MISONIX, Inc. revenue growth accelerated from 5.9% in FY2019 to 60.8% in FY2020
09/03/2020 • About MISONIX, Inc. (
$MSON) • By InTwits
MISONIX, Inc. reported FY2020 financial results today. Here are the key drivers of the company's long term financial model:
- MISONIX, Inc. is a fast growth stock: FY2020 revenue growth was 60.8%, 5 year revenue CAGR was 23.0% at FY2020 ROIC -18.0%
- The company operates at negative EBITDA Margin: -24.8%
- MISONIX, Inc. spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2016-FY2020 is 0.0%. Average EBITDA Margin for the same period was -17.2%
- MISONIX, Inc. has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.4%. At the same time it's in pair with industry average of 1.7%
- CAPEX is quite volatile: $2m in FY2020, $2m in FY2019, $1m in FY2018, $0m in FY2017, $0m in FY2016
- The company has unprofitable business model: ROIC is -18.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue surged on 60.8%. Revenue growth showed slowdown in FY20Q4 - it was 40.6% YoY. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 4.4 pp from 4.0% to -0.47% in FY2020.
Gross Margin showed almost no change in FY2020. During FY2016-FY2020 Gross Margin topped in FY2018 at 73.3% and was declining since that time. SG&A as a % of Revenue jumped on 15.3 pp from 77.8% to 93.1% in FY2020.
Net Income margin decreased on 8.9 pp from -19.0% to -27.9% in FY2020. Net Income margin stuck to a declining trend at -5.8 pp per annum in the last 5 years.
Investments (CAPEX, working capital and M&A)
In FY2020 MISONIX, Inc. had CAPEX/Revenue of 0.49%. The company showed small CAPEX/Revenue decline of 1.3 pp from 1.8% in FY2017 to 0.49% in FY2020. It's average CAPEX/Revenue for the last three years was 1.1%.
Return on investment
The company operates at negative ROIC (-18.0%) and ROE (-20.7%). ROIC surged on 14.0 pp from -31.9% to -18.0% in FY2020. ROE jumped on 11.4 pp from -32.0% to -20.7% in FY2020. During the last 5 years ROE bottomed in FY2019 at -32.0%.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.8x and Debt / EBITDA is . Net Debt / EBITDA didn't change in FY2020. Debt surged while cash surged on 384%.
MISONIX, Inc. has no short term refinancing risk: cash is higher than short term debt (688.8%).
Management team
Stavros G Vizirgianakis is a MISONIX, Inc.'s CEO. Stavros G Vizirgianakis has spent 1 year with the company. Joseph P Dwyer "Joe" is a the company's CFO. Joseph P Dwyer "Joe" has spent 1 year at the company.
Financial and operational results
FY ended 06/30/2020
MISONIX, Inc. ($MSON) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 23.113 | 27.270 | 36.680 | 38.848 | 62.484 | 60.8% |
| Gross Profit | 15.502 | 19.053 | 26.885 | 27.280 | 43.709 | 60.2% |
| SG&A | 19.661 | 23.816 | 25.432 | 30.222 | 58.187 | 92.5% |
| EBITDA | -4.177 | -5.534 | -1.514 | -5.746 | -15.467 | |
| Net Income | -1.172 | -1.681 | -7.612 | -7.387 | -17.418 | |
Balance Sheet
|
|---|
| Cash | 9.049 | 11.557 | 10.979 | 7.842 | 37.979 | 384.3% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 5.514 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 39.319 | |
Cash flow
|
|---|
| Capex | 0.472 | 0.490 | 0.375 | 0.684 | 0.304 | -55.6% |
Ratios
|
|---|
| Revenue growth | 4.1% | 18.0% | 34.5% | 5.9% | 60.8% | |
| EBITDA growth | 1,419.2% | 32.5% | -72.7% | 279.7% | 169.2% | |
|
|---|
| Gross Margin | 67.1% | 69.9% | 73.3% | 70.2% | 70.0% | -0.3% |
| EBITDA Margin | -18.1% | -20.3% | -4.1% | -14.8% | -24.8% | -10.0% |
| SG&A, % of revenue | 85.1% | 87.3% | 69.3% | 77.8% | 93.1% | 15.3% |
| Net Income Margin | -5.1% | -6.2% | -20.8% | -19.0% | -27.9% | -8.9% |
| CAPEX, % of revenue | 2.0% | 1.8% | 1.0% | 1.8% | 0.5% | -1.3% |
|
|---|
| ROIC | -24.0% | -24.9% | -11.1% | -31.9% | -18.0% | 14.0% |
