Burcon NutraScience Corp
BRCNF · Dairy Products · EDGAR filings ↗
Grade
F39Cash-burning plant-protein micro-cap with deeply negative margins, falling revenue, and stale financials.
Strengths
- High current/quick ratio (7.3x, ~88th pct) provides near-term cushion
- Strong reported net income growth figure (off a tiny base)
Risks
- Deeply negative margins (net -60%, operating -43%) and negative ROE/ROA
- Revenue down 33% with persistent cash burn; FY2022 data is stale (~4 years old)
Notable findings
- No interest coverageInterest coverage -102.00 (cannot cover interest)
- Net lossNet loss (net margin -5982.6%)
- Cash burnNegative free cash flow (-4.8M)
- Revenue declineRevenue -33.3% YoY
Key metrics
Operating margin
-4314.2%
Net margin
-5982.6%
Return on equity
-36.3%
Return on assets
-35.0%
Revenue growth (QoQ)
-33.3%
Interest coverage
-102.0×
Current ratio
7.3×
Free cash flow
-$5M
Tangible book value
$22M
Cash & investments
$6M
Cash runway
5q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2022-08-01 | 2022-03-31 | 0001062993-22-016961 ↗ |
| 40-F | 2021-06-29 | 2021-03-31 | 0001062993-21-006084 ↗ |
| 20-F | 2017-07-27 | 2017-03-31 | 0001062993-17-003411 ↗ |
| 20-F | 2016-07-27 | 2016-03-31 | 0001062993-16-010718 ↗ |
| 40-F | 2015-06-23 | 2015-03-31 | 0001062993-15-003524 ↗ |
| 40-F | 2014-06-23 | 2014-03-31 | 0001062993-14-003839 ↗ |
| 40-F | 2013-06-26 | 2013-03-31 | 0001176256-13-000376 ↗ |
| 40-F | 2012-06-26 | 2012-03-31 | 0001176256-12-000444 ↗ |