Applied DNA Sciences Inc CAPEX jumped on 1,477% while Revenue dropped on 64.2%
12/17/2020 • About Applied DNA Sciences Inc (
$APDN) • By InTwits
Applied DNA Sciences Inc reported FY2020 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Applied DNA Sciences Inc is a company in decline: FY2020 revenue growth was -64.2%, 5 years revenue CAGR was -26.5%
- The company operates at negative EBITDA Margin: -634.2%
- Applied DNA Sciences 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 -276.6%
- Applied DNA Sciences Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 16.5%. At the same time it's a lot of higher than industry average of 7.7%.
- CAPEX is quite volatile: $1m in FY2020, $0m in FY2019, $0m in FY2018, $0m in FY2017, $1m in FY2016
- The company has unprofitable business model: ROIC is -285.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 64.2%. Revenue decline showed acceleration in FY20Q4 - it was 81.2% YoY. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 472 pp from -162% to -634% in FY2020.
Gross Margin dropped on 21.0 pp from 83.7% to 62.7% in FY2020. SG&A as a % of Revenue surged on 334 pp from 191% to 525% in FY2020.
Net Income margin dropped on 514 pp from -160% to -674% in FY2020.
Investments (CAPEX, working capital and M&A)
In FY2020 the company had CAPEX/Revenue of 55.1%. The company showed fast CAPEX/Revenue growth of 52.0 pp from 3.1% in FY2017 to 55.1% in FY2020. Average CAPEX/Revenue for the last three years was 21.0%.
Leverage (Debt)
Company's Net Debt / EBITDA is -1.6x and Debt / EBITDA is . Debt surged on 51.8% while cash jumped on 1,293%.
Applied DNA Sciences Inc has no short term refinancing risk: cash is higher than short term debt (425.9%).
Management team
James A Hayward is a Applied DNA Sciences Inc's CEO. James A Hayward has spent 15 years with the company. Beth M Jantzen is a the company's CFO. Beth M Jantzen has spent 6 years at the company.
Financial and operational results
FY ended 09/30/2020
Applied DNA Sciences Inc ($APDN) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 4.186 | 4.751 | 3.903 | 5.389 | 1.931 | -64.2% |
| Gross Profit | 3.440 | 3.674 | 2.697 | 4.511 | 1.211 | -73.2% |
| SG&A | 11.239 | 13.325 | 11.043 | 10.278 | 10.138 | -1.4% |
| EBITDA | -11.493 | -12.187 | -11.099 | -8.734 | -12.249 | |
| Net Income | -12.176 | -12.856 | -11.693 | -8.623 | -13.027 | |
Balance Sheet
|
|---|
| Cash | 4.479 | 2.960 | 1.660 | 0.559 | 7.787 | 1,293.0% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 1.828 | |
| Long Term Debt | 0.000 | 0.000 | 1.587 | 1.545 | 0.517 | -66.5% |
Cash flow
|
|---|
| Capex | 0.673 | 0.145 | 0.266 | 0.067 | 1.064 | 1,477.3% |
Ratios
|
|---|
| Revenue growth | -53.5% | 13.5% | -17.8% | 38.1% | -64.2% | |
| EBITDA growth | 56.1% | 6.0% | -8.9% | -21.3% | 40.3% | |
|
|---|
| Gross Margin | 82.2% | 77.3% | 69.1% | 83.7% | 62.7% | -21.0% |
| EBITDA Margin | -274.5% | -256.5% | -284.3% | -162.1% | -634.2% | -472.1% |
| SG&A, % of revenue | 268.5% | 280.4% | 282.9% | 190.7% | 524.9% | 334.2% |
| Net Income Margin | -290.8% | -270.6% | -299.6% | -160.0% | -674.5% | -514.5% |
| CAPEX, % of revenue | 16.1% | 3.1% | 6.8% | 1.3% | 55.1% | 53.8% |
|
|---|
| ROIC | -106.2% | -148.5% | -252.6% | -597.2% | -285.9% | 311.3% |
| ROE | -106.2% | -149.3% | -307.2% | | | |
Applied DNA Sciences Inc ($APDN) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 1 | 1 | 0 | 0 | | -28.4% | -29.0% | -79.0% | -81.2% |
| EBITDA | -3 | -3 | -3 | -4 | | - | - | - | - |
| Net Income | -3 | -3 | -3 | -4 | | - | - | - | - |
Balance Sheet
|
|---|
| Cash | 9 | 9 | 11 | 8 | | 176.1% | 462.1% | 2,054.2% | 1,293.0% |
| Short Term Debt | 0 | 0 | 0 | 2 | | - | - | - | - |
| Long Term Debt | 1 | 1 | 2 | 1 | | -30.9% | -32.3% | -11.4% | -66.5% |
Ratios
|
|---|
| Gross Margin | 63.4% | 67.5% | 64.1% | 50.8% | | -19.3% | -15.4% | -22.7% | -30.1% |
