CMR SURGICAL : revenue, balance sheet and financial ratios

In 2024, CMR SURGICAL achieves revenue of 20.3 M€. Over the period 2020-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +67.0%. Vs 2023: +2%. After deducting consumption (15.0 M€), gross margin stands at 5.4 M€, i.e. a rate of 26%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 301 k€, representing 1.5% of revenue. Warning negative scissor effect: despite revenue change (+2%), EBITDA varies by -78%, reducing margin by 5.4 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -168 k€ (-0.8% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at -1470%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches -0%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 15.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 105.83. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 35.6x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 521 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 829 days. Excellent situation: suppliers finance 308 days of the operating cycle (retail model). Inventory turnover is 48 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 632 days of revenue, i.e. 35.7 M€ to permanently finance. Over 2020-2024, WCR increased by +169626%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of CMR SURGICAL is estimated at 1 757 668 € (range 943 932€ - 5 404 873€). With an EBITDA of 301 031€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.