Eye on Biosyent Inc with its long history of healthy growth
04.03.2015 • About Biosyent Inc (
$RX) • By InTwits
Have you thought about Biosyent Inc as a growth stock? Its revenue performance, profitability and healthy financial model stands it out vs. other public companies on the market.
Growth story
Biosyent Inc showed growth in the last financial year. Biosyent Inc's revenue surged on 56.6% in FY2014. At the same time the company well managed its profitability and showed even faster growth in EBITDA of 75.2% for the same period.
If we look for the longer period Biosyent Inc showed fast revenue growth of 63.2% from 2011 to 2014 annually. EBITDA surged on 116% from 2011 to 2014 annually.
Biosyent Inc ($RX) financials for the last 5 years
| mln. CAD | 2010 | 2011 | 2012 | 2013 | 2014 |
|---|
| Revenue | 2 | 3 | 5 | 8 | 12 |
|---|
| Revenue growth, % | | 67.1% | 78.9% | 55.2% | 56.6% |
|---|
| Gross margin, % | 72.9% | 78.6% | 79.3% | 79.2% | 78.1% |
|---|
| SG&A, % | | | 51.4% | 47.4% | 42.7% |
|---|
| EBITDA | 0 | 0 | 1 | 2 | 4 |
|---|
| EBITDA growth, % | | 573.6% | 229.8% | 74.1% | 75.2% |
|---|
| EBITDA margin, % | 3.77% | 15.2% | 28.1% | 31.5% | 35.2% |
|---|
| Net Income | 0 | 0 | 2 | 2 | 3 |
|---|
| Net Income margin, % | 2.88% | 15.0% | 30.7% | 24.7% | 25.8% |
|---|
| |
| CAPEX | 0 | 0 | 0 | 0 | 0 |
|---|
| CAPEX/Revenue, % | 0% | 0.611% | 1.77% | 1.000% | 0.503% |
|---|
| Debt | 0 | 0 | 0 | 0 | 0 |
|---|
| Cash | 0 | 1 | 2 | 4 | 7 |
|---|
| Net Debt/EBITDA | -7.4x | -2.5x | -1.6x | -1.8x | -1.6x |
|---|
| |
| ROIC, % | 8.3% | 45.5% | 71.7% | 62.4% | 62.9% |
|---|
| ROE, % | 7.6% | 45.9% | 77.0% | 50.1% | 48.5% |
|---|
Profitability and return on investment
EBITDA growth was partly attributed to margin expansion. The company's EBITDA margin surged on 3.70 pp from 31.5% to 35.2% in 2014. In the longer period Biosyent Inc showed fast EBITDA margin growth of 20 pp from 15.2% in 2011 to 35.2% in 2014.
Biosyent Inc shows attractive ROIC at 62.9% for the last 12 months which assumes stable development model. Three years ago it was considerably lower at 45.5%. Average ROIC for the last three years was 65.7%.
Net Income margin increased slightly on 1.10 pp from 24.7% to 25.8% in 2014. In the last 3 years the company showed fast Net Income margin growth of 10.8 pp from 15% in 2011 to 25.8% in 2014.
Biosyent Inc operates at ROE of 48.5%. Average ROE for the last three years was 58.5%.
Capital expenditures (CAPEX)
In FY2014 Biosyent Inc had CAPEX/Revenue of 0.503%. CAPEX/Revenue dropped on 0.108 pp from 0.611% in 2011 to 0.503% in 2014. For the last three years the average CAPEX/Revenue was 1.09%.
Leverage (Debt)
Having such a fast growth profile Biosyent Inc keeps negative net debt at -1.6x Net Debt/EBITDA. In the longer period leverage surged on 0.85x from -2.48x in 2011 to -1.63x in 2014.
Valuation vs. comparable companies
At the end of trading day today Biosyent Inc traded at 29.1x EV/EBITDA which is 78.5% higher than 16.3x Consumer, Non-cyclical peer group avearge calculated on the basis of 289 companies. At the end of trading day today Biosyent Inc traded at 41.9x P/E which is 36.1% lower than 65.6x Consumer, Non-cyclical peer group avearge calculated on the basis of 34 companies.