| EBITDA Margin | -400.4% | -473.4% | -724.6% | -1,264.5% | | -54.2% | -147.8% | -659.2% | -1,157.3% |
| Net Income Margin | -420.3% | -534.3% | -762.3% | -1,313.1% | | -54.6% | -189.2% | -690.3% | -1,239.9% |
Peers in Electronic Equipment & Instruments
Below you can find Applied DNA Sciences Inc benchmarking vs. other companies in Electronic Equipment & Instruments 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 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Intellicheck, Inc. ($IDN) | - | -6.3% | 23.2% | 72.9% | 40.1% |
| nLIGHT, Inc. ($LASR) | - | 36.8% | 38.1% | -7.7% | 26.1% |
| Luna Innovations Incorporated ($LUNA) | - | -21.0% | 29.7% | 64.3% | 17.3% |
| PAR Technology Corporation ($PAR) | - | 1.3% | -13.5% | -7.0% | 14.2% |
| Cognex Corporation ($CGNX) | - | 44.7% | 5.3% | -10.0% | 11.8% |
| |
|---|
| Median (26 companies) | -3.8% | 4.1% | 11.6% | 4.4% | -2.7% |
|---|
| Applied DNA Sciences Inc ($APDN) | - | 13.5% | -17.8% | 38.1% | -64.2% |
Top companies by Gross margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Intellicheck, Inc. ($IDN) | 80.0% | 85.5% | 91.3% | 87.0% | 86.7% |
| Cognex Corporation ($CGNX) | 75.2% | 75.6% | 74.4% | 73.8% | 74.5% |
| National Instruments Corporation ($NATI) | 74.5% | 74.5% | 75.4% | 75.1% | 71.2% |
| Coda Octopus Group, Inc. ($CODA) | - | 66.4% | - | 65.6% | 63.5% |
| Keysight Technologies Inc. ($KEYS) | 55.7% | 53.4% | 54.7% | 58.9% | 60.0% |
| |
|---|
| Median (26 companies) | 39.4% | 41.0% | 40.4% | 42.2% | 42.9% |
|---|
| Applied DNA Sciences Inc ($APDN) | 82.2% | 77.3% | 69.1% | 83.7% | 62.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Keysight Technologies Inc. ($KEYS) | 18.5% | 14.6% | -0.9% | 23.7% | 27.0% |
| Cognex Corporation ($CGNX) | 31.9% | 36.0% | 30.1% | 24.0% | 25.3% |
| National Instruments Corporation ($NATI) | 15.7% | 16.9% | 17.9% | 20.0% | 22.3% |
| FLIR Systems, Inc. ($FLIR) | 21.3% | 20.0% | 21.7% | 20.6% | 22.0% |
| Badger Meter, Inc. ($BMI) | 18.6% | 20.1% | 18.7% | 21.1% | 21.2% |
| |
|---|
| Median (26 companies) | 3.2% | 5.2% | 4.2% | 13.6% | 12.0% |
|---|
| Applied DNA Sciences Inc ($APDN) | -274.5% | -256.5% | -284.3% | -162.1% | -634.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Know Labs Inc ($KNWN) | 0.4% | 0.0% | 2.3% | 4.4% | 57.5% |
| nLIGHT, Inc. ($LASR) | 4.0% | 4.0% | 6.1% | 7.7% | 10.9% |
| Vishay Precision Group, Inc. ($VPG) | 4.6% | 2.7% | 4.8% | 3.9% | 8.5% |
| LightPath Technologies, Inc. ($LPTH) | 6.5% | 7.8% | 7.7% | 5.7% | 7.0% |
| Coherent, Inc. ($COHR) | 5.8% | 3.7% | 4.8% | 5.8% | 5.3% |
| |
|---|
| Median (25 companies) | 2.0% | 1.6% | 2.2% | 2.0% | 2.1% |
|---|
| Applied DNA Sciences Inc ($APDN) | 16.1% | 3.1% | 6.8% | 1.3% | 55.1% |
Top companies by ROIC, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Zebra Technologies Corporation ($ZBRA) | 2.2% | 10.2% | 20.8% | 23.2% | 20.0% |
| Badger Meter, Inc. ($BMI) | 16.9% | 18.2% | 17.6% | 18.7% | 18.5% |
| Keysight Technologies Inc. ($KEYS) | 16.9% | 6.8% | -8.0% | 15.6% | 15.1% |
| National Instruments Corporation ($NATI) | 10.3% | 12.5% | 14.2% | 13.9% | 14.8% |
| Cognex Corporation ($CGNX) | 17.7% | 25.6% | 20.1% | 11.9% | 13.9% |
| |
|---|
| Median (26 companies) | 2.2% | 3.7% | 1.3% | 7.9% | 5.7% |
|---|
| Applied DNA Sciences Inc ($APDN) | -106.2% | -148.5% | -252.6% | -597.2% | -285.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Identiv, Inc. ($INVE) | - | - | 2.1x | 1.9x | 9.0x |
| Itron, Inc. ($ITRI) | 1.0x | 2.0x | 12.3x | 3.2x | 7.3x |
| Track Group Inc ($TRCK) | - | - | 12.2x | 5.2x | 3.5x |
| Trimble Inc. ($TRMB) | 1.1x | 1.3x | 3.4x | 2.9x | 2.2x |
| Luna Innovations Incorporated ($LUNA) | -6.9x | -108.1x | -19.9x | -2.9x | 1.8x |
| |
|---|
| Median (17 companies) | -0.9x | -0.8x | -0.9x | 0.3x | 0.4x |
|---|
