TearLab Corp revenue growth decelerated to 11.4% in FY2016 vs. 27.6% a year earliner
09.03.2017 • About TearLab Corp (
$TLB) • By InTwits
TearLab Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2016 vs. -110.9% in FY2015 vs. -269.0% in FY2012
- TearLab Corp motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -83.6% for the sames years0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
TearLab Corp ($TLB) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3.960 | 14.645 | 19.718 | 25.156 | 28.014 | 11.4% |
| Gross Profit | 1.665 | 6.499 | 9.622 | 12.599 | | -100.0% |
| SG&A | 8.041 | 21.963 | 30.372 | 34.284 | | -100.0% |
| EBITDA | -10.652 | -15.907 | -22.066 | -27.894 | | |
| Net Income | -19.312 | -28.990 | -23.722 | -33.229 | -19.920 | |
Balance Sheet
|
|---|
| Cash | 15.437 | 37.778 | 16.338 | 13.838 | | -100.0% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 24.859 | | -100.0% |
Cash flow
|
|---|
| Capex | 0.569 | 2.905 | 2.416 | 3.388 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 86.4% | 269.8% | 34.6% | 27.6% | 11.4% | |
| EBITDA growth | 58.2% | 49.3% | 38.7% | 26.4% | | |
| Gross Margin | 42.0% | 44.4% | 48.8% | 50.1% | | -50.1% |
| EBITDA Margin | -269.0% | -108.6% | -111.9% | -110.9% | 0.0% | 110.9% |
| Net Income Margin | -487.7% | -198.0% | -120.3% | -132.1% | -71.1% | 61.0% |
| SG&A, % of revenue | 203.1% | 150.0% | 154.0% | 136.3% | | -136.3% |
| CAPEX, % of revenue | 14.4% | 19.8% | 12.3% | 13.5% | | -13.5% |
| ROIC | -117.7% | -62.7% | -75.1% | -136.9% | | 136.9% |
| ROE | -189.7% | -103.1% | -72.2% | | | 0.0% |
TearLab Corp ($TLB) key quoterly financial indicators
| mln. | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 7 | 7 | 7 | 7 | 25.1% | 8.8% | 9.2% | 4.9% |
| EBITDA | -5 | -2 | -2 | -3 | | | | |
| Net Income | -7 | -4 | -4 | -4 | | | | |
Balance Sheet
|
|---|
| Cash | 7 | 20 | 18 | 15 | -69.1% | 26.5% | 65.6% | 11.8% |
| Short Term Debt | 0 | 0 | 0 | 0 | | | | |
| Long Term Debt | 25 | 26 | 26 | 26 | 72.3% | 72.5% | 73.4% | 6.4% |
Ratios
|
|---|
| Gross Margin | 54.3% | 56.3% | 57.2% | 56.3% | 5.7% | 6.9% | 7.0% | 4.4% |
| EBITDA Margin | -79.8% | -35.7% | -28.2% | -36.1% | 54.6% | 72.1% | 71.8% | 69.5% |
| Net Income Margin | -107.2% | -62.9% | -55.1% | -60.9% | 43.8% | 64.3% | 66.8% | 70.5% |
Revenue and profitability
The company's Revenue jumped on 11.4%. Revenue growth showed slow down in FY16Q4 - it was 4.9% YoY.
Net Income marign surged on 61.0 pp from -132% to -71.1% in FY2016.
Management team
The company's CEO Joseph Jensen "Seph" is a founder and has spent 2 years at the company. The company's CFO Wes Brazell has spent 3 years at the company.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find TearLab Corp benchmarking vs. other companies in Consumer, Non-cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($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% | 14.9% | 12.8% |
|---|
| TearLab Corp ($TLB) | | 269.8% | 34.6% | 27.6% | 11.4% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cipher Pharmaceuticals Inc ($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) | 29.5% | 35.0% | 35.6% | 33.4% | 31.1% |
|---|
| TearLab Corp ($TLB) | 42.0% | 44.4% | 48.8% | 50.1% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CRH Medical Corp ($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 (43 companies) | 9.9% | 12.8% | 14.1% | 12.7% | 10.1% |
|---|
| TearLab Corp ($TLB) | -269.0% | -108.6% | -111.9% | -110.9% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| ProMetic Life Sciences Inc ($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% | 2.7% | 2.3% | 2.3% | 2.1% |
|---|
| TearLab Corp ($TLB) | 14.4% | 19.8% | 12.3% | 13.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Information Services Corp ($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% |
|---|
| TearLab Corp ($TLB) | -117.7% | -62.7% | -75.1% | -136.9% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($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 |
|---|
