Fuse Medical, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fuse Medical, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenue	1.06	0.94	1.68	25.7	26.4	26.3	22.9	21.4	20.4	18.6
Cost of revenue	0.2	0.49	0.66	11.3	14.6	13.4	11.8	8.69	8.48	7.1
Gross profit	0.86	0.46	1.01	14.4	11.8	13	11.1	12.7	11.9	11.5
Selling, general and administrative				4.17	5.32	8.47	8.47	6.54	7.01	6.54
Operating expenses	0.42	1.79	1.81	11.2	11	14.9	15.5	13.7	14.1	12.4
Operating income	0.44	-1.33	-0.79	3.16	0.86	-1.96	-4.35	-1.03	-2.2	-0.82
Interest expense	0	0.07	0.01	0.15	0.16	0.13	0.12	0.09	0.08	0.17
Other non-operating income	-0	-0.07	-0.01	-0.15	-0.12	5.53	1.81	-0.39	0.63	3.94
Pre-tax income					0.74	3.57	-2.54	-1.41	-1.57	3.12
Income tax			0	0.05	0.04	-0.39	0.78	0.02	0.02	0.02
Net income	0.44	-1.41	-0.8	3.02	0.7	3.96	-3.32	-1.43	-1.59	3.1
EBITDA	0.44	-1.32	-0.77	3.18	0.87	-1.91	-4.24	-0.92	-2.13	-0.68
EPS, basic	0.13	-0.31	-0.11	0.35	0.03	0.06	-0.05	-0.02	-0.02	0.04
EPS, diluted	0.13	-0.31	-0.11	0.28	0.03	0.05	-0.05	-0.02	-0.02	0.04
Shares, basic (weighted)	3.57	4.55	7.43	8.62	19.2	67.7	70.2	70.2	70.3	70.3
Shares, diluted (weighted)	3.57	4.55	7.43	11.1	23.4	73.9	70.2	70.2	70.3	77.9

Balance sheet

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Cash and equivalents	0.23	0.07	0.26	0.78	0.8	0.84	1.1	1.19	0.55	0.15
Receivables	0.09	0.2	0.3	6.51	6.57	5.23	5.25	4.43	3.53	4
Inventory	0.2	0.13	0.08	11.4	10.6	11.1	7.86	6.98	8.74	9.49
Other current assets	0.03	0.05	0.02	0.02	0.03	0.03	0.04	0.02	0.01	0.13
Total current assets	0.56	0.49	0.41	18.7	18	17.2	14.2	12.6	12.8	13.8
Property, plant and equipment	0	0.05	0.02	0.01	0.02	0.04	0.03	0.02	0.01	0
Goodwill				0.82	0.82	2.91	1.97	1.97	1.97	1.97
Intangible assets						1.29	1.21	1.14	1.32	1.19
Total assets	0.56	0.55	0.44	19.6	19.2	22.2	18.4	17.4	18.3	19.8
Accounts payable	0.17	0.28	0.25	2.45	2.59	2.71	2.75	3.24	4.46	5.7
Accrued liabilities		0.01	0.01	3.07	1.83	2.78	3.3	2.58	2.9	4.54
Total current liabilities	0.29	0.35	0.33	8.98	7.98	7.12	7.96	7.25	9.94	12.4
Long-term debt	0.02		0.1
Total liabilities	0.29	0.35	0.43	8.98	27.2	20.7	19.6	19.5	21.7	20.1
Total debt			0.1
Paid-in capital	-0.02	1.66	2.25	10.4	-8.65		0.64	1.18	1.46	1.47
Retained earnings	0.26	-1.51	-2.32	-2.9		0.72	-2.6	-4.03	-5.62	-2.52
Shareholders' equity	0.27	0.2	8	10.6	-7.98	1.47	-1.22	-2.11	-3.43	-0.31
Total equity	0.27	0.2	8	10.6	-7.98	1.47	-1.22	-2.11	-3.43	-0.31
Total liabilities and equity	0.56	0.55	0.44	19.6	19.2	22.2	18.4	17.4	18.3	19.8
Shares outstanding	4.18	6.61	8.27	19.1	79.1	74.6	73.1	73.1	72.9	73.9