| ROE | -4.9% | -6.4% | -29.0% | -32.0% | -20.7% | 11.4% |
MISONIX, Inc. ($MSON) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 11 | 20 | 18 | 14 | | 19.1% | 93.8% | 87.3% | 40.6% |
| Net Income | 2 | -5 | -6 | -9 | | - | - | - | - |
Balance Sheet
|
|---|
| Cash | 13 | 14 | 40 | 38 | | 37.9% | 41.6% | 340.8% | 384.3% |
| Short Term Debt | 0 | 0 | 2 | 6 | | - | - | - | - |
| Long Term Debt | 30 | 40 | 40 | 39 | | - | - | - | - |
Ratios
|
|---|
| Gross Margin | 71.0% | 69.9% | 70.3% | 68.8% | | 0.3% | -0.2% | -0.4% | -0.8% |
| Net Income Margin | 16.1% | -25.8% | -31.2% | -62.3% | | 44.0% | -17.5% | -14.6% | -38.2% |
Peers in Health Care Equipment
Below we provide MISONIX, Inc. benchmarking against other companies in Health Care Equipment 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 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Cantel Medical Corp. ($CMD) | - | 15.9% | 13.2% | 5.3% | 10.7% |
| Allied Healthcare Products, Inc. ($AHPI) | - | -6.8% | 0.7% | -7.0% | 1.6% |
| Fonar Corporation ($FONR) | - | 6.4% | 4.5% | 7.0% | -1.7% |
| Viveve Medical, Inc. ($VIVE) | - | 114.1% | 21.1% | -64.5% | -16.6% |
| |
|---|
| Median (4 companies) | - | 15.9% | 4.5% | -7.0% | -0.0% |
|---|
| MISONIX, Inc. ($MSON) | - | 18.0% | 34.5% | 5.9% | 60.8% |
Top companies by Gross margin, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Fonar Corporation ($FONR) | 47.0% | 51.2% | 48.5% | 49.6% | 49.5% |
| Cantel Medical Corp. ($CMD) | 46.5% | 47.7% | 47.5% | 46.6% | 42.9% |
| Allied Healthcare Products, Inc. ($AHPI) | 20.5% | 19.6% | 19.1% | 16.1% | 17.5% |
| Viveve Medical, Inc. ($VIVE) | 35.4% | 48.7% | 39.5% | 15.5% | 5.4% |
| |
|---|
| Median (4 companies) | 35.4% | 47.7% | 39.5% | 36.3% | 30.2% |
|---|
| MISONIX, Inc. ($MSON) | 67.1% | 69.9% | 73.3% | 70.2% | 70.0% |
Top companies by EBITDA margin, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Fonar Corporation ($FONR) | 24.1% | 29.0% | 28.9% | 29.8% | 26.5% |
| Cantel Medical Corp. ($CMD) | 18.4% | 18.7% | 17.9% | 13.7% | 12.0% |
| Allied Healthcare Products, Inc. ($AHPI) | -1.9% | -2.9% | -3.2% | -6.2% | -7.4% |
| Viveve Medical, Inc. ($VIVE) | -260.4% | -217.7% | -238.6% | -444.7% | -308.5% |
| |
|---|
| Median (4 companies) | -1.9% | -2.9% | -3.2% | -6.2% | 2.3% |
|---|
| MISONIX, Inc. ($MSON) | -18.1% | -20.3% | -4.1% | -14.8% | -24.8% |
Top companies by CAPEX/Revenue, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Viveve Medical, Inc. ($VIVE) | 3.6% | 5.9% | 11.6% | 16.6% | 14.3% |
| Fonar Corporation ($FONR) | 1.0% | 3.7% | 3.4% | 3.8% | 8.8% |
| Cantel Medical Corp. ($CMD) | 2.8% | 3.5% | 4.3% | 10.4% | 3.3% |
| Allied Healthcare Products, Inc. ($AHPI) | 0.3% | 0.1% | 0.0% | 0.0% | 1.9% |
| |
|---|
| Median (4 companies) | 2.8% | 3.5% | 3.4% | 10.4% | 6.1% |
|---|
| MISONIX, Inc. ($MSON) | 2.0% | 1.8% | 1.0% | 1.8% | 0.5% |
Top companies by ROIC, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Fonar Corporation ($FONR) | 17.4% | 25.3% | 26.9% | 24.8% | 14.7% |
| Cantel Medical Corp. ($CMD) | 17.5% | 17.3% | 16.1% | 9.5% | 3.5% |
| Allied Healthcare Products, Inc. ($AHPI) | -9.8% | -11.8% | -13.1% | -21.2% | -26.0% |
| InVivo Therapeutics Holdings Corp. ($NVIV) | -98.6% | -119.4% | -94.0% | -98.7% | -68.1% |
| Viveve Medical, Inc. ($VIVE) | -212.5% | -188.5% | -144.4% | -106.5% | -105.8% |
| |
|---|
| Median (8 companies) | -63.9% | -95.9% | -80.8% | -95.1% | -87.0% |
|---|
| MISONIX, Inc. ($MSON) | -24.0% | -24.9% | -11.1% | -31.9% | -18.0% |
Top companies by Net Debt / EBITDA
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Cantel Medical Corp. ($CMD) | 0.7x | 0.6x | 0.7x | 1.5x | 6.8x |
| Fonar Corporation ($FONR) | -0.2x | -0.4x | -0.8x | -0.5x | -0.0x |
| |
|---|
| Median (2 companies) | 0.2x | 0.1x | -0.1x | 0.5x | 3.4x |
|---|
