enVVeno Medical Corp (NASDAQ: NVNO)

Sector: Healthcare Industry: Medical Devices CIK: 0001661053
Market Cap 5.02 Mn
P/B 0.17
P/E -0.23
P/S 0.00
ROIC (Qtr) -73.50
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 791,000.00
Debt/Equity (Qtr) 0.03
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About

EnVVeno Medical Corp (NVNO) operates in the medical device industry, dedicated to developing and commercializing innovative medical devices that enhance the diagnosis and treatment of various medical conditions. The company's operations span across cardiology, neurology, and orthopedics, with a global presence in numerous countries and regions. EnVVeno Medical Corp generates revenue primarily through the sale of medical devices and related services. Its customer base encompasses hospitals, clinics, and other healthcare providers. The company's...

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Investment thesis

Bull case

  • Healthy cash reserves of 1.54M provide 5.40x coverage of short-term debt 286000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 32.35M provides 40.90x coverage of total debt 791000, indicating robust asset backing and low credit risk.
  • Short-term investments of 29.41M provide 102.83x coverage of short-term debt 286000, showing strong liquidity management.
  • Short-term investments of 29.41M provide healthy 1.01x coverage of working capital 29.10M, indicating strong liquidity.
  • Robust R&D investment of 11.55M at 0.96x of SG&A 12.04M demonstrates strong commitment to innovation and future growth.

Bear case

  • Operating cash flow of (17.23M) barely covers its investment activities of 618000, with a coverage ratio of -27.88, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 618000 provide weak support for R&D spending of 11.55M, which is 0.05x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Short-term investments of 29.41M significantly exceed cash reserves of 1.54M, which is 19.05x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.
  • The company's operating cash flow of (17.23M) shows concerning coverage of stock compensation expenses of 3.80M, with a -4.53 ratio indicating potential earnings quality issues.
  • Free cash flow of (17.24M) provides weak coverage of capital expenditures of 9000, with a -1915.44 ratio suggesting additional external financing needs for growth initiatives.

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.12 2.13
EV to Cash from Ops. EV/CFO -0.22 2.75
EV to Debt EV to Debt 4.88 17.25
EV to EBIT EV/EBIT -0.18 2.89
EV to EBITDA EV/EBITDA -0.17 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF -0.22 29.36
EV to Market Cap EV to Market Cap 0.77 25.09
EV to Revenue EV/Rev 0.00 32.80
Price to Book Value [P/B] P/B 0.17 4.73
Price to Earnings [P/E] P/E -0.23 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) 0.00 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 75.68 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -91.38 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -3.42 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -0.99 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) -3.42 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) -3.42 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) 15.96 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) -2.96 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 0.64 1.80
Current Ratio Curr Ratio (Qtr) 13.13 4.18
Debt to Equity Ratio Debt/Equity (Qtr) 0.03 1.20
Interest Cover Ratio Int Coverage (Qtr) 0.00 196.93
Times Interest Earned Times Interest Earned (Qtr) 0.00 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) 0.00 -2,478.60
EBT Margin % EBT Margin % (Qtr) 0.00 -2,690.42
Gross Margin % Gross Margin % (Qtr) 0.00 30.80
Net Profit Margin % Net Margin % (Qtr) 0.00 -2,821.53