Novadaq Technologies Inc revenue growth accelerated to 36.9% in 2015 vs. 33.1% a year earliner
17.02.2016 • About Novadaq Technologies Inc (
$NDQ) • By InTwits
Novadaq Technologies Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Novadaq Technologies Inc doesn't have a profitable business model yet: 2015 ROIC is -23.5%
- The company operates at negative EBITDA Margin: -45.7%
- Novadaq Technologies Inc motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 was 0.0%. On average EBITDA Margin was -26.5% for the sames years0
- Novadaq Technologies Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 23.2%. At the same time it's a lot of higher than industry average of 8.7%.
- CAPEX is quite volatile: 13.0 in FY2015, 11.3 in FY2014, 31.3 in FY2013, 50.4 in FY2012, 27.3 in FY2011
- The company has unprofitable business model: ROIC is at -23.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Novadaq Technologies Inc ($NDQ) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 15.292 | 22.989 | 35.021 | 46.600 | 63.812 | 36.9% |
| Gross Profit | 8.658 | 14.452 | 22.088 | 30.542 | 45.086 | 47.6% |
| SG&A | | | 14.061 | 27.684 | 63.569 | 129.6% |
| EBITDA | -3.708 | 0.287 | -3.477 | -12.509 | -29.188 | 133.3% |
| Net Income | -10.153 | -12.344 | -22.302 | -24.354 | -30.831 | 26.6% |
Balance Sheet
|
|---|
| Cash | 9.634 | 38.954 | 182.330 | 141.448 | 106.790 | -24.5% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 4.223 | 4.657 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 6.545 | 6.512 | 6.424 | 6.400 | 8.058 | 25.9% |
Ratios
|
|---|
| Revenue growth | 10.2% | 50.3% | 52.3% | 33.1% | 36.9% | |
| EBITDA growth | -37.7% | -107.7% | -1,313.5% | 259.7% | 133.3% | |
| Gross Margin | 56.6% | 62.9% | 63.1% | 65.5% | 70.7% | 5.1% |
| EBITDA Margin | -24.3% | 1.2% | -9.9% | -26.8% | -45.7% | -18.9% |
| Net Income Margin | -66.4% | -53.7% | -63.7% | -52.3% | -48.3% | 3.9% |
| SG&A, % of revenue | | | 40.2% | 59.4% | 99.6% | 40.2% |
| CAPEX, % of revenue | 42.8% | 28.3% | 18.3% | 13.7% | 12.6% | -1.1% |
| ROIC | -137.7% | -14.7% | -6.8% | -10.8% | -23.5% | -12.7% |
| ROE | | -78.9% | -21.7% | -14.4% | -20.2% | -5.8% |
| Net Debt/EBITDA | | -119.7x | | | | 0.0x |
Revenue and profitability
The company's Revenue surged on 36.9% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin dropped on 18.9 pp from -26.8% to -45.7% in 2015.
Gross Margin increased on 5.1 pp from 65.5% to 70.7% in 2015. SG&A as a % of Revenue jumped on 40.2 pp from 59.4% to 99.6% in 2015.
Net Income marign increased on 3.9 pp from -52.3% to -48.3% in 2015.
Capital expenditures (CAPEX) and working capital investments
Novadaq Technologies Inc's CAPEX/Revenue was 12.6% in 2015. The company's CAPEX/Revenue dropped on 15.7 pp from 28.3% in 2012 to 12.6% in 2015. Average CAPEX/Revenue for the last three years was 14.9%.
Return on investment
The company operates at negative ROIC (-23.46%) and ROE (-20.19%). ROIC dropped on 12.7 pp from -10.8% to -23.5% in 2015. ROE decreased on 5.8 pp from -14.4% to -20.2% in 2015.
Leverage (Debt)
The company has no debt. Cash dropped on 24.5% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Novadaq Technologies 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 ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 15.5% | 8.1% | 5.3% | 12.7% | 6.0% |
|---|
| Novadaq Technologies Inc ($NDQ) | | 50.3% | 52.3% | 33.1% | 36.9% |
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 ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (74 companies) | 34.5% | 36.1% | 35.9% | 35.1% | 34.5% |
|---|
| Novadaq Technologies Inc ($NDQ) | 56.6% | 62.9% | 63.1% | 65.5% | 70.7% |
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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 8.1% | 8.5% | 9.0% | 11.0% | 8.6% |
|---|
| Novadaq Technologies Inc ($NDQ) | -24.3% | 1.2% | -9.9% | -26.8% | -45.7% |
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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.6% | 2.4% | 2.5% | 2.1% |
|---|
| Novadaq Technologies Inc ($NDQ) | 42.8% | 28.3% | 18.3% | 13.7% | 12.6% |
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 ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 8.0% | 7.1% | 6.9% | 7.3% | 8.4% |
|---|
| Novadaq Technologies Inc ($NDQ) | -137.7% | -14.7% | -6.8% | -10.8% | -23.5% |
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 | 1.4x |
|---|
