Opsens Inc CAPEX surged on 50.0% in 2015 and Revenue surged on 27.7%
24.11.2015 • About Opsens Inc (
$OPS) • By InTwits
Opsens Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Opsens Inc doesn't have a profitable business model yet: FY2015 ROIC is -24.2%
- The company operates at negative EBITDA Margin: -24.2%
- Opsens Inc motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 was 0.0%. On average EBITDA Margin was -28.5% for the sames years0
- Opsens Inc has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.7%. At the same time it's in pair with industry average of 6.9%.
- CAPEX is quite volatile: 0 in 2015, 0.19 in 2014, 0.014 in 2013, 0 in 2012, 0.029 in 2011
- The company has unprofitable business model: ROIC is at -24.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Opsens Inc ($OPS) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6.005 | 8.462 | 7.526 | 6.788 | 8.665 | 27.7% |
| Gross Profit | 1.848 | 2.740 | 2.747 | 2.389 | 4.744 | 98.5% |
| SG&A | | 3.233 | 3.267 | 3.528 | 4.117 | 16.7% |
| EBITDA | -2.350 | -1.761 | -1.964 | -2.489 | -2.098 | -15.7% |
| Net Income | -2.469 | -1.930 | -2.366 | -3.099 | -2.884 | -6.9% |
Balance Sheet
|
|---|
| Cash | 3.747 | 2.577 | 3.662 | 10.621 | 7.204 | -32.2% |
| Short Term Debt | 0.091 | 0.166 | 0.177 | 0.174 | 0.232 | 33.9% |
| Long Term Debt | 0.030 | 0.507 | 2.718 | 3.013 | 3.461 | 14.9% |
Cash flow
|
|---|
| Capex | 0.371 | 0.302 | 0.473 | 0.390 | 0.585 | 50.0% |
Ratios
|
|---|
| Revenue growth | 13.7% | 40.9% | -11.1% | -9.8% | 27.7% | |
| EBITDA growth | 45.8% | -25.1% | 11.5% | 26.7% | -15.7% | |
| Gross Margin | 30.8% | 32.4% | 36.5% | 35.2% | 54.8% | 19.6% |
| EBITDA Margin | -39.1% | -20.8% | -26.1% | -36.7% | -24.2% | 12.5% |
| Net Income Margin | -41.1% | -22.8% | -31.4% | -45.7% | -33.3% | 12.4% |
| SG&A, % of revenue | | 38.2% | 43.4% | 52.0% | 47.5% | -4.5% |
| CAPEX, % of revenue | 6.2% | 3.6% | 6.3% | 5.7% | 6.8% | 1.0% |
| ROIC | -28.9% | -29.2% | -36.2% | -32.6% | -24.2% | 8.3% |
| ROE | -28.6% | -29.6% | -52.4% | -53.4% | -40.9% | 12.5% |
Revenue and profitability
Opsens Inc's Revenue jumped on 27.7% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin jumped on 12.5 pp from -36.7% to -24.2% in FY2015.
Gross Margin jumped on 19.6 pp from 35.2% to 54.8% in FY2015. SG&A as a % of Revenue decreased on 4.5 pp from 52.0% to 47.5% in FY2015.
Net Income marign jumped on 12.4 pp from -45.7% to -33.3% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Opsens Inc's CAPEX/Revenue was 6.8% in FY2015. The company showed CAPEX/Revenue growth of 3.2 pp from 3.6% in FY2012 to 6.8% in FY2015. For the last three years the average CAPEX/Revenue was 6.3%.
Return on investment
The company operates at negative ROIC (-24.25%) and ROE (-40.90%). ROIC increased on 8.3 pp from -32.6% to -24.2% in FY2015. ROE jumped on 12.5 pp from -53.4% to -40.9% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.3x and Debt / EBITDA is . Net Debt / EBITDA didn't change in FY2015. Debt jumped on 15.9% in FY2015 while cash dropped on 32.2% in FY2015.
