Biosyent Inc revenue surged on 26.0% in 2015 while EBITDA Margin decreased slightly on 1.9 pp from 35.2% to 33.3%
04.03.2016 • About Biosyent Inc (
$RX) • By InTwits
Biosyent Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Biosyent Inc is a fast growth stock: 2015 revenue growth was 26.0%, 5 year revenue CAGR was 55.7% at 2015 ROIC 48.2%
- Biosyent Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.9%.
- The company has highly profitable business model: ROIC is at 48.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Biosyent Inc ($RX) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2.809 | 5.024 | 7.799 | 12.211 | 15.388 | 26.0% |
| Gross Profit | 2.207 | 3.984 | 6.175 | 9.531 | 12.110 | 27.1% |
| SG&A | | 2.582 | 3.699 | 5.217 | 7.026 | 34.7% |
| EBITDA | 0.427 | 1.410 | 2.454 | 4.300 | 5.119 | 19.0% |
| Net Income | 0.420 | 1.541 | 1.928 | 3.154 | 3.765 | 19.4% |
Balance Sheet
|
|---|
| Cash | 1.058 | 2.316 | 4.381 | 6.989 | 4.393 | -37.2% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.017 | 0.089 | 0.078 | 0.061 | 0.129 | 109.5% |
Ratios
|
|---|
| Revenue growth | 67.1% | 78.9% | 55.2% | 56.6% | 26.0% | |
| EBITDA growth | 573.6% | 229.8% | 74.1% | 75.2% | 19.0% | |
| Gross Margin | 78.6% | 79.3% | 79.2% | 78.1% | 78.7% | 0.6% |
| EBITDA Margin | 15.2% | 28.1% | 31.5% | 35.2% | 33.3% | -1.9% |
| Net Income Margin | 15.0% | 30.7% | 24.7% | 25.8% | 24.5% | -1.4% |
| SG&A, % of revenue | | 51.4% | 47.4% | 42.7% | 45.7% | 2.9% |
| CAPEX, % of revenue | 0.6% | 1.8% | 1.0% | 0.5% | 0.8% | 0.3% |
| ROIC | 45.5% | 71.7% | 62.4% | 62.9% | 48.2% | -14.7% |
| ROE | 45.9% | 77.0% | 50.1% | 48.5% | 37.1% | -11.4% |
| Net Debt/EBITDA | -2.5x | -1.6x | -1.8x | -1.6x | -0.9x | 0.8x |
Revenue and profitability
The company's Revenue jumped on 26.0% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.9 pp from 35.2% to 33.3% in 2015.
Gross Margin increased slightly on 0.64 pp from 78.1% to 78.7% in 2015. SG&A as a % of Revenue increased on 2.9 pp from 42.7% to 45.7% in 2015.
Net Income marign decreased slightly on 1.4 pp from 25.8% to 24.5% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 0.84%. The company showed small CAPEX/Revenue decline of 0.93 pp from 1.8% in 2012 to 0.84% in 2015. For the last three years the average CAPEX/Revenue was 0.78%.
Return on investment
The company operates at high and attractive ROIC (48.19%) and ROE (37.07%). ROIC dropped on 14.7 pp from 62.9% to 48.2% in 2015. ROE dropped on 11.4 pp from 48.5% to 37.1% in 2015.
Leverage (Debt)
The company has no debt. Cash dropped on 37.2% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Biosyent 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 ($GDI) | | -38.8% | -72.9% | 218,969.1% | 18.7% |
| Cardiome Pharma Corp ($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 ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 17.6% | 8.1% | 5.3% | 12.7% | 6.8% |
|---|
| Biosyent Inc ($RX) | | 78.9% | 55.2% | 56.6% | 26.0% |
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% | 92.7% |
| Heritage Global Inc ($HGP) | 99.5% | | | 95.7% | |
| Ritchie Bros Auctioneers Inc ($RBA) | 87.9% | 88.7% | 88.4% | 88.0% | 89.1% |
| Concordia Healthcare Corp ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (74 companies) | 34.5% | 36.1% | 35.9% | 35.1% | 31.7% |
|---|
| Biosyent Inc ($RX) | 78.6% | 79.3% | 79.2% | 78.1% | 78.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | -50.0% | 40.6% | 71.4% | 63.7% | 12.8% |
| Merus Labs International Inc ($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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 7.7% | 7.4% | 8.7% | 10.6% | 10.4% |
|---|
| Biosyent Inc ($RX) | 15.2% | 28.1% | 31.5% | 35.2% | 33.3% |
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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.8% | 2.4% | 2.6% | 2.2% |
|---|
| Biosyent Inc ($RX) | 0.6% | 1.8% | 1.0% | 0.5% | 0.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| 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 ($CPH) | -22.9% | 21.8% | 81.4% | 44.6% | -0.1% |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| Nobilis Health Corp ($NHC) | -20.2% | 49.4% | 29.7% | 39.0% | |
| |
|---|
| Median (86 companies) | 7.4% | 6.3% | 6.7% | 6.7% | 6.3% |
|---|
| Biosyent Inc ($RX) | 45.5% | 71.7% | 62.4% | 62.9% | 48.2% |
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 | 4.9x |
| CRH Medical Corp ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | 1.3x |
| |
|---|
| Median (70 companies) | 1.9x | 2.8x | 2.2x | 2.7x | 1.7x |
|---|
| Biosyent Inc ($RX) | -2.5x | -1.6x | -1.8x | -1.6x | -0.9x |
