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Monday, 25 August 2003
August 25, 2003 Invivo Corporation (SAFE)
It is Monday morning again. I came to work to see a patient and then to clear off my desk where old mail/and things to do are piling up....but I had to check out those stocks with the greatest gains...even IF the market is slipping a bit this morning. They say if you do something for six weeks it becomes a habit....well this website is passing three months now...and we ARE starting to get some regular repeat visitors....and it IS becoming a habit for me. I find that I am learning a lot about looking at stocks and I hope you are too!

Enough editorializing...Invivo (SAFE)"...designs, manufactures, and markets monitoring systems that measure and display vital signs of patients in medical settings." I could relate to that! I do not own any shares of this company nor do any members of my family.

SAFE is having a nice day on the heels of announcing a three for two split today. As I write, SAFE is trading at $20.39, up $.96 on the day or 4.93%.

As reported in NYTimes on the Web, Invivo reported their fourth quarter results on August 5, 2003, and they were very nice: revenues for the quarter were $16.9 million compared to $11.3 million in 2002 same quarter (an increase of 49%), and net income was $1.01 million or $.24/share compared to $734,000 or $.16/share in the same quarter in fiscal 2002.

Looking at Morningstar.com, we find a nice pattern of increasing revenue growth from $28.0 million in 1998, $34.7 millio in 1999, $36.6 million in 2000, $38.1 million in 2001, $42.1 million in 2002, and $45.6 million in the trailing twelve months. (Extrapolating the current quarter of $16 million plus would get us over $60 million on an annualized basis).

Free cash flow is less than impressive with $0 in 2000, $1 million in 2001, $4 million in 2002, and $0 million in the trailing twelve months.

Assets and liabilities on Morningstar are quite good with $27.1 million of cash, more than enough to cover both the $9.4 million of current liabilities and $2.0 million of long-term liabilities with lots left over! In addition, they are reported to have $22.9 million of other current assets.

This is another pretty tiny company with a market cap of $75.2 million with only 3.87 million shares outstanding and 3.60 million of them that float. No dividend is paid. The p/e is a reasonable (imho) 24.98, and the price/sales ratio is reasonable at 1.64. There were only 6,000 shares out short as of 7/8/03, representing 0.75 average trading day volumes.

I do like this stock a lot. I wish it had a bit more free cash flow...but it is positive or zero the past few years so they are not apparently burning through their ample supply of cash. They have a very nice consistent record of increasing their revenue each year and are trading at a relatively low p/e. With the SMALL market cap, this makes the stock relatively volatile...which may be good on the upside but also may cause difficulty getting into our out of this stock with a large number of shares making it less attractive to institutional investors like mutual funds.

Thanks for stopping by! Please visit again soon and if you also have a website, please put a link to this weblog on your website...it would help us get noticed by search engines like Google!

Bob


Posted by bobsadviceforstocks at 9:40 AM CDT | Post Comment | Permalink

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