Immunotec Inc EBITDA Margin increased on 7.6 pp from -0.63% to 6.9% in 2015 and Revenue increased on 4.9%
28.01.2016 • About Immunotec Inc (
$IMM) • By InTwits
Immunotec Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 6.9% in FY2015, -0.6% in FY2014, 3.4% in FY2013, 2.4% in FY2012, -0.4% in FY2011
- Immunotec Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.6%.
- The company has highly profitable business model: ROIC is at 40.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Immunotec Inc ($IMM) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 42.361 | 49.206 | 54.771 | 80.790 | 84.758 | 4.9% |
| Gross Profit | 34.864 | 40.348 | 41.272 | 62.096 | 64.408 | 3.7% |
| SG&A | | 33.553 | 12.615 | 15.004 | 57.266 | 281.7% |
| EBITDA | -0.169 | 1.157 | 1.850 | -0.506 | 5.883 | -1,262.3% |
| Net Income | -1.385 | 0.125 | 1.377 | -2.693 | 4.042 | -250.1% |
Balance Sheet
|
|---|
| Cash | 2.549 | 3.779 | 4.706 | 6.280 | 9.664 | 53.9% |
| Short Term Debt | 0.311 | 0.122 | 0.135 | 0.383 | 0.563 | 47.0% |
| Long Term Debt | 2.068 | 1.964 | 1.886 | 2.147 | 2.378 | 10.8% |
Cash flow
|
|---|
| Capex | 0.169 | 0.384 | 0.214 | 0.598 | 0.686 | 14.8% |
Ratios
|
|---|
| Revenue growth | 5.0% | 16.2% | 11.3% | 47.5% | 4.9% | |
| EBITDA growth | -143.6% | -782.9% | 59.8% | -127.4% | -1,262.3% | |
| Gross Margin | 82.3% | 82.0% | 75.4% | 76.9% | 76.0% | -0.9% |
| EBITDA Margin | -0.4% | 2.4% | 3.4% | -0.6% | 6.9% | 7.6% |
| Net Income Margin | -3.3% | 0.3% | 2.5% | -3.3% | 4.8% | 8.1% |
| SG&A, % of revenue | | 68.2% | 23.0% | 18.6% | 67.6% | 49.0% |
| CAPEX, % of revenue | 0.4% | 0.8% | 0.4% | 0.7% | 0.8% | 0.1% |
| ROIC | -11.5% | 1.8% | 8.8% | -10.5% | 40.8% | 51.3% |
| ROE | -11.5% | 1.1% | 11.0% | -23.1% | 32.7% | 55.8% |
| Net Debt/EBITDA | | -1.5x | -1.5x | | -1.1x | -1.1x |
Revenue and profitability
Immunotec Inc's Revenue increased on 4.9% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.7 pp from -4.3% to 0.47% in FY2015.
Gross Margin decreased slightly on 0.87 pp from 76.9% to 76.0% in FY2015. SG&A as a % of Revenue surged on 49.0 pp from 18.6% to 67.6% in FY2015.
Net Income marign increased on 8.1 pp from -3.3% to 4.8% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.81% in FY2015. Immunotec Inc's CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 0.65%.
Return on investment
The company operates at high and attractive ROIC (40.81%) and ROE (32.69%). ROIC surged on 51.3 pp from -10.5% to 40.8% in FY2015. ROE surged on 55.8 pp from -23.1% to 32.7% in FY2015.
Leverage (Debt)
Debt level is -1.1x Net Debt / EBITDA and 0.5x Debt / EBITDA. Net Debt / EBITDA dropped1.1x from to -1.1x in FY2015. Debt jumped on 16.2% in FY2015 while cash surged on 53.9% in FY2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Immunotec 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, %
| 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 ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 13.6% | 8.1% | 5.3% | 12.7% | 6.3% |
|---|
| Immunotec Inc ($IMM) | | 16.2% | 11.3% | 47.5% | 4.9% |
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 ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (74 companies) | 34.5% | 36.1% | 35.9% | 35.1% | 31.7% |
|---|
| Immunotec Inc ($IMM) | 82.3% | 82.0% | 75.4% | 76.9% | 76.0% |
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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 8.1% | 8.5% | 9.0% | 11.0% | 10.3% |
|---|
| Immunotec Inc ($IMM) | -0.4% | 2.4% | 3.4% | -0.6% | 6.9% |
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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.8% | 2.4% | 2.6% | 2.5% |
|---|
| Immunotec Inc ($IMM) | 0.4% | 0.8% | 0.4% | 0.7% | 0.8% |
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 ($COV) | -49.6% | -75.8% | -30.1% | 50.6% | -12.4% |
| Cipher Pharmaceuticals Inc ($CPH) | -22.9% | 21.8% | 81.4% | 44.6% | |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 8.0% | 7.1% | 6.7% | 7.3% | 6.7% |
|---|
| Immunotec Inc ($IMM) | -11.5% | 1.8% | 8.8% | -10.5% | 40.8% |
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 (71 companies) | 1.8x | 2.8x | 2.2x | 2.7x | 1.5x |
|---|
