Immunodiagnostic Systems Hldgs reports 1,468% Net Income decline and 101 pp EBITDA Margin decline from 23.6% to -77.1%
22 Jun 2016 • About Immunodiagnostic Systems Hldgs (
$IDH) • By InTwits
Immunodiagnostic Systems Hldgs reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Immunodiagnostic Systems Hldgs is a company in decline: FY2016 revenue growth was -15.6%, 5 years revenue CAGR was -5.3%
- EBITDA Margin is declining: -77.1% in FY2016 vs. 23.6% in FY2015 vs. in FY2012
- Immunodiagnostic Systems Hldgs has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.3%. At the same time it's in pair with industry average of 6.6%.
- CAPEX is quite volatile: 2.3 in FY2016, 0.83 in FY2015, 0.94 in FY2014, 1.3 in FY2013, 2.7 in FY2012
- The company has unprofitable business model: ROIC is at -51.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Immunodiagnostic Systems Hldgs ($IDH) key annual financial indicators
| mln. £ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 53.670 | 49.772 | 52.263 | 45.362 | 38.305 | -15.6% |
| Gross Profit | 40.096 | 36.371 | 35.574 | 28.331 | 22.465 | -20.7% |
| SG&A | | | 19.791 | 19.158 | 17.568 | -8.3% |
| EBITDA | | 17.551 | 17.821 | 10.700 | -29.534 | -376.0% |
| Net Income | 4.738 | 7.799 | 6.953 | 2.352 | -32.170 | -1,467.8% |
Balance Sheet
|
|---|
| Cash | 11.031 | 19.565 | 26.690 | 23.730 | 26.554 | 11.9% |
| Short Term Debt | 8.324 | 0.000 | 0.000 | 0.362 | 0.089 | -75.4% |
| Long Term Debt | | 0.000 | 0.000 | 1.238 | 1.220 | -1.5% |
Cash flow
|
|---|
| Capex | 3.078 | 2.652 | 2.308 | 2.872 | 1.795 | -37.5% |
Ratios
|
|---|
| Revenue growth | 7.0% | -7.3% | 5.0% | -13.2% | -15.6% | |
| EBITDA growth | | | 1.5% | -40.0% | -376.0% | |
| Gross Margin | 74.7% | 73.1% | 68.1% | 62.5% | 58.6% | -3.8% |
| EBITDA Margin | 0.0% | 35.3% | 34.1% | 23.6% | -77.1% | -100.7% |
| Net Income Margin | 8.8% | 15.7% | 13.3% | 5.2% | -84.0% | -89.2% |
| SG&A, % of revenue | | | 37.9% | 42.2% | 45.9% | 3.6% |
| CAPEX, % of revenue | 5.7% | 5.3% | 4.4% | 6.3% | 4.7% | -1.6% |
| ROIC | | | 12.3% | 4.3% | -51.3% | -55.6% |
| ROE | 6.5% | 10.3% | 8.4% | 2.8% | -48.7% | -51.6% |
| Net Debt/EBITDA | | -1.1x | -1.5x | -2.1x | | 2.1x |
Revenue and profitability
Immunodiagnostic Systems Hldgs's Revenue dropped on 15.6% in FY2016. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 101 pp from 23.6% to -77.1% in FY2016.
Gross Margin decreased on 3.8 pp from 62.5% to 58.6% in FY2016. SG&A as a % of Revenue increased on 3.6 pp from 42.2% to 45.9% in FY2016.
Net Income marign dropped on 89.2 pp from 5.2% to -84.0% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Immunodiagnostic Systems Hldgs's CAPEX/Revenue was 4.7% in FY2016. The company showed small CAPEX/Revenue decline of 0.64 pp from 5.3% in FY2013 to 4.7% in FY2016. It's average level of CAPEX/Revenue for the last three years was 5.1%.
Return on investment
The company operates at negative ROIC (-51.30%) and ROE (-48.74%). ROIC dropped on 55.6 pp from 4.3% to -51.3% in FY2016. ROE dropped on 51.6 pp from 2.8% to -48.7% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is -3.5x and Debt / EBITDA is . Net Debt / EBITDA surged on 2.1x from -2.1x to in FY2016. Debt dropped on 18.2% in FY2016 while cash jumped on 11.9% in FY2016.