Appendix 1: Peers in Industrial
Below you can find Opsens Inc benchmarking vs. other companies in Industrial 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, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Electrovaya Inc ($EFL) | 104.3% | -4.0% | -71.2% | 160.5% | |
| Enterprise Group Inc ($E) | 14.5% | 3.5% | 88.3% | 128.5% | |
| Carmanah Technologies Corp ($CMH) | 5.8% | -26.4% | -2.0% | 68.8% | |
| Exco Technologies Ltd ($XTC) | 22.4% | 19.7% | 0.9% | 50.5% | |
| Lumenpulse Inc ($LMP) | | 56.7% | 33.9% | 47.0% | 61.8% |
| |
|---|
| Median (92 companies) | 12.5% | 10.4% | 5.3% | 9.4% | 23.6% |
|---|
| Opsens Inc ($OPS) | | 40.9% | -11.1% | -9.8% | 27.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| WSP Global Inc ($WSP) | 81.1% | 81.1% | 83.2% | 81.0% | |
| Pure Technologies Ltd ($PUR) | 75.7% | 77.9% | 78.0% | 77.5% | |
| Alarmforce Industries Inc ($AF) | 76.4% | 75.0% | 76.5% | 72.2% | |
| Epicore BioNetworks Inc ($EBN) | 59.0% | 60.8% | 63.2% | 64.1% | 58.1% |
| FLYHT Aerospace Solutions Ltd ($FLY) | 54.0% | 57.2% | 59.2% | 62.9% | |
| |
|---|
| Median (88 companies) | 23.2% | 23.0% | 23.3% | 22.6% | 26.0% |
|---|
| Opsens Inc ($OPS) | 30.8% | 32.4% | 36.5% | 35.2% | 54.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Canadian National Railway Co ($CNR) | 46.3% | 46.5% | 45.9% | 46.8% | |
| Canadian Pacific Railway Ltd ($CP) | 28.1% | 26.1% | 32.4% | 43.7% | |
| Vitreous Glass Inc ($VCI) | 29.0% | 31.4% | 32.2% | 37.8% | |
| Questor Technology Inc ($QST) | 25.1% | 25.7% | 34.9% | 34.1% | |
| Progressive Waste Solutions Ltd ($BIN) | 32.2% | 30.7% | 33.1% | 34.0% | |
| |
|---|
| Median (85 companies) | 8.3% | 9.4% | 8.3% | 7.7% | 11.5% |
|---|
| Opsens Inc ($OPS) | -39.1% | -20.8% | -26.1% | -36.7% | -24.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cargojet Inc ($CJT.A) | 6.8% | 7.0% | 6.3% | 54.1% | |
| Newalta Corp ($NAL) | 17.2% | 21.7% | 34.5% | 35.1% | |
| Enterprise Group Inc ($E) | 3.6% | 17.4% | 27.2% | 32.7% | |
| ENTREC Corp ($ENT) | | 35.0% | 26.7% | 29.5% | |
| Horizon North Logistics Inc ($HNL) | 25.1% | 26.5% | 16.3% | 24.1% | |
| |
|---|
| Median (92 companies) | 2.4% | 3.0% | 3.5% | 3.1% | 2.8% |
|---|
| Opsens Inc ($OPS) | 6.2% | 3.6% | 6.3% | 5.7% | 6.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vitreous Glass Inc ($VCI) | 26.1% | 30.5% | 32.3% | 48.3% | |
| Photon Control Inc ($PHO) | 10.1% | 21.0% | 44.4% | 38.0% | |
| SNC-Lavalin Group Inc ($SNC) | 14.6% | 10.7% | 4.0% | 35.2% | |
| Alarmforce Industries Inc ($AF) | 18.3% | 5.3% | 24.0% | 33.9% | |
| Epicore BioNetworks Inc ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | 26.3% |
| |
|---|
| Median (93 companies) | 9.1% | 10.0% | 8.5% | 9.1% | 11.2% |
|---|
| Opsens Inc ($OPS) | -28.9% | -29.2% | -36.2% | -32.6% | -24.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sigma Industries Inc ($SSG) | | 4.4x | 11.3x | 225.9x | 2.9x |
| H2O Innovation Inc ($HEO) | | | 4.2x | 73.2x | 1.6x |
| Grand Power Logistics Group Inc ($GPW) | | 47.8x | | 53.1x | |
| Cargojet Inc ($CJT.A) | 1.8x | 1.5x | 1.5x | 31.5x | |
| IBI Group Inc ($IBG) | 4.2x | 6.5x | | 8.3x | |
| |
|---|
| Median (73 companies) | 1.1x | 1.5x | 1.5x | 1.3x | 0.7x |
|---|
