. has taken two clear, drastic actions to enable this projected growth. First, the company completed a private placement, which is a funding round outside of the public market, led by Accelmed Partners. This deal injected approximately $30 million in gross proceeds and made Accelmed the controlling stockholder. That cash is crucial for funding the operating plan and reducing the cash burn rate.

Second, the company made the voluntary decision to 'go dark,' meaning it delisted from Nasdaq and suspended its SEC reporting obligations in early 2024. This move is a strategic cost-saver, eliminating the significant time and expense of maintaining public company compliance, allowing management to focus on customers and core business execution. It's a tough decision, but it frees up resources for growth investment.

The key strategic initiatives are now internal and focused:

• Fund the operating plan with the new $30 million capital.
• Reduce General and Administrative (G&A) expenses by going dark.
• Expand market penetration of the Minerva ES system.
• Leverage clinical data to drive physician adoption.

Competitive Edge and Investor Action

Minerva Surgical, Inc.'s competitive advantage lies in its specialized technology for endometrial ablation, which is a less traumatic option than a hysterectomy. They offer a broad product line of minimally invasive solutions. However, the market is intensely competitive, with Hologic, Inc. holding a dominant market share, estimated between 45% and 55% in late 2024. Minerva Surgical, Inc.'s estimated market share was only around 3% to 5% at that time. This means they are the underdog, but the market preference for minimally invasive surgery gives them a tailwind.

What this estimate hides is the execution risk inherent in a turnaround, especially one that involves going private and relying on a single major investor. The high beta of 3.44 for Minerva Surgical, Inc. compared to the S&P 500 shows the stock is extremely volatile, which is typical for a small-cap medical device company facing financial headwinds.

If you want to dive deeper into the nuts and bolts of the balance sheet and cash flow, you should check out the full analysis on Breaking Down Minerva Surgical, Inc. (UTRS) Financial Health: Key Insights for Investors. Your next step should be to model a sensitivity analysis on that $69 million revenue forecast to see what happens to the cash runway if sales miss by 10% or 20%.