Immunotec Inc revenue jumped on 28.6% in 2016 while EBITDA Margin decreased on 2.8 pp from 6.9% to 4.1%
26.01.2017 • About Immunotec Inc (
$IMM) • By InTwits
Immunotec Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Immunotec Inc is a fast growth stock: FY2016 revenue growth was 28.6%, 5 year revenue CAGR was 20.8% at FY2016 ROIC 23.5%
- EBITDA Margin is quite volatile: 4.1% in FY2016, 6.9% in FY2015, -0.6% in FY2014, 3.4% in FY2013, 2.4% in FY2012
- Immunotec Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.6%.
- The company has highly profitable business model: ROIC is at 23.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Immunotec Inc ($IMM) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 49.2 | 54.8 | 80.8 | 84.8 | 109.0 | 28.6% |
| Gross Profit | 40.3 | 41.3 | 62.1 | 64.4 | 80.8 | 25.5% |
| SG&A | 33.6 | 12.6 | 15.0 | 57.3 | 74.1 | 29.4% |
| EBITDA | 1.2 | 1.8 | -0.5 | 5.9 | 4.5 | -23.8% |
| Net Income | 0.1 | 1.4 | -2.7 | 4.0 | 2.1 | -47.7% |
Balance Sheet
|
|---|
| Cash | 3.8 | 4.7 | 6.3 | 9.7 | 13.3 | 37.2% |
| Short Term Debt | 0.1 | 0.1 | 0.4 | 0.6 | 0.5 | -10.3% |
| Long Term Debt | 2.0 | 1.9 | 2.1 | 2.4 | 1.9 | -21.5% |
Cash flow
|
|---|
| Capex | 0.4 | 0.2 | 0.6 | 0.7 | 0.6 | -16.9% |
Ratios
|
|---|
| Revenue growth | 16.2% | 11.3% | 47.5% | 4.9% | 28.6% | |
| EBITDA growth | -782.9% | 59.8% | -127.4% | -1,262.3% | -23.8% | |
| Gross Margin | 82.0% | 75.4% | 76.9% | 76.0% | 74.1% | -1.9% |
| EBITDA Margin | 2.4% | 3.4% | -0.6% | 6.9% | 4.1% | -2.8% |
| Net Income Margin | 0.3% | 2.5% | -3.3% | 4.8% | 1.9% | -2.8% |
| SG&A, % of revenue | 68.2% | 23.0% | 18.6% | 67.6% | 68.0% | 0.4% |
| CAPEX, % of revenue | 0.8% | 0.4% | 0.7% | 0.8% | 0.5% | -0.3% |
| ROIC | 1.8% | 8.8% | -10.5% | 40.8% | 23.5% | -17.3% |
| ROE | 1.1% | 11.0% | -23.1% | 32.7% | 13.6% | -19.1% |
| Net Debt/EBITDA | -1.5x | -1.5x | | -1.1x | -2.4x | -1.3x |
Immunotec Inc ($IMM) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 23 | 26 | 28 | 32 | 28.0% | 28.1% | 28.6% | 29.5% |
| EBITDA | 1 | 2 | 1 | 1 | -34.1% | 40.6% | -32.6% | -56.0% |
| Net Income | 0 | 1 | 1 | 1 | -60.3% | 75.9% | -46.0% | -65.8% |
Balance Sheet
|
|---|
| Cash | 8 | 10 | 10 | 13 | 93.1% | 55.9% | 13.3% | 37.2% |
| Short Term Debt | 1 | 1 | 1 | 1 | 64.5% | 57.1% | -69.8% | -10.3% |
| Long Term Debt | 2 | 2 | 2 | 2 | 7.0% | 5.5% | -21.9% | -21.5% |
Ratios
|
|---|
| Gross Margin | 74.5% | 76.5% | 73.0% | 73.0% | -2.3% | 0.2% | -2.7% | -2.4% |
| EBITDA Margin | 3.2% | 7.6% | 3.1% | 2.8% | -3.0% | 0.7% | -2.9% | -5.5% |
| Net Income Margin | 1.5% | 2.2% | 2.2% | 1.8% | -3.3% | 0.6% | -3.0% | -5.1% |
Revenue and profitability
The company's Revenue surged on 28.6%. Revenue growth showed acceleration in FY16Q4 - it increased 29.5% YoY. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.7 pp from 53.2% to 57.8% in 2016.
Gross Margin decreased slightly on 1.9 pp from 76.0% to 74.1% in FY2016. SG&A as a % of Revenue showed almost no change in FY2016.
Net Income marign decreased on 2.8 pp from 4.8% to 1.9% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Immunotec Inc's CAPEX/Revenue was 0.52% in FY2016. The company showed almost no change in CAPEX/Revenue from FY2013 to FY2016. For the last three years the average CAPEX/Revenue was 0.69%.
Return on investment
The company operates at high and attractive ROIC (23.52%) while ROE is a bit lower (13.61%). ROIC dropped on 17.3 pp from 40.8% to 23.5% in FY2016. ROE dropped on 19.1 pp from 32.7% to 13.6% in FY2016.
Leverage (Debt)
Debt level is -2.4x Net Debt / EBITDA and 0.5x Debt / EBITDA. Net Debt / EBITDA dropped on 1.3x from -1.1x to -2.4x in FY2016. Debt dropped on 19.4% while cash jumped on 37.2%.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Immunotec 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 | 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 |
|---|
