Micro-X (ASX:MX1) - Share price, News & Analysis

MX1 fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	6/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

MX1 Overview

Micro-X Limited designs, develops, and manufactures ultra-lightweight carbon nano tube based X-ray products for the healthcare and improvised explosive device imaging security markets in Australia.

Rewards

Earnings are forecast to grow 74.82% per year

Risk Analysis

Shareholders have been diluted in the past year

Does not have meaningful revenue (A$4M)

Price History & Performance

Summary of all time highs, changes and price drops for Micro-X
Historical stock prices
Current Share Price	AU$0.31
52 Week High	AU$0.17
52 Week Low	AU$0.45
Beta	1.27
1 Month Change	5.09%
3 Month Change	-3.13%
1 Year Change	31.92%
3 Year Change	-21.52%
5 Year Change	-34.04%
Change since IPO	-48.33%

Shareholder Returns

	MX1	AU Medical Equipment	AU Market
7D	3.3%	1.6%	1.7%
1Y	31.9%	-8.5%	20.3%

Return vs Industry: MX1 exceeded the Australian Medical Equipment industry which returned -4.9% over the past year.

Return vs Market: MX1 exceeded the Australian Market which returned 20.2% over the past year.

Price Volatility

Is MX1's price volatile compared to industry and market?
MX1 volatility
MX1 Beta	1.27
Industry Beta	0.57
Market Beta	1

Stable Share Price: MX1 is not significantly more volatile than the rest of Australian stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: MX1's weekly volatility (8%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2011	n/a	Peter Rowland	https://www.micro-x.com

Micro-X Limited designs, develops, and manufactures ultra-lightweight carbon nano tube based X-ray products for the healthcare and improvised explosive device imaging security markets in Australia. The company offers mobile digital radiology products, including Rover, an integrated and digital x-ray system for bedside imaging in hospitals and temporary medical facilities, as well as military and veterinary applications; and Carestream DRX Revolution Nano, a mobile x-ray imaging product for OEMs. It also develops X-Ray camera for security imaging of improvised explosive devices; airport checkpoint portal with self-service x-ray; and miniature brain CT imager for pre-hospital stroke diagnosis in ambulances.

Micro-X Fundamentals Summary

How do Micro-X's earnings and revenue compare to its market cap?
MX1 fundamental statistics
Market Cap	AU$142.64m
Earnings (TTM)	-AU$14.73m
Revenue (TTM)	AU$3.77m

37.9x

P/S Ratio

-9.7x

P/E Ratio

Is MX1 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MX1 income statement (TTM)
Revenue	AU$3.77m
Cost of Revenue	AU$5.14m
Gross Profit	-AU$1.36m
Expenses	AU$13.37m
Earnings	-AU$14.73m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	-0.032
Gross Margin	-36.20%
Net Profit Margin	-390.64%
Debt/Equity Ratio	0%

How did MX1 perform over the long term?

See historical performance and comparison

Valuation

Is Micro-X undervalued compared to its fair value and its price relative to the market?

4.17x

Price to Book (PB) ratio

Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate MX1's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate MX1's fair value to establish if it is undervalued.

Price To Earnings Ratio

PE vs Industry: MX1 is unprofitable, so we can't compare its PE Ratio to the Australian Medical Equipment industry average.

PE vs Market: MX1 is unprofitable, so we can't compare its PE Ratio to the Australian market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MX1's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: MX1 is good value based on its PB Ratio (4.2x) compared to the AU Medical Equipment industry average (4.5x).

Future Growth

How is Micro-X forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

74.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MX1 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: MX1 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: MX1's is expected to become profitable in the next 3 years.

Revenue vs Market: MX1's revenue (61.1% per year) is forecast to grow faster than the Australian market (5.5% per year).

High Growth Revenue: MX1's revenue (61.1% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MX1's Return on Equity is forecast to be high in 3 years time (24.5%)

Past Performance

How has Micro-X performed over the past 5 years?

2.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MX1 is currently unprofitable.

Growing Profit Margin: MX1 is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: MX1 is unprofitable, but has reduced losses over the past 5 years at a rate of 2.4% per year.

Accelerating Growth: Unable to compare MX1's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MX1 is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (74.9%).

Return on Equity

High ROE: MX1 has a negative Return on Equity (-43.06%), as it is currently unprofitable.

Financial Health

How is Micro-X's financial position?

Financial Position Analysis

Short Term Liabilities: MX1's short term assets (A$35.8M) exceed its short term liabilities (A$4.3M).

Long Term Liabilities: MX1's short term assets (A$35.8M) exceed its long term liabilities (A$6.2M).

Debt to Equity History and Analysis

Debt Level: MX1 is debt free.

Reducing Debt: MX1 has no debt compared to 5 years ago when its debt to equity ratio was 0.2%.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MX1 has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: MX1 has sufficient cash runway for 2.6 years if free cash flow continues to reduce at historical rates of 4% each year.

Dividend

What is Micro-X current dividend yield, its reliability and sustainability?

Dividend Yield vs Market

Notable Dividend: Unable to evaluate MX1's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MX1's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MX1's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MX1's dividend payments have been increasing.

Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MX1's dividend in 3 years as they are not forecast to pay a notable one for the Australian market.

Next Steps

Explore strong dividend paying companies in the Healthcare industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

0.8yrs

Average management tenure

CEO

Peter Rowland

7.08yrs

Tenure

AU$711,264

Compensation

Mr. Peter Robin Rowland, BSc., MBA, MIET, CEng, FAICD, serves as Managing Director, Executive Director and Chief Executive Officer of Micro-X Limited. Mr. Rowland is a laser industry veteran with experienc...

CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD527.92K) is above average for companies of similar size in the Australian market ($USD302.72K).

Compensation vs Earnings: Peter's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: MX1's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: MX1's board of directors are considered experienced (5.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 28.8%.

Data	Last Updated (UTC time)
Company Analysis	2021/10/18 15:37
End of Day Share Price	2021/10/18 00:00
Earnings	2021/06/30
Annual Earnings	2021/06/30

Market Cap

7D

1Y

Updated

Data