Allied Healthcare Products, Inc. revenue increased slightly on 1.6% while EBITDA Margin decreased slightly on 1.2 pp from -6.2% to -7.4%
09/28/2020 • About Allied Healthcare Products, Inc. (
$AHPI) • By InTwits
Allied Healthcare Products, Inc. reported FY2020 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company operates at negative EBITDA Margin: -7.4%
- Allied Healthcare Products, 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 -4.2%
- Allied Healthcare Products, Inc. has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
- The company has unprofitable business model: ROIC is -26.0%
- It operates with high leverage: Net Debt/EBITDA is 18.1x while industry average is 3.4x
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 increased slightly on 1.6%. Revenue growth showed acceleration in FY20Q4 - it increased 10.7% YoY. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 10.2 pp from 26.7% to 16.6% in FY2020. EBITDA Margin followed a declining trend at -1.4 pp per annum in the last 5 years.
Gross Margin increased slightly on 1.4 pp from 16.1% to 17.5% in FY2020. During FY2016-FY2020 Gross Margin bottomed in FY2019 at 16.1%. SG&A as a % of Revenue increased slightly on 1.8 pp from 23.4% to 25.2% in FY2020. During FY2016-FY2020 SG&A as a % of Revenue bottomed in FY2019 at 23.4%.
Net Income margin decreased on 2.7 pp from -6.7% to -9.5% in FY2020. During the last 5 years Net Income margin topped in FY2017 at -6.2% and was declining since that time.
Investments (CAPEX, working capital and M&A)
In FY2020 the company had CAPEX/Revenue of 1.9%. Allied Healthcare Products, Inc. showed small growth in CAPEX/Revenue of 1.9 pp from 0.063% in FY2017 to 1.9% in FY2020.
Return on investment
The company operates at negative ROIC (-26.0%) and ROE (-29.0%). ROIC decreased on 4.9 pp from -21.2% to -26.0% in FY2020. ROE dropped on 12.7 pp from -16.3% to -29.0% in FY2020. ROIC declined at -4.2 pp per annum in the last 5 years. ROE followed a declining trend in the last 5 years.
Leverage (Debt)
Company's Net Debt / EBITDA is 18.1x and Debt / EBITDA is . Debt jumped while cash surged on 1,230%.
Allied Healthcare Products, Inc. has no short term refinancing risk: cash is higher than short term debt (248.4%).
Financial and operational results
FY ended 06/30/2020
Allied Healthcare Products, Inc. ($AHPI) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 35.952 | 33.512 | 33.760 | 31.382 | 31.894 | 1.6% |
| Gross Profit | 7.360 | 6.556 | 6.450 | 5.039 | 5.571 | 10.6% |
| SG&A | 9.279 | 8.608 | 8.446 | 7.353 | 8.038 | 9.3% |
| EBITDA | -0.691 | -0.962 | -1.064 | -1.952 | -2.368 | |
| Net Income | -2.305 | -2.089 | -2.192 | -2.110 | -3.014 | |
Balance Sheet
|
|---|
| Cash | 1.704 | 0.996 | 0.136 | 0.195 | 2.600 | 1,230.3% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 1.047 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 1.345 | |
Cash flow
|
|---|
| Capex | 0.099 | 0.021 | 0.000 | 0.000 | 0.618 | |
Ratios
|
|---|
| Revenue growth | 1.4% | -6.8% | 0.7% | -7.0% | 1.6% | |
| EBITDA growth | 80.6% | 39.2% | 10.7% | 83.4% | 21.3% | |
|
|---|
| Gross Margin | 20.5% | 19.6% | 19.1% | 16.1% | 17.5% | 1.4% |
| EBITDA Margin | -1.9% | -2.9% | -3.2% | -6.2% | -7.4% | -1.2% |
