Applied BioCode Corp

Applied BioCode Corp maintains a strong liquidity position, with cash and equivalents amounting to 489.24 million TWD, representing 50.8% of total assets. The company's liquidity FPT score indicates a robust ability to meet short-term obligations, supported by a current ratio of 6.99. However, negative operating and free cash flows of -58.18 million TWD and -50.47 million TWD, respectively, suggest ongoing operational challenges.

Profitability metrics reveal significant underperformance relative to industry norms. The company reported a net loss of 63.12 million TWD, with a return on equity of -10.21% and a return on assets of -6.56%. These figures fall well below the typical thresholds for biotechnology firms, indicating a need for strategic cost management or revenue diversification.

Geographically, Applied BioCode Corp's revenue concentration remains undisclosed in the latest filings, but the absence of segment-specific data suggests a lack of transparency in its geographic and product diversification. This opacity could pose risks in volatile markets or during regulatory shifts.

Growth prospects appear constrained, with the company reporting a net loss in the most recent fiscal year. Analyst estimates for revenue and EPS remain negative, with last actual EPS at -1.96 TWD and revenue at 475.20 million TWD. These figures indicate a lack of momentum in scaling operations or improving profitability.

Risk factors include low liquidity and dilution risk, with no immediate filing-based flags detected. The company's debt-to-equity ratio of 0.05 suggests minimal leverage, but the absence of positive cash flows could pressure liquidity in the medium term. No dilution sources were identified in recent filings, and the dilution potential remains low.

Recent events include the publication of the latest financial results, which highlight continued operational losses and negative cash flows. No material regulatory or litigation events were disclosed in the most recent filings, but the company's performance remains a concern for stakeholders.

Cash conversion ratio of 0.92 surpasses the cohort median of 0.87, reflecting stronger relative ability to convert earnings into cash.

The company faces high credit risk, signaling potential difficulties in meeting financial obligations or securing favorable financing terms.

Debt-to-equity ratio of 0.05 is below the cohort median of 0.01, indicating higher relative leverage compared to the broader biotechnology sector.

Free cash flow deteriorated to -206.8 million TWD in FY2025, worsening from -130.5 million TWD in FY2023, showing increasing cash burn.

Revenue growth CAGR of only 0.3% over four years indicates stagnant top-line expansion in a competitive biotechnology market.

Revenue TWD 116.5M, +37,1% YoY; Operating income +6,4% YoY.

• ▍Revenue TWD 116.5M, +37,1% YoY
• ▍Operating income +6,4% YoY
• ▍Net income +9,3% YoY
• ▍Free cash flow +7,9% YoY
• ▍Net margin -55.2%

Revenue TWD 122.8M, +63,9% YoY; Operating income +51,2% YoY.

• ▍Revenue TWD 122.8M, +63,9% YoY
• ▍Operating income +51,2% YoY
• ▍Net income +56,2% YoY
• ▍Free cash flow +63,0% YoY
• ▍Net margin -27.4%

Revenue TWD 115.9M, +14,0% YoY; Operating income −30,6% YoY.

• ▍Revenue TWD 115.9M, +14,0% YoY
• ▍Operating income −30,6% YoY
• ▍Net income −35,1% YoY
• ▍Free cash flow −54,2% YoY
• ▍Net margin -58.3%

Revenue TWD 120.0M, +47,2% YoY; Operating income +38,1% YoY.

• ▍Revenue TWD 120.0M, +47,2% YoY
• ▍Operating income +38,1% YoY
• ▍Net income +43,4% YoY
• ▍Free cash flow +56,1% YoY
• ▍Net margin -29.8%

Revenue TWD 85.0M; Operating income -TWD 73.6M.

• ▍Revenue TWD 85.0M
• ▍Operating income -TWD 73.6M
• ▍Net margin -83.4%

Revenue TWD 74.9M; Operating income -TWD 79.3M.

• ▍Revenue TWD 74.9M
• ▍Operating income -TWD 79.3M
• ▍Net margin -102.5%

Revenue TWD 101.6M; Operating income -TWD 55.8M.

• ▍Revenue TWD 101.6M
• ▍Operating income -TWD 55.8M
• ▍Net margin -49.2%

Revenue TWD 81.5M; Operating income -TWD 69.2M.

• ▍Revenue TWD 81.5M
• ▍Operating income -TWD 69.2M
• ▍Net margin -77.4%

Revenue TWD 475.2M, +38,5% YoY; Operating income +19,6% YoY.

• ▍Revenue TWD 475.2M, +38,5% YoY
• ▍Operating income +19,6% YoY
• ▍Net income +22,9% YoY
• ▍Free cash flow +25,7% YoY
• ▍Net margin -42.3%

Revenue TWD 343.1M, −13,2% YoY; Operating income −48,9% YoY.

• ▍Revenue TWD 343.1M, −13,2% YoY
• ▍Operating income −48,9% YoY
• ▍Net income −58,8% YoY
• ▍Free cash flow −91,5% YoY
• ▍Net margin -76.0%

Revenue TWD 390.3M, +22,0% YoY; Operating income −16,8% YoY.

• ▍Revenue TWD 390.3M, +22,0% YoY
• ▍Operating income −16,8% YoY
• ▍Net income −11,8% YoY
• ▍Free cash flow −15,2% YoY
• ▍Net margin -47.3%