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Puricore revenue dropped on 96.3% in 2016

23 Mar 2017 • About Puricore ($PURI) • By InTwits

Puricore reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Puricore is a company in decline: FY2016 revenue growth was -96.3%, 5 years revenue CAGR was -54.1%
  • EBITDA Margin is declining: in FY2016 vs. -29.4% in FY2015 vs. 3.0% in FY2012
  • Puricore motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -8.4% for the sames years0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Puricore ($PURI) key annual financial indicators

mln. $201220132014201520162016/2015
P&L
Revenue47.35831.45517.14523.4060.867-96.3%
Gross Profit15.4809.7594.7966.649-100.0%
SG&A10.3519.68912.067-100.0%
EBITDA1.4040.213-4.829-6.879-100.0%
Net Income-0.928-6.39012.306-9.373-0.507-94.6%
Balance Sheet
Cash2.5373.43920.88715.457-100.0%
Short Term Debt13.3670.0000.2230.000
Long Term Debt0.0000.0000.0000.000
Cash flow
Capex1.1261.0132.6451.705-100.0%
Ratios
Revenue growth11.3%-33.6%-45.5%36.5%-96.3%
EBITDA growth-176.9%-84.9%-2,371.1%42.4%
Gross Margin32.7%31.0%28.0%28.4%-28.4%
EBITDA Margin3.0%0.7%-28.2%-29.4%0.0%29.4%
Net Income Margin-2.0%-20.3%71.8%-40.0%-58.5%-18.5%
SG&A, % of revenue32.9%56.5%51.6%-51.6%
CAPEX, % of revenue2.4%3.2%15.4%7.3%-7.3%
ROIC-14.5%-24.8%-36.7%-36.0%36.0%
ROE59.1%-39.3%39.3%
Net Debt/EBITDA7.7x-16.2x0.0x

Revenue and profitability


Puricore's Revenue dropped on 96.3% in FY2016.

Net Income marign dropped on 18.5 pp from -40.0% to -58.5% in FY2016.


Appendix 1: Peers in Health Care Equipment & Services


Below we provide Puricore benchmarking against other companies in Health Care Equipment & Services 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
Venn Life Sciences Hldgs ($VENN)-24.1%140.0%135.0%56.1%
Ekf Diagnostics Holdings ($EKF)22.0%16.7%-19.0%28.4%
Md Medical Group Invest ($MDMG)39.7%26.9%32.0%28.1%
Tristel ($TSTL)-3.5%27.6%13.8%11.5%
Omega Diagnostics Group ($ODX)1.2%2.9%4.4%5.3%
 
Median (9 companies)13.7%5.2%6.0%4.4%5.3%
Puricore ($PURI)-33.6%-45.5%36.5%-96.3%


Top companies by Gross margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Smith & Nephew ($SN.)74.1%74.7%74.8%75.3%72.8%
Tristel ($TSTL)67.9%66.4%69.8%69.5%73.4%
Omega Diagnostics Group ($ODX)63.0%62.6%63.6%63.4%63.8%
Immunodiagnostic Systems Hldgs ($IDH)74.7%73.1%68.1%62.5%58.6%
Lifeline Scientific Inc ($LSIC)60.6%59.8%61.3%60.2%
 
Median (10 companies)57.8%56.5%57.9%58.7%58.6%
Puricore ($PURI)32.7%31.0%28.0%28.4%


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%
Immunodiagnostic Systems Hldgs ($IDH)35.3%34.1%23.6%-77.1%
Smith & Nephew ($SN.)27.8%26.9%25.2%23.1%26.0%
Tristel ($TSTL)17.0%13.7%20.1%22.9%20.7%
 
Median (11 companies)18.0%16.1%20.1%21.3%12.0%
Puricore ($PURI)3.0%0.7%-28.2%-29.4%


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 ($SN.)6.4%7.8%8.1%7.7%8.4%
Ekf Diagnostics Holdings ($EKF)3.7%3.7%2.8%7.6%3.3%
Immunodiagnostic Systems Hldgs ($IDH)5.7%5.3%4.4%6.3%4.7%
 
Median (11 companies)5.7%5.3%5.0%6.2%4.7%
Puricore ($PURI)2.4%3.2%15.4%7.3%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Tristel ($TSTL)6.5%3.5%15.9%20.1%17.5%
Smith & Nephew ($SN.)22.0%18.6%14.7%11.1%14.4%
Abbott Laboratories ($ABT)4.3%5.3%8.3%9.4%8.6%
Omega Diagnostics Group ($ODX)3.6%2.0%3.6%3.6%3.3%
Bioquell ($BQE)12.1%7.9%-1.8%1.6%0.7%
 
Median (9 companies)6.5%6.6%9.1%9.1%3.3%
Puricore ($PURI)-14.5%-24.8%-36.7%-36.0%


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Synergy Health ($SYR)2.1x1.9x1.5x1.6x
Smith & Nephew ($SN.)0.3x0.2x1.4x1.3x1.3x
Abbott Laboratories ($ABT)2.1x0.8x0.9x0.9x0.7x
Md Medical Group Invest ($MDMG)0.2x0.2x2.0x0.6x
Lifeline Scientific Inc ($LSIC)-4.4x-0.6x-0.3x-1.0x
 
Median (10 companies)0.1x0.1x-0.3x-1.0x-0.6x