HYGIE MEDICAL : revenue, balance sheet and financial ratios

In 2024, HYGIE MEDICAL achieves revenue of 6.5 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +46.2%. Vs 2023, growth of +11% (5.9 M€ -> 6.5 M€). After deducting consumption (438 k€), gross margin stands at 6.1 M€, i.e. a rate of 93%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 854 k€, representing 13.1% of revenue. Warning negative scissor effect: despite revenue change (+11%), EBITDA varies by -14%, reducing margin by 3.9 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 559 k€, i.e. 8.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 49%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 184.25. 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 0.1x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 39 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 134 days. Excellent situation: suppliers finance 95 days of the operating cycle (retail model). Inventory turnover is 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 175 days of revenue, i.e. 3.2 M€ to permanently finance. Over 2017-2024, WCR increased by +5534%, requiring additional financing.

Based on 69 transactions of similar company sales (all years), the value of HYGIE MEDICAL is estimated at 3 339 167 € (range 1 471 347€ - 7 132 436€). With an EBITDA of 854 126€, the sector multiple of 4.9x is applied. The price/revenue ratio is 0.40x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.