Executive Summary
Integrated BioPharma Inc (INBP