| SG&A, % of revenue | 25.8% | 25.7% | 25.0% | 23.4% | 25.2% | 1.8% |
| Net Income Margin | -6.4% | -6.2% | -6.5% | -6.7% | -9.5% | -2.7% |
| CAPEX, % of revenue | 0.3% | 0.1% | 0.0% | 0.0% | 1.9% | |
|
|---|
| ROIC | -9.8% | -11.8% | -13.1% | -21.2% | -26.0% | -4.9% |
| ROE | -11.8% | -12.1% | -14.5% | -16.3% | -29.0% | -12.7% |
Allied Healthcare Products, Inc. ($AHPI) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 8 | 7 | 8 | 9 | | 9.7% | -9.8% | -2.6% | 10.7% |
| EBITDA | -0 | -1 | -0 | -0 | | - | - | - | - |
| Net Income | -1 | -2 | -0 | -1 | | - | - | -187.3% | - |
Balance Sheet
|
|---|
| Cash | 0 | 0 | 1 | 3 | | 37,704.5% | 5.5% | 750.5% | 1,230.3% |
| Short Term Debt | 0 | 1 | 0 | 1 | | - | -27.3% | -100.0% | - |
| Long Term Debt | 0 | 0 | 0 | 1 | | - | - | - | - |
Ratios
|
|---|
| Gross Margin | 15.8% | 18.4% | 19.6% | 16.2% | | 3.7% | 3.6% | 0.9% | -2.1% |
| EBITDA Margin | -5.3% | -18.7% | -2.0% | -5.6% | | 8.5% | -12.0% | -0.2% | -2.4% |
| Net Income Margin | -7.7% | -21.0% | -4.1% | -6.3% | | 9.3% | -11.3% | -8.6% | -0.2% |
Peers in Health Care Equipment
Below we provide Allied Healthcare Products, 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 |
|---|
| MISONIX, Inc. ($MSON) | - | 18.0% | 34.5% | 5.9% | 60.8% |
| Cantel Medical Corp. ($CMD) | - | 15.9% | 13.2% | 5.3% | 10.7% |
| 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) | - | 18.0% | 13.2% | 5.3% | 4.5% |
|---|
| Allied Healthcare Products, Inc. ($AHPI) | - | -6.8% | 0.7% | -7.0% | 1.6% |
Top companies by Gross margin, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| MISONIX, Inc. ($MSON) | 67.1% | 69.9% | 73.3% | 70.2% | 70.0% |
| 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% |
| Viveve Medical, Inc. ($VIVE) | 35.4% | 48.7% | 39.5% | 15.5% | 5.4% |
| |
|---|
| Median (4 companies) | 46.5% | 48.7% | 47.5% | 46.6% | 46.2% |
|---|
| Allied Healthcare Products, Inc. ($AHPI) | 20.5% | 19.6% | 19.1% | 16.1% | 17.5% |
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% |
| MISONIX, Inc. ($MSON) | -18.1% | -20.3% | -4.1% | -14.8% | -24.8% |
| Viveve Medical, Inc. ($VIVE) | -260.4% | -217.7% | -238.6% | -444.7% | -308.5% |
| |
|---|
| Median (4 companies) | -18.1% | -20.3% | -4.1% | -14.8% | -6.4% |
|---|
| Allied Healthcare Products, Inc. ($AHPI) | -1.9% | -2.9% | -3.2% | -6.2% | -7.4% |
Top companies by CAPEX/Revenue, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Viveve Medical, Inc. ($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% |
| MISONIX, Inc. ($MSON) | 2.0% | 1.8% | 1.0% | 1.8% | 0.5% |
| |
|---|
| Median (4 companies) | 2.8% | 3.5% | 3.4% | 10.4% | 6.1% |
|---|
| Allied Healthcare Products, Inc. ($AHPI) | 0.3% | 0.1% | 0.0% | 0.0% | 1.9% |
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% |
| MISONIX, Inc. ($MSON) | -24.0% | -24.9% | -11.1% | -31.9% | -18.0% |
| InVivo Therapeutics Holdings Corp. ($NVIV) | -98.6% | -119.4% | -94.0% | -98.7% | -68.1% |
| Viveve Medical, Inc. ($VIVE) | -212.5% | -188.5% | -144.4% | -106.5% | -105.8% |
| |
|---|
| Median (8 companies) | -63.9% | -95.9% | -80.8% | -95.1% | -87.0% |
|---|
| Allied Healthcare Products, Inc. ($AHPI) | -9.8% | -11.8% | -13.1% | -21.2% | -26.0% |
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 |
|---|