Peers in Consumer, Non-cyclical
Below you can find Biosyent Inc benchmarking vs. other companies in Consumer, Non-cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Covalon Technologies Ltd ($COV) | | -19.9% | 46.6% | 9.0% | 119.2% |
| Medicure Inc ($MPH) | | 9.4% | 32.2% | -45.7% | 94.1% |
| Feronia Inc/Canada ($FRN) | | 83.2% | -3.3% | -3.3% | 73.6% |
| CRH Medical Corp ($CRH) | | 52.0% | 23.7% | 12.5% | 56.0% |
| Immunotec Inc ($IMM) | | 5.0% | 16.2% | 11.3% | 47.5% |
| |
|---|
| Median (44 companies) | | 6.6% | 6.3% | 5.0% | 11.2% |
|---|
| Biosyent Inc ($RX) | | 67.1% | 78.9% | 55.2% | 56.6% |
Top companies by Gross margin, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | 99.0% | | | 99.5% | 98.3% |
| Merus Labs International Inc ($MSL) | | | 88.6% | 91.4% | 82.8% |
| Medicure Inc ($MPH) | 55.1% | 58.3% | 77.7% | 74.4% | 82.8% |
| Immunotec Inc ($IMM) | 77.9% | 82.3% | 82.0% | 75.4% | 76.9% |
| Valeant Pharmaceuticals International Inc ($VRX) | 65.7% | 70.5% | 72.1% | 67.0% | 72.8% |
| |
|---|
| Median (37 companies) | 28.9% | 28.5% | 29.5% | 31.4% | 31.0% |
|---|
| Biosyent Inc ($RX) | 72.9% | 78.6% | 79.3% | 79.2% | 78.1% |
Top companies by EBITDA margin, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | 13.9% | -50.0% | 40.6% | 71.4% | 63.7% |
| Merus Labs International Inc ($MSL) | | | 32.9% | 64.7% | 46.2% |
| Valeant Pharmaceuticals International Inc ($VRX) | 12.2% | 37.0% | 30.6% | 27.8% | 45.6% |
| easyhome Ltd ($EH) | 38.4% | 35.4% | 35.1% | 36.0% | 34.7% |
| Covalon Technologies Ltd ($COV) | -55.2% | -125.7% | -93.1% | -16.7% | 30.2% |
| |
|---|
| Median (44 companies) | 9.3% | 8.4% | 9.2% | 8.7% | 10.9% |
|---|
| Biosyent Inc ($RX) | 3.8% | 15.2% | 28.1% | 31.5% | 35.2% |
Top companies by CAPEX/Revenue, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | | 6.0% | 4.7% | 73.6% | 84.6% |
| CanaDream Corp ($CDN) | 22.1% | 68.6% | 43.3% | 38.1% | 70.4% |
| Feronia Inc/Canada ($FRN) | 122.4% | 129.0% | 191.4% | 117.4% | 42.4% |
| Microbix Biosystems Inc ($MBX) | 2.4% | 1.0% | 1.2% | 3.0% | 40.3% |
| ProMetic Life Sciences Inc ($PLI) | | | 2.1% | 33.6% | 34.6% |
| |
|---|
| Median (44 companies) | 1.7% | 1.8% | 1.7% | 2.0% | 2.2% |
|---|
| Biosyent Inc ($RX) | 0.0% | 0.6% | 1.8% | 1.0% | 0.5% |
Top companies by ROIC, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Covalon Technologies Ltd ($COV) | -22.1% | -49.6% | -75.8% | -30.1% | 50.6% |
| Cipher Pharmaceuticals Inc ($CPH) | -0.1% | -22.9% | 21.8% | 81.4% | 44.6% |
| North West Co Inc/The ($NWC) | 19.4% | 18.8% | 19.3% | 20.9% | 20.9% |
| Calian Technologies Ltd ($CTY) | 31.2% | 28.9% | 28.4% | 25.4% | 20.4% |
| Saputo Inc ($SAP) | 20.1% | 23.8% | 24.6% | 19.2% | 17.0% |
| |
|---|
| Median (44 companies) | 5.7% | 4.7% | 7.5% | 6.1% | 7.8% |
|---|
| Biosyent Inc ($RX) | 8.3% | 45.5% | 71.7% | 62.4% | 62.9% |
Top companies by Net Debt / EBITDA
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Amica Mature Lifestyles Inc ($ACC) | 10.9x | 11.7x | 9.4x | 14.7x | 13.8x |
| Cott Corp ($BCB) | 3.3x | 2.6x | 2.0x | 2.2x | 13.4x |
| CRH Medical Corp ($CRH) | | -2.3x | -3.1x | -3.5x | 12.0x |
| Sienna Senior Living Inc ($SIA) | 11.6x | 10.6x | 9.5x | 11.8x | 9.2x |
| Medicure Inc ($MPH) | | | 4.0x | | 6.4x |
| |
|---|
| Median (37 companies) | 1.3x | 1.4x | 2.2x | 2.2x | 2.8x |
|---|
| Biosyent Inc ($RX) | -7.4x | -2.5x | -1.6x | -1.8x | -1.6x |
