Pyng Medical Corp EBITDA surged on 306% in 2015 and EBITDA Margin increased on 7.2 pp from 4.3% to 11.5%
12.01.2016 • About Pyng Medical Corp (
$PYT) • By InTwits
Pyng Medical Corp reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 11.5% in FY2015, 4.3% in FY2014, -0.4% in FY2013, 9.2% in FY2012, 11.1% in FY2011
- Pyng Medical Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.2%.
- The company has business model with average profitability: ROIC is at 11.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pyng Medical Corp ($PYT) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6.050 | 4.540 | 5.074 | 5.277 | 8.014 | 51.9% |
| Gross Profit | 3.855 | 2.780 | 2.341 | 2.391 | 3.673 | 53.6% |
| SG&A | | | 2.332 | 2.041 | 2.604 | 27.6% |
| EBITDA | 0.672 | 0.416 | -0.022 | 0.227 | 0.921 | 305.6% |
| Net Income | -0.435 | -1.049 | -0.692 | -0.796 | 0.006 | -100.7% |
Balance Sheet
|
|---|
| Cash | 0.195 | 0.284 | 0.317 | 0.153 | 0.508 | 231.2% |
| Short Term Debt | 0.485 | 0.536 | 0.606 | 0.836 | 1.162 | 39.0% |
| Long Term Debt | 0.556 | 0.616 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.035 | 0.000 | 0.002 | 0.003 | 0.019 | 450.5% |
Ratios
|
|---|
| Revenue growth | -14.6% | -25.0% | 11.8% | 4.0% | 51.9% | |
| EBITDA growth | -39.5% | -38.1% | -105.3% | -1,121.8% | 305.6% | |
| Gross Margin | 63.7% | 61.2% | 46.1% | 45.3% | 45.8% | 0.5% |
| EBITDA Margin | 11.1% | 9.2% | -0.4% | 4.3% | 11.5% | 7.2% |
| Net Income Margin | -7.2% | -23.1% | -13.6% | -15.1% | 0.1% | 15.2% |
| SG&A, % of revenue | | | 46.0% | 38.7% | 32.5% | -6.2% |
| CAPEX, % of revenue | 0.6% | 0.0% | 0.0% | 0.1% | 0.2% | 0.2% |
| ROIC | 1.0% | -1.6% | -11.0% | -8.8% | 11.9% | 20.7% |
| ROE | -8.6% | -22.5% | -17.4% | -21.8% | 0.2% | 21.9% |
| Net Debt/EBITDA | 1.3x | 2.1x | | 3.0x | 0.7x | -2.3x |
Revenue and profitability
The company's Revenue surged on 51.9% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 7.2 pp from 4.3% to 11.5% in FY2015.
Gross Margin increased slightly on 0.51 pp from 45.3% to 45.8% in FY2015. SG&A as a % of Revenue decreased on 6.2 pp from 38.7% to 32.5% in FY2015.
Net Income marign surged on 15.2 pp from -15.1% to 0.074% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Pyng Medical Corp had CAPEX/Revenue of 0.24%. Pyng Medical Corp's CAPEX/Revenue showed almost no change from FY2012 to FY2015. For the last three years the average CAPEX/Revenue was 0.11%.
Return on investment
The company operates at low ROIC (11.90%) and ROE (0.16%). ROIC surged on 20.7 pp from -8.8% to 11.9% in FY2015. ROE jumped on 21.9 pp from -21.8% to 0.16% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.7x and Debt / EBITDA is 1.3x. Net Debt / EBITDA dropped on 2.3x from 3.0x to 0.7x in FY2015. Debt jumped on 39.0% in FY2015 while cash jumped on 231% in FY2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Pyng Medical Corp benchmarking against other companies in Consumer, Non-cyclical industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| GDI Integrated Facility Services Inc ($GDI) | 43.8% | -38.8% | -72.9% | 218,969.1% | |
| Cardiome Pharma Corp ($COM) | -97.7% | -47.6% | 471.7% | 566.0% | |
| Patient Home Monitoring Corp ($PHM) | | 170.2% | 1.9% | 433.0% | 238.4% |
| Family Memorials Inc ($FAM) | -13.6% | 54.7% | 22.9% | 245.3% | |
| Nobilis Health Corp ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 13.5% | 9.3% | 5.3% | 13.2% | 6.3% |
|---|
| Pyng Medical Corp ($PYT) | | -25.0% | 11.8% | 4.0% | 51.9% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nobilis Health Corp ($NHC) | | | | 99.8% | |
| Cipher Pharmaceuticals Inc ($CPH) | | | 99.5% | 98.3% | |
| Heritage Global Inc ($HGP) | 99.5% | | | 95.7% | |
| Ritchie Bros Auctioneers Inc ($RBA) | 87.9% | 88.7% | 88.4% | 88.0% | |
| Concordia Healthcare Corp ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (74 companies) | 34.5% | 36.1% | 35.9% | 35.1% | 28.6% |
|---|
| Pyng Medical Corp ($PYT) | 63.7% | 61.2% | 46.1% | 45.3% | 45.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | -50.0% | 40.6% | 71.4% | 63.7% | |
| Merus Labs International Inc ($MSL) | | 32.9% | 64.7% | 46.2% | 61.5% |
| Valeant Pharmaceuticals International Inc ($VRX) | 37.0% | 30.6% | 27.8% | 45.6% | |
| EnerCare Inc ($ECI) | 59.0% | 52.8% | 51.0% | 45.5% | |
| Information Services Corp ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 7.7% | 7.4% | 9.0% | 11.0% | 10.3% |
|---|
| Pyng Medical Corp ($PYT) | 11.1% | 9.2% | -0.4% | 4.3% | 11.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | 6.0% | 4.7% | 73.6% | 84.6% | 119.0% |
| CanaDream Corp ($CDN) | 68.6% | 43.3% | 38.1% | 70.4% | 63.4% |
| Ceapro Inc ($CZO) | 2.2% | 3.9% | 35.3% | 52.0% | |
| Feronia Inc/Canada ($FRN) | 129.0% | 191.4% | 117.4% | 42.4% | |
| Microbix Biosystems Inc ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.8% | 2.4% | 2.6% | 2.9% |
|---|
| Pyng Medical Corp ($PYT) | 0.6% | 0.0% | 0.0% | 0.1% | 0.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Biosyent Inc ($RX) | 45.5% | 71.7% | 62.4% | 62.9% | |
| Information Services Corp ($ISV) | 56.0% | 71.8% | 72.8% | 58.9% | |
| Covalon Technologies Ltd ($COV) | -49.6% | -75.8% | -30.1% | 50.6% | |
| Cipher Pharmaceuticals Inc ($CPH) | -22.9% | 21.8% | 81.4% | 44.6% | |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 8.0% | 7.1% | 6.9% | 7.3% | 6.7% |
|---|
| Pyng Medical Corp ($PYT) | 1.0% | -1.6% | -11.0% | -8.8% | 11.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Noble Iron Inc ($NIR) | | 25.5x | 12.9x | 227.3x | |
| Family Memorials Inc ($FAM) | | | | 15.2x | |
| Amica Mature Lifestyles Inc ($ACC) | 11.7x | 9.4x | 14.7x | 13.8x | 12.3x |
| Cott Corp ($BCB) | 2.6x | 2.0x | 2.2x | 13.4x | |
| CRH Medical Corp ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | |
| |
|---|
| Median (70 companies) | 1.9x | 2.8x | 2.2x | 2.6x | 1.6x |
|---|
| Pyng Medical Corp ($PYT) | 1.3x | 2.1x | | 3.0x | 0.7x |
