Pyng Medical Corp EBITDA dropped on 175% in 2016 and EBITDA Margin dropped on 24.6 pp from 11.5% to -13.1%
10.01.2017 • About Pyng Medical Corp (
$PYT) • By InTwits
Pyng Medical Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Pyng Medical Corp is a company in decline: FY2016 revenue growth was -34.0%, 5 years revenue CAGR was -2.6%
- The company operates at negative EBITDA Margin: -13.1%
- EBITDA Margin is quite volatile: -13.1% in FY2016, 11.5% in FY2015, 4.3% in FY2014, -0.4% in FY2013, 9.2% in FY2012
- Pyng Medical Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.1%.
- The company has unprofitable business model: ROIC is at -25.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pyng Medical Corp ($PYT) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 4.540 | 5.074 | 5.277 | 8.014 | 5.291 | -34.0% |
| Gross Profit | 2.780 | 2.341 | 2.391 | 3.673 | 2.493 | -32.1% |
| SG&A | | 2.332 | 2.041 | 2.604 | 2.961 | 13.7% |
| EBITDA | 0.416 | -0.022 | 0.227 | 0.921 | -0.692 | -175.2% |
| Net Income | -1.049 | -0.692 | -0.796 | 0.006 | -1.222 | -20,580.8% |
Balance Sheet
|
|---|
| Cash | 0.284 | 0.317 | 0.153 | 0.508 | 0.319 | -37.2% |
| Short Term Debt | 0.536 | 0.606 | 0.836 | 1.162 | 0.530 | -54.4% |
| Long Term Debt | 0.616 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.000 | 0.002 | 0.003 | 0.019 | 0.006 | -68.2% |
Ratios
|
|---|
| Revenue growth | -25.0% | 11.8% | 4.0% | 51.9% | -34.0% | |
| EBITDA growth | -38.1% | -105.3% | -1,121.8% | 305.6% | -175.2% | |
| Gross Margin | 61.2% | 46.1% | 45.3% | 45.8% | 47.1% | 1.3% |
| EBITDA Margin | 9.2% | -0.4% | 4.3% | 11.5% | -13.1% | -24.6% |
| Net Income Margin | -23.1% | -13.6% | -15.1% | 0.1% | -23.1% | -23.2% |
| SG&A, % of revenue | | 46.0% | 38.7% | 32.5% | 56.0% | 23.5% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | -0.1% |
| ROIC | -1.6% | -11.0% | -8.8% | 11.9% | -25.9% | -37.8% |
| ROE | -22.5% | -17.4% | -21.8% | 0.2% | -37.9% | -38.1% |
| Net Debt/EBITDA | 2.1x | | 3.0x | 0.7x | | -0.7x |
Pyng Medical Corp ($PYT) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 1 | 1 | 1 | 2 | -19.3% | -26.2% | -32.3% | -47.3% |
| EBITDA | -0 | -0 | -0 | 0 | -393.9% | -297.1% | -215.2% | -86.0% |
| Net Income | -1 | -0 | -0 | -0 | | | -1,456.7% | -128.1% |
Balance Sheet
|
|---|
| Cash | 1 | 0 | 1 | 0 | 197.1% | 5.8% | 28.5% | -37.2% |
| Short Term Debt | 1 | 1 | 1 | 1 | -21.5% | -18.1% | -38.3% | -54.4% |
| Long Term Debt | 0 | 0 | 0 | 0 | -100.0% | -100.0% | -100.0% | |
Ratios
|
|---|
| Gross Margin | 45.0% | 48.8% | 46.2% | 48.3% | 1.2% | -2.6% | 0.8% | 4.3% |
| EBITDA Margin | -27.4% | -20.8% | -13.2% | 4.8% | -34.9% | -28.7% | -21.0% | -13.4% |
| Net Income Margin | -43.5% | -26.2% | -22.4% | -4.8% | -36.2% | -16.1% | -23.5% | -13.8% |
Revenue and profitability
Pyng Medical Corp's Revenue dropped on 34.0%. Revenue decline showed acceleration in FY16Q4 - it was 47.3% YoY. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 24.6 pp from 11.5% to -13.1% in FY2016.
Gross Margin increased slightly on 1.3 pp from 45.8% to 47.1% in FY2016. SG&A as a % of Revenue jumped on 23.5 pp from 32.5% to 56.0% in FY2016.
Net Income marign dropped on 23.2 pp from 0.074% to -23.1% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Pyng Medical Corp's CAPEX/Revenue was 0.12% in FY2016. CAPEX/Revenue showed almost no change from FY2013 to FY2016. It's average level of CAPEX/Revenue for the last three years was 0.14%.