Cash flow statement

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Net income	0.44	-1.41	-0.8	3.02	0.7	3.96	-3.32	-1.43	-1.59	3.1
Depreciation and amortization	0	0.01	0.03	0.02	0.01	0.05	0.11	0.1	0.07	0.14
Stock-based compensation			0.42	0.06	0.04	0.83	0.63	0.55	0.26	0.02
Deferred income tax			0	0	0	-0.43	0.76
Change in receivables	-0.06	-0.05	-0.12	1	-0.06	0.92	-0.18	0.65	1.19	-0.26
Change in inventory	-0.19	0.11	0.05	-0.14	2.02	1.28	1.13	1.6	-1.17	-1.47
Change in payables	0.16	0.09	0.02	-1.31	0.18	-0.08	0.04	0.48	1.23	1.24
Cash from operations	0.32	-1.17	-0.38	2.79	1.6	2.48	-0	0.24	-1.78	0.03
Capital expenditures	-0	-0.06	-0.01		-0.02	-0.04	-0.02	-0.02
Acquisitions						-0.06
Cash from investing	-0	-0.07	-0.01	0.66	-0.01	-0.1	-0.02	-0.02
Debt issued	0.02
Stock issued	0.01								0.01
Cash from financing	-0.09	1.29	0.32	-2.93	-1.57	-2.34	0.28	-0.13	1.14	-0.44
Net change in cash	0.23	0.06	-0.06	0.51	0.03	0.04	0.25	0.09	-0.63	-0.41
Free cash flow	0.32	-1.23	-0.38		1.58	2.44	-0.02	0.22
Interest paid	0	0.01	0	0.15	0.14	0.11	0.09	0.06	0.04	0.16
Income taxes paid								0.02	0.02	0.02

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2023; growth uses fiscal years. Valuation uses the share price of $0.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	65.6%	Gross profit / revenue.
Operating margin	-0.7%	Operating income / revenue.
EBITDA margin	-0.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.9%	Pre-tax income / revenue.
Net margin	21.6%	Net income / revenue.
Operating cash flow margin	0.1%	Cash from operations / revenue.
Effective tax rate	0.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	20.6%	Net income / average total assets.
SG&A / revenue	36.6%	Selling, general and administrative expense / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-0.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	34.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	3.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-53.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	10.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	27.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	101.2%	Total liabilities / total assets.
Interest coverage	-0.57x	Operating income / interest expense.
Working capital	$754.3K	Current assets - current liabilities.
Goodwill and intangibles / assets	16.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.95x	Revenue / average total assets.
Inventory turnover	0.71x	Cost of revenue / average inventory.
Days inventory	511 days	365 x average inventory / cost of revenue.
Receivables turnover	5.36x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	240 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	339 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.24	Revenue / diluted weighted shares.
Operating cash flow per share	$0.00	Cash from operations / diluted weighted shares.
Book value per share	-$0.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.05	Tangible book value / shares outstanding.
Cash per share	$0.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.1M	Share price x shares outstanding.
Enterprise value	$1.8M	Market cap + total debt - cash - short-term investments.
P/E	0.52x	Market cap / net income. Only when net income is positive.
P/S	0.11x	Market cap / revenue.
P/OCF	111x	Market cap / cash from operations, when positive.
EV/Sales	0.10x	Enterprise value / revenue.
Earnings yield	192.2%	Net income / market cap (the inverse of P/E).

What was Fuse Medical, Inc.'s revenue in fiscal 2022?

Fuse Medical, Inc. reported revenue of $18.6M for fiscal 2022, 8.7% lower than the year before.

Was Fuse Medical, Inc. profitable in fiscal 2022?

Yes. Net income was $3.1M, a net margin of 16.6%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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