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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. $201120122013201420152015/2014
Gross Profit8.65814.45222.08830.54245.08647.6%
Net Income-10.153-12.344-22.302-24.354-30.83126.6%
Balance Sheet
Short Term Debt0.0000.0000.0000.0000.000
Long Term Debt4.2234.6570.0000.0000.000
Cash flow
Revenue growth10.2%50.3%52.3%33.1%36.9%
EBITDA growth-37.7%-107.7%-1,313.5%259.7%133.3%
Gross Margin56.6%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 revenue40.2%59.4%99.6%40.2%
CAPEX, % of revenue42.8%28.3%18.3%13.7%12.6%-1.1%
Net Debt/EBITDA-119.7x0.0x

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 ($NIR)25.5x12.9x227.3x
Family Memorials Inc ($FAM)15.2x
Amica Mature Lifestyles Inc ($ACC)11.7x9.4x14.7x13.8x12.3x
Cott Corp ($BCB)2.6x2.0x2.2x13.4x
CRH Medical Corp ($CRH)-2.3x-3.1x-3.5x12.0x
Median (71 companies)1.8x2.8x2.2x2.7x1.4x