Somnomed (ASX: SOM) – sleeping breathing disorder treatment
COMPANY SCOREBOARD
| Pro Plus | Pro | Con Plus | Con |
|
|
|
ABOUT COMPANY
SomnoMed (SOM) (http://somnomed.com/au/) is the global leader in COAT (Continuous Open Airway Therapy) and provides clinically proven diagnostic and treatment options for sleep-related breathing disorders such as obstructive sleep apnea (OSA) and sleep bruxism. Founded in Australia in 2004, it is trading in over 26 countries worldwide.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| SOM | 0.36 | 216108253 | 77798971.08 | 16.1/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 1346 | 84.96% | 82.10% | 23.56% | last raise $22.6m@21c; pre raise $15.5m@60c |
The directors have been actively buying on market for both 2020 and 2021, they also had large amount of 15c options conversion, so their average purchase price would be between 80c and $1.
The company has a $16m loan with an interest rate of BBSW+9%.
BUSINESS
Below is the company’s five year financial performance
| SOM | 2023 | 2022 | 2021 | 2020 | 2019 |
| Operation Revenue | 83616 | 72580 | 62706 | 57296 | |
| Cost of Sale | -31694 | -28302 | -24962 | -24197 | |
| Gross Revenue | 51922 | 44278 | 37744 | 33099 | 0 |
| Gross Margin | 0.6210 | 0.6101 | 0.6019 | 0.5777 | 0 |
| Overheads | |||||
| Fixed Overheads | -37605 | -32363 | -26762 | -25485 | |
| Variable Overheads | -13272 | -12111 | -7997 | -5470 | |
| Total Operation Expense | -50877 | -44474 | -34759 | -30955 | 0 |
| Operation Profit | 1045 | -196 | 2985 | 2144 | 0 |
| Other Revenue | 505 | -132 | -355 | 1924 | |
| Interest Expense | -2626 | -380 | -465 | -460 | |
| D&A | -5117 | -3936 | -3839 | -3085 | |
| Income Tax | -822 | -931 | -349 | -1185 | |
| Net Profit | -7015 | -5575 | -2023 | -662 | 0 |
| NOTES | jobkeeper 0.7m | jobkeeper $2.1m |
SUMMARY
The company targets EBITDA to be 10% of total revenue by FY27. However, even it was the case today, the company still makes the accounting loss.