MEDARTIS : revenue, balance sheet and financial ratios

In 2024, MEDARTIS achieves revenue of 18.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +14.6%. Vs 2023, growth of +16% (16.0 M€ -> 18.5 M€). After deducting consumption (13.3 M€), gross margin stands at 5.2 M€, i.e. a rate of 28%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.5 M€, representing 8.3% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 289 k€, i.e. 1.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 553%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.5% 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 206.27. 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 0.0x. 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: 117 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 163 days. Excellent situation: suppliers finance 46 days of the operating cycle (retail model). Inventory turnover is 215 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 321 days of revenue, i.e. 16.5 M€ to permanently finance. Over 2016-2024, WCR increased by +221%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of MEDARTIS is estimated at 1 770 338 € (range 914 708€ - 5 722 329€). With an EBITDA of 1 537 187€, 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.