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Looking for a growth stock? Pay attention to Biosyent Inc

11.03.2016 • About Biosyent Inc ($RX) • By InTwits

Biosyent Inc is an attractive growth stock in Consumer, Non-cyclical industry. It showed noticeble revenue performance in the last years among with attractive profitability and financial model.

Growth story


Biosyent Inc showed fast growth in the last financial year. The company's revenue surged on 26.0% in FY2015. Together with revenue growth Biosyent Inc also managed to keep EBITDA growth. EBITDA grew 19.0% for the same period.

In the longer period the company showed fast revenue growth of 45.2% from 2012 to 2015 annually. EBITDA surged on 53.7% from 2012 to 2015 annually.

Biosyent Inc ($RX) financials for the last 5 years

mln. CAD 2011 2012 2013 2014 2015
Revenue3581215
Revenue growth, %78.9%55.2%56.6%26.0%
Gross margin, %78.6%79.3%79.2%78.1%78.7%
SG&A, %51.4%47.4%42.7%45.7%
EBITDA01245
EBITDA growth, %229.8%74.1%75.2%19.0%
EBITDA margin, %15.2%28.1%31.5%35.2%33.3%
Net Income02234
Net Income margin, % 15.0%30.7%24.7%25.8%24.5%
 
CAPEX00000
CAPEX/Revenue, %0.611%1.77%1.000%0.503%0.837%
Debt00000
Cash12474
Net Debt/EBITDA-2.5x-1.6x-1.8x-1.6x-0.9x
 
ROIC, %45.5%71.7%62.4%62.9%48.2%
ROE, %45.9%77.0%50.1%48.5%37.1%

Profitability and return on investment


EBITDA margin declined slightly from 35.2% in FY2014 to 33.3% in FY2015. In the longer period the company's EBITDA margin surged on 5.20 pp from 28.1% in 2012 to 33.3% in 2015.

We call Biosyent Inc an attractive growth stock as together with the growth it delivers high ROIC at 48.2%. Three years ago it was considerably higher at 71.7%. It's average level of ROIC for the last three years was 57.8%.

The company's Net Income margin decreased on 1.30 pp from 25.8% to 24.5% in 2015. If we look for the longer period the company's Net Income margin dropped on 6.20 pp from 30.7% in 2012 to 24.5% in 2015.

Biosyent Inc operates at ROE of 37.1%. For the last three years the average ROE was 45.2%.

Capital expenditures (CAPEX)


Biosyent Inc's CAPEX/Revenue was 0.837% in FY2015. CAPEX/Revenue dropped on 0.929 pp from 1.77% in 2012 to 0.837% in 2015. Average CAPEX/Revenue for the last three years was 0.780%.

Leverage (Debt)


Biosyent Inc has negative net debt at -0.9x Net Debt/EBITDA - at the same time with high growth. In the last 3 years leverage surged on 0.79x from -1.64x in 2012 to -0.86x in 2015.

Valuation vs. comparable companies


At the end of trading day today Biosyent Inc traded at 18.1x EV/EBITDA which is 34.5% lower than 27.6x Consumer, Non-cyclical peer group avearge calculated on the basis of 289 companies. The market closed today at 25.8x P/E for Biosyent Inc which is 75.6% lower than 105.7x Consumer, Non-cyclical peer group avearge calculated on the basis of 38 companies.

Peers in Consumer, Non-cyclical


Below we provide Biosyent 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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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)2.6x2.0x2.2x13.4x4.9x
CRH Medical Corp ($CRH)-2.3x-3.1x-3.5x12.0x1.3x
 
Median (70 companies)1.9x2.8x2.2x2.7x1.7x
Biosyent Inc ($RX)-2.5x-1.6x-1.8x-1.6x-0.9x


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