Executive Summary
Integrated BioPharma Inc delivered a modest Q4 2024 with a positive net income swing year-over-year but a still-challenging cash flow profile. Revenue for the quarter was $12.746 million, a -1.9% YoY decline and -3.05% QoQ, while gross profit rose to $1.284 million for a gross margin of approximately 10.1%. Operating income stood at $0.402 million (margin ~3.15%), and net income was $0.268 million, translating to basic EPS of $0.0089 and diluted EPS of $0.0087. Notably, the company posted EBITDA of $0.719 million (margin ~5.6%), underscoring a modestly healthier operating core even as cash flow remains negative in the near term.
From a liquidity and balance sheet perspective, INBP maintains a comparatively clean capital structure for a small-cap nutraceutical distributor: cash and cash equivalents of about $1.678 million, total assets of ~$26.21 million, and total liabilities of ~$6.97 million, leaving total stockholders’ equity around $19.24 million. The company carries a small amount of debt (total debt ~$1.798 million; net debt ~$1.21 million) with a strong current ratio (2.92) and a conservative debt position (debt to equity ~0.0935, debt ratio ~0.0686). Working capital dynamics show elevated inventory ( ~$11.24 million) and moderate receivables (~$4.67 million) driving a cash conversion cycle in the ~101-day neighborhood and a negative free cash flow reading of about -$0.332 million for the quarter.
The quarter’s performance is consistent with a company navigating low- to mid-single-digit top-line dynamics within a fragmented packaged foods/nutraceutical market. The YoY net income gain (reported as +570% YoY in the metrics) reflects a significant swing from prior-year losses, but the business remains selective with limited scale and ongoing cash-flow headwinds. Looking ahead, management commentary in the posted data is not available here, so the investment thesis hinges on continued margin discipline, working-capital optimization, and any potential strategic actions in distribution, private label, or ecommerce channels that could lift profitability without notably increasing risk.
Key Performance Indicators
QoQ: 13.24% | YoY:408.86%
QoQ: -5.96% | YoY:570.00%
QoQ: -6.32% | YoY:584.62%
Key Insights
Revenue: $12.746 million in Q4 2024, down -1.91% YoY and -3.05% QoQ. Gross Profit: $1.284 million; Gross Margin: 10.07% (YoY gross profit up 30.22%; QoQ up 2.88%). Operating Income: $0.402 million; Operating Margin: 3.15% (YoY +408.86%; QoQ +13.24%). Net Income: $0.268 million; Net Margin: 2.10% (YoY +570.00%; QoQ -5.96%). EBITDA: $0.719 million; EBITDA Margin: 5.64% (EBITDA and margin reflect tighter cost control alongside revenue mix).
EPS: Basic $0.0089; Diluted $0.0087 (YoY +584.62%; QoQ -6...
Financial Highlights
Revenue: $12.746 million in Q4 2024, down -1.91% YoY and -3.05% QoQ. Gross Profit: $1.284 million; Gross Margin: 10.07% (YoY gross profit up 30.22%; QoQ up 2.88%). Operating Income: $0.402 million; Operating Margin: 3.15% (YoY +408.86%; QoQ +13.24%). Net Income: $0.268 million; Net Margin: 2.10% (YoY +570.00%; QoQ -5.96%). EBITDA: $0.719 million; EBITDA Margin: 5.64% (EBITDA and margin reflect tighter cost control alongside revenue mix).
EPS: Basic $0.0089; Diluted $0.0087 (YoY +584.62%; QoQ -6.32%). Weighted average shares outstanding: 30.066 million (diluted 30.703 million).
Cash Flow and Liquidity: Net cash from operating activities: -$0.186 million; Free cash flow: -$0.332 million. CFO to revenue ratio: -0.0146; Free Cash Flow to Operating Cash Flow Ratio: 1.785 (note: interpretation linked to quarterly scale).
Balance Sheet and Leverage: Cash and cash equivalents: $1.678 million. Total current assets: $17.875 million; total assets: $26.207 million. Total current liabilities: $6.123 million; total liabilities: $6.969 million; total stockholders’ equity: $19.238 million. Short-term debt: $0.952 million; long-term debt: $0.846 million; total debt: $1.798 million; net debt: $1.210 million. Inventory: $11.244 million; receivables: $4.668 million; retained earnings: -$32.227 million. Current ratio: 2.92; quick ratio: 1.083; cash ratio: 0.274; debt-to-equity: 0.0935; debt ratio: 0.0686; asset turnover: 0.486; inventory turnover: 1.019; receivables turnover: 2.73.
Valuation and Efficiency: Price-to-earnings (trailing) ~5.61; price-to-book ~0.313; price-to-sales ~0.472; enterprise value multiple ~8.53. Operating cash flow per share: -$0.00619; free cash flow per share: -$0.0110. These metrics imply a deep-value positioning relative to many peers, albeit with meaningful risk given cash flow and scale considerations.
Four-Quarter Trend (selected): Q2 2024 revenue $11.509m; Q3 2024 revenue $13.147m; Q4 2024 revenue $12.746m; YoY revenue growth for the year is -1.91%. Net income swung to a positive quarter in Q4 2024 after prior-year losses, but the business continues to exhibit a negative cumulative free cash flow signal.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
12.75M |
-1.91% |
-3.05% |
| Gross Profit |
1.28M |
30.22% |
2.88% |
| Operating Income |
402.00K |
408.86% |
13.24% |
| Net Income |
268.00K |
570.00% |
-5.96% |
| EPS |
0.01 |
584.62% |
-6.32% |
Key Financial Ratios
operatingProfitMargin
3.15%
operatingCashFlowPerShare
$-0.01
freeCashFlowPerShare
$-0.01
Management Commentary
No earnings call transcript data provided in the supplied dataset. Consequently, management quotes and thematic highlights from the QQ4 2024 earnings call are not available. If you can share the transcript text, I will extract themes (strategy, operations, market conditions) and provide quotes with attribution.
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Forward Guidance
No formal forward-looking guidance is included in the provided data. Given the quarterly mix and the cash-flow profile, the business will likely need to sustain margin discipline and optimize working capital to convert earnings into tangible cash flow. Potential catalysts, if pursued, could include: (1) inventory optimization to reduce days of inventory outstanding and improve CCC, (2) product mix shifts toward higher-margin SKUs or private-label/private-label partnerships, (3) scaling distribution channels (e-commerce, mass-market retailers) to uplift revenue while containing SG&A, and (4) potential cost containment or automation to bolster EBITDA. Absent explicit guidance, investors should monitor quarterly cash flow cadence, working capital metrics (DIO, DSO, DPO), and any strategic updates around product portfolio or channel partnerships. Key factors to watch: changes in inventory levels, supplier terms, and any management commentary on margin drivers and capital allocation priorities.