Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

3 Unprofitable Stocks We Steer Clear Of

MMI Cover Image

Unprofitable companies face headwinds as they struggle to keep operating expenses under control. Some may be investing heavily, but the majority fail to convert spending into sustainable growth.

Finding the right unprofitable companies is difficult, which is why we started StockStory - to help you navigate the market. Keeping that in mind, here are three unprofitable companiesthat don’t make the cut and some better opportunities instead.

Marcus & Millichap (MMI)

Trailing 12-Month GAAP Operating Margin: -4.4%

Founded in 1971, Marcus & Millichap (NYSE: MMI) specializes in commercial real estate investment sales, financing, research, and advisory services.

Why Should You Dump MMI?

  1. Products and services fail to spark excitement with consumers, as seen in its flat sales over the last five years
  2. Lacking free cash flow generation means it has few chances to reinvest for growth, repurchase shares, or distribute capital
  3. Eroding returns on capital suggest its historical profit centers are aging

At $30.92 per share, Marcus & Millichap trades at 238.2x forward P/E. Dive into our free research report to see why there are better opportunities than MMI.

iRhythm (IRTC)

Trailing 12-Month GAAP Operating Margin: -16.1%

Pioneering the shift from bulky, short-term heart monitors to sleek, wire-free patches, iRhythm Technologies (NASDAQ: IRTC) provides wearable cardiac monitoring devices and AI-powered analysis services that help physicians detect and diagnose heart rhythm disorders.

Why Are We Cautious About IRTC?

  1. Revenue base of $657.2 million puts it at a disadvantage compared to larger competitors exhibiting economies of scale
  2. Negative free cash flow raises questions about the return timeline for its investments
  3. High net-debt-to-EBITDA ratio could force the company to raise capital at unfavorable terms if market conditions deteriorate

iRhythm’s stock price of $164 implies a valuation ratio of 75.4x forward EV-to-EBITDA. Read our free research report to see why you should think twice about including IRTC in your portfolio.

Repligen (RGEN)

Trailing 12-Month GAAP Operating Margin: -3.5%

With over 13 strategic acquisitions since 2012 to build its comprehensive bioprocessing portfolio, Repligen (NASDAQ: RGEN) develops and manufactures specialized technologies that improve the efficiency and flexibility of biological drug manufacturing processes.

Why Do We Avoid RGEN?

  1. Core business is underperforming as its organic revenue has disappointed over the past two years, suggesting it might need acquisitions to stimulate growth
  2. Day-to-day expenses have swelled relative to revenue over the last five years as its adjusted operating margin fell by 16.9 percentage points
  3. Shrinking returns on capital from an already weak position reveal that neither previous nor ongoing investments are yielding the desired results

Repligen is trading at $121.68 per share, or 64x forward P/E. Check out our free in-depth research report to learn more about why RGEN doesn’t pass our bar.

Stocks We Like More

Trump’s April 2025 tariff bombshell triggered a massive market selloff, but stocks have since staged an impressive recovery, leaving those who panic sold on the sidelines.

Take advantage of the rebound by checking out our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today for free.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

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