Nuvo Research Inc EBITDA Margin jumped on 133 pp from -98.0% to 34.8% in 2015 and Revenue surged on 57.0%
17.02.2016 • About Nuvo Research Inc (
$NRI) • By InTwits
Nuvo Research Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Nuvo Research Inc spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 is 0.0%. Average EBITDA Margin for the same period was -20.8%0
- Nuvo Research Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.2%. At the same time it's in pair with industry average of 4.5%.
- CAPEX is quite volatile: 20.5 in 2015, 63.6 in 2014, 52.2 in 2013, 42.5 in 2012, 40.8 in 2011
- The company has highly profitable business model: ROIC is at 12.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Nuvo Research Inc ($NRI) key annual financial indicators
| mln. | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 16.733 | 24.650 | 18.409 | 13.057 | 20.495 | 57.0% |
| Gross Profit | 9.464 | 17.375 | 13.640 | 7.520 | 10.720 | 42.6% |
| SG&A | | | 10.116 | | 2.645 | |
| EBITDA | -8.773 | -2.815 | -2.165 | -12.794 | 7.127 | -155.7% |
| Net Income | -6.831 | -13.563 | -10.378 | 38.590 | -7.120 | -118.5% |
Balance Sheet
|
|---|
| Cash | 14.724 | 12.149 | 12.621 | 48.275 | 48.680 | 0.8% |
| Short Term Debt | 0.057 | 1.902 | 0.003 | 0.140 | 0.192 | 37.1% |
| Long Term Debt | 0.489 | 1.358 | 3.327 | 0.000 | 0.043 | |
Cash flow
|
|---|
| Capex | 0.161 | 0.149 | 0.229 | 0.224 | 0.332 | 48.2% |
Ratios
|
|---|
| Revenue growth | -1.7% | 47.3% | -25.3% | -29.1% | 57.0% | |
| EBITDA growth | 3.6% | -67.9% | -23.1% | 490.9% | -155.7% | |
| Gross Margin | 56.6% | 70.5% | 74.1% | 57.6% | 52.3% | -5.3% |
| EBITDA Margin | -52.4% | -11.4% | -11.8% | -98.0% | 34.8% | 132.8% |
| Net Income Margin | -40.8% | -55.0% | -56.4% | 295.6% | -34.7% | -330.3% |
| SG&A, % of revenue | | | 55.0% | | 12.9% | 12.9% |
| CAPEX, % of revenue | 1.0% | 0.6% | 1.2% | 1.7% | 1.6% | -0.1% |
| ROIC | -28.4% | -11.6% | -17.4% | -37.9% | 12.9% | 50.8% |
| ROE | -20.5% | -48.1% | -61.7% | 113.7% | -13.5% | -127.2% |
| Net Debt/EBITDA | | | | | -6.8x | -6.8x |
Revenue and profitability
The company's Revenue surged on 57.0% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin surged on 133 pp from -98.0% to 34.8% in 2015.
Gross Margin decreased on 5.3 pp from 57.6% to 52.3% in 2015.
Net Income marign dropped on 330 pp from 296% to -34.7% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Nuvo Research Inc had CAPEX/Revenue of 1.6%. CAPEX/Revenue increased slightly on 1.0 pp from 0.60% in 2012 to 1.6% in 2015. It's average CAPEX/Revenue for the last three years was 1.5%.
Return on investment
The company operates at low but positive ROIC (12.89%) and negative ROE (-13.51%). ROIC surged on 50.8 pp from -37.9% to 12.9% in 2015. ROE dropped on 127 pp from 114% to -13.5% in 2015.
Leverage (Debt)
Debt level is -6.8x Net Debt / EBITDA and 0.0x Debt / EBITDA. Net Debt / EBITDA dropped6.8x from to -6.8x in 2015. Debt surged on 67.9% in 2015 while cash increased slightly on 0.84% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Nuvo Research Inc 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 ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 15.5% | 8.1% | 6.7% | 13.2% | 6.0% |
|---|
| Nuvo Research Inc ($NRI) | | 47.3% | -25.3% | -29.1% | 57.0% |
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 ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (74 companies) | 34.5% | 36.1% | 35.9% | 35.1% | 34.5% |
|---|
| Nuvo Research Inc ($NRI) | 56.6% | 70.5% | 74.1% | 57.6% | 52.3% |
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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 8.1% | 8.5% | 9.0% | 11.0% | 7.0% |
|---|
| Nuvo Research Inc ($NRI) | -52.4% | -11.4% | -11.8% | -98.0% | 34.8% |
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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.8% | 2.4% | 2.6% | 2.3% |
|---|
| Nuvo Research Inc ($NRI) | 1.0% | 0.6% | 1.2% | 1.7% | 1.6% |
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 ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 8.0% | 7.1% | 6.9% | 7.3% | 7.5% |
|---|
| Nuvo Research Inc ($NRI) | -28.4% | -11.6% | -17.4% | -37.9% | 12.9% |
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 (71 companies) | 1.8x | 2.6x | 2.2x | 2.7x | 1.5x |
|---|