Appendix 1: Peers in Health Care Equipment & Services
Below you can find Immunodiagnostic Systems Hldgs benchmarking vs. other companies in Health Care Equipment & Services 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 |
|---|
| Puricore ($PURI) | 11.3% | -33.6% | -45.5% | 36.5% | |
| Md Medical Group Invest ($MDMG) | 39.7% | 39.7% | 26.9% | 32.0% | |
| Tristel ($TSTL) | 17.8% | -3.5% | 27.6% | 13.8% | |
| Lifeline Scientific Inc ($LSIC) | 18.7% | 10.2% | 6.0% | 11.8% | |
| Synergy Health ($SYR) | 8.6% | 15.8% | 5.3% | 7.5% | |
| |
|---|
| Median (10 companies) | 14.5% | 7.0% | 5.7% | 5.9% | |
|---|
| Immunodiagnostic Systems Hldgs ($IDH) | | -7.3% | 5.0% | -13.2% | -15.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Smith & Nephew ($SN.) | 74.1% | 74.7% | 74.8% | 75.3% | |
| Tristel ($TSTL) | 67.9% | 66.4% | 69.8% | 69.5% | |
| Omega Diagnostics Group ($ODX) | 63.0% | 62.6% | 63.6% | 63.4% | |
| Lifeline Scientific Inc ($LSIC) | 60.6% | 59.8% | 61.3% | 60.2% | |
| Abbott Laboratories ($ABT) | 54.3% | 53.2% | 54.5% | 57.1% | |
| |
|---|
| Median (10 companies) | 54.6% | 52.3% | 53.2% | 53.0% | |
|---|
| Immunodiagnostic Systems Hldgs ($IDH) | 74.7% | 73.1% | 68.1% | 62.5% | 58.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Md Medical Group Invest ($MDMG) | 41.7% | 28.0% | 28.9% | 27.9% | |
| Synergy Health ($SYR) | 26.0% | 26.4% | 25.8% | 24.3% | |
| Smith & Nephew ($SN.) | 27.8% | 26.9% | 25.2% | 23.1% | |
| Tristel ($TSTL) | 17.0% | 13.7% | 20.1% | 22.9% | |
| Abbott Laboratories ($ABT) | 21.8% | 19.6% | 20.5% | 21.3% | |
| |
|---|
| Median (10 companies) | 18.0% | 14.9% | 19.1% | 19.5% | |
|---|
| Immunodiagnostic Systems Hldgs ($IDH) | | 35.3% | 34.1% | 23.6% | -77.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Synergy Health ($SYR) | 15.2% | 13.2% | 10.3% | 15.1% | |
| Md Medical Group Invest ($MDMG) | 65.2% | 42.8% | 43.4% | 8.2% | |
| Smith & Nephew ($SN.) | 6.4% | 7.8% | 8.1% | 7.7% | |
| Ekf Diagnostics Holdings ($EKF) | 3.7% | 3.7% | 2.8% | 7.6% | |
| Puricore ($PURI) | 2.4% | 3.2% | 15.4% | 7.3% | |
| |
|---|
| Median (10 companies) | 6.0% | 4.8% | 6.7% | 6.5% | |
|---|
| Immunodiagnostic Systems Hldgs ($IDH) | 5.7% | 5.3% | 4.4% | 6.3% | 4.7% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lifeline Scientific Inc ($LSIC) | 1.9% | 11.2% | 11.7% | 24.0% | |
| Tristel ($TSTL) | 6.5% | 3.5% | 15.9% | 20.1% | |
| Md Medical Group Invest ($MDMG) | 19.9% | 9.5% | 11.0% | 11.8% | |
| Smith & Nephew ($SN.) | 22.0% | 18.6% | 14.7% | 11.1% | |
| Abbott Laboratories ($ABT) | 4.3% | 5.3% | 8.3% | 9.4% | |
| |
|---|
| Median (10 companies) | 5.4% | 6.6% | 8.7% | 9.2% | |
|---|
| Immunodiagnostic Systems Hldgs ($IDH) | | | 12.3% | 4.3% | -51.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Synergy Health ($SYR) | 2.1x | 1.9x | 1.5x | 1.6x | |
| Smith & Nephew ($SN.) | 0.3x | 0.2x | 1.4x | 1.3x | |
| Abbott Laboratories ($ABT) | 2.1x | 0.8x | 0.9x | 0.9x | |
| Md Medical Group Invest ($MDMG) | 0.2x | 0.2x | 2.0x | 0.6x | |
| Lifeline Scientific Inc ($LSIC) | -4.4x | -0.6x | -0.3x | -1.0x | |
| |
|---|
| Median (8 companies) | 0.2x | 0.1x | -0.3x | -0.2x | |
|---|
| Immunodiagnostic Systems Hldgs ($IDH) | | -1.1x | -1.5x | -2.1x | |
