Cardiome Pharma Corp reports 20.8% revenue growth in FY2016
07.03.2017 • About Cardiome Pharma Corp (
$COM) • By InTwits
Cardiome Pharma Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2016 vs. -95.2% in FY2015 vs. in FY2012
- Cardiome Pharma Corp spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -42.1%0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cardiome Pharma Corp ($COM) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 0.789 | 4.511 | 30.042 | 20.910 | 25.256 | 20.8% |
| Gross Profit | | 3.575 | 20.015 | 14.323 | | -100.0% |
| SG&A | 9.611 | 16.446 | 33.813 | 31.004 | | -100.0% |
| EBITDA | | | -14.435 | -19.904 | | |
| Net Income | -18.315 | 4.773 | -18.227 | -24.462 | -19.619 | |
Balance Sheet
|
|---|
| Cash | 41.267 | 10.984 | 12.708 | 17.661 | | -100.0% |
| Short Term Debt | 32.500 | 0.000 | 1.714 | 4.000 | | -100.0% |
| Long Term Debt | 0.000 | 0.000 | 10.286 | 6.000 | | -100.0% |
Cash flow
|
|---|
| Capex | 0.141 | 0.039 | 0.522 | 0.132 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -47.6% | 471.7% | 566.0% | -30.4% | 20.8% | |
| EBITDA growth | | | | 37.9% | | |
| Gross Margin | | 79.3% | 66.6% | 68.5% | | -68.5% |
| EBITDA Margin | 0.0% | 0.0% | -48.0% | -95.2% | 0.0% | 95.2% |
| Net Income Margin | -2,321.3% | 105.8% | -60.7% | -117.0% | -77.7% | 39.3% |
| SG&A, % of revenue | 1,218.1% | 364.6% | 112.6% | 148.3% | | -148.3% |
| CAPEX, % of revenue | 17.9% | 0.9% | 1.7% | 0.6% | | -0.6% |
| ROIC | -57.3% | -53.0% | -63.3% | -73.5% | | 73.5% |
| ROE | -110.5% | 31.3% | -91.6% | -132.0% | | 132.0% |
Cardiome Pharma Corp ($COM) key quoterly financial indicators
| mln. $ | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 7 | 6 | 5 | 7 | 29.0% | 3.0% | 5.6% | 48.8% |
| EBITDA | -1 | -4 | -3 | -4 | | | | |
| Net Income | -1 | -8 | -5 | -6 | | | | |
Balance Sheet
|
|---|
| Cash | 12 | 13 | 32 | 27 | 25.5% | 69.2% | 27.4% | 51.5% |
| Short Term Debt | 4 | 0 | 0 | 0 | 41.9% | -100.0% | -100.0% | -100.0% |
| Long Term Debt | 5 | 19 | 19 | 19 | -48.5% | 131.7% | 176.3% | 241.0% |
Ratios
|
|---|
| Gross Margin | 79.9% | 71.5% | 74.4% | 73.5% | 2.2% | -8.4% | 2.5% | 33.2% |
| EBITDA Margin | -8.5% | -63.5% | -62.5% | -56.1% | 30.0% | 56.5% | 27.8% | 80.2% |
| Net Income Margin | -17.4% | -127.1% | -100.9% | -79.6% | 53.3% | 1.2% | 16.3% | 77.4% |
Revenue and profitability
The company's Revenue surged on 20.8%. Revenue growth showed acceleration in FY16Q4 - it increased 48.8% YoY.
Net Income marign surged on 39.3 pp from -117% to -77.7% in FY2016.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Cardiome Pharma Corp 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 | 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 ($NRI) | | -25.3% | -29.1% | 57.0% | 31.9% |
| |
|---|
| Median (40 companies) | | 8.5% | 13.7% | 15.6% | 12.6% |
|---|
| Cardiome Pharma Corp ($COM) | | 471.7% | 566.0% | -30.4% | 20.8% |
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 ($CXR) | | 79.4% | 86.0% | 76.1% | 72.9% |
| |
|---|
| Median (34 companies) | 32.5% | 35.0% | 35.6% | 33.4% | 31.1% |
|---|
| Cardiome Pharma Corp ($COM) | | 79.3% | 66.6% | 68.5% | |
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 ($ECI) | 52.8% | 51.0% | 45.5% | 39.3% | 26.6% |
| |
|---|
| Median (43 companies) | 9.2% | 12.4% | 14.1% | 12.7% | 10.1% |
|---|
| Cardiome Pharma Corp ($COM) | | | -48.0% | -95.2% | |
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 ($KBL) | 10.0% | 19.0% | 11.4% | 16.6% | |
| |
|---|
| Median (42 companies) | 3.1% | 2.8% | 2.4% | 2.4% | 2.1% |
|---|
| Cardiome Pharma Corp ($COM) | 17.9% | 0.9% | 1.7% | 0.6% | |
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 ($PBH) | 10.3% | 9.9% | 6.9% | 12.6% | 15.3% |
| |
|---|
| Median (43 companies) | 8.8% | 9.2% | 8.5% | 7.5% | 8.0% |
|---|
| Cardiome Pharma Corp ($COM) | -57.3% | -53.0% | -63.3% | -73.5% | |
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 |
|---|
