INTERNATIONAL CLINICAL TRIAL ASSOCIATION : revenue, balance sheet and financial ratios

In 2024, INTERNATIONAL CLINICAL TRIAL ASSOCIATION achieves revenue of 587 k€. Activity remains stable over the period (CAGR: -3.3%). Vs 2023, growth of +10% (532 k€ -> 587 k€). After deducting consumption (0 €), gross margin stands at 587 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 134 k€, representing 22.9% of revenue. Positive scissor effect: EBITDA margin improves by +4.3 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.6 M€, i.e. 280.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 38%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 69%. 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 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 290.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 1582.39. 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 48.4x. 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: 104 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 316 days. Excellent situation: suppliers finance 212 days of the operating cycle (retail model). Overall, WCR represents 136 days of revenue, i.e. 222 k€ to permanently finance. Notable WCR improvement over the period (-71%), freeing up cash.

Based on 103 transactions of similar company sales in 2024, the value of INTERNATIONAL CLINICAL TRIAL ASSOCIATION is estimated at 3 532 395 € (range 1 163 843€ - 9 115 706€). With an EBITDA of 134 444€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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.