Return on investment
The company operates at negative ROIC (-25.85%) and ROE (-37.94%). ROIC dropped on 37.8 pp from 11.9% to -25.9% in FY2016. ROE dropped on 38.1 pp from 0.16% to -37.9% in FY2016.
Leverage (Debt)
Debt level is -0.5x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 0.7x from 0.7x to in FY2016. Debt dropped on 54.4% while cash dropped on 37.2%.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Pyng Medical Corp 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($CXR) | | | 159.5% | 275.7% | 107.0% |
| Heritage Global Inc ($HGP) | | -37.0% | 76.2% | 11.2% | 80.8% |
| EnerCare Inc ($ECI) | | 8.6% | 21.1% | 55.7% | 76.6% |
| CRH Medical Corp ($CRH) | | 12.5% | 56.0% | 284.2% | 70.2% |
| Nuvo Research Inc ($NRI) | | -25.3% | -29.1% | 57.0% | 31.9% |
| |
|---|
| Median (41 companies) | | 8.6% | 13.8% | 15.2% | 12.8% |
|---|
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | | 99.5% | 98.3% | 92.7% | |
| Ritchie Bros Auctioneers Inc ($RBA) | 88.7% | 88.4% | 88.0% | 89.1% | 88.3% |
| Information Services Corp ($ISV) | 77.5% | 80.4% | 80.9% | 87.6% | 85.1% |
| Biosyent Inc ($RX) | 79.3% | 79.2% | 78.1% | 78.7% | |
| Concordia Healthcare Corp ($CXR) | | 79.4% | 86.0% | 76.1% | 72.9% |
| |
|---|
| Median (35 companies) | 32.5% | 37.1% | 35.7% | 35.7% | 31.1% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CRH Medical Corp ($CRH) | 21.0% | 24.5% | 29.1% | 44.1% | |
| Valeant Pharmaceuticals International Inc ($VRX) | 30.6% | 27.8% | 45.6% | 39.8% | 23.8% |
| Concordia Healthcare Corp ($CXR) | | 43.7% | 37.0% | 39.8% | -92.8% |
| Ritchie Bros Auctioneers Inc ($RBA) | 36.8% | 36.3% | 36.4% | 39.7% | 31.4% |
| EnerCare Inc ($ECI) | 52.8% | 51.0% | 45.5% | 39.3% | 26.6% |
| |
|---|
| Median (44 companies) | 9.2% | 12.4% | 13.4% | 11.8% | 10.1% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| ProMetic Life Sciences Inc ($PLI) | 2.1% | 33.6% | 34.6% | 23.3% | |
| EnerCare Inc ($ECI) | 25.7% | 26.5% | 23.6% | 20.7% | 15.5% |
| Black Diamond Group Ltd ($BDI) | 61.9% | 27.5% | 31.0% | 17.6% | |
| easyhome Ltd ($EH) | 32.2% | 25.6% | 21.6% | 16.9% | 12.7% |
| K-Bro Linen Inc ($KBL) | 10.0% | 19.0% | 11.4% | 16.6% | |
| |
|---|
| Median (43 companies) | 3.1% | 2.7% | 2.3% | 2.4% | 2.1% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Information Services Corp ($ISV) | 71.8% | 72.8% | 58.9% | 38.1% | 27.6% |
| Colliers International Group Inc ($CIG) | 10.5% | 11.2% | 15.2% | 10.9% | 26.1% |
| Nuvo Research Inc ($NRI) | -11.6% | -17.4% | -37.9% | 12.9% | 20.8% |
| International Road Dynamics Inc ($IRD) | 0.9% | 6.7% | 4.4% | 10.6% | 16.5% |
| Premium Brands Holdings Corp ($PBH) | 10.3% | 9.9% | 6.9% | 12.6% | 15.3% |
| |
|---|
| Median (44 companies) | 8.8% | 8.4% | 8.4% | 6.9% | 8.0% |
|---|
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($CXR) | | -1.3x | 5.6x | 20.2x | |
| SunOpta Inc ($SOY) | 2.9x | 3.5x | 1.3x | 16.9x | 140.8x |
| Centric Health Corp ($CHH) | 5.6x | 10.2x | 11.2x | 15.6x | |
| Sienna Senior Living Inc ($SIA) | 9.5x | 11.8x | 9.2x | 9.1x | 9.1x |
| Valeant Pharmaceuticals International Inc ($VRX) | 9.5x | 10.4x | 4.0x | 7.3x | 12.7x |
| |
|---|
| Median (38 companies) | 2.8x | 2.3x | 3.4x | 2.5x | 2.8x |
|---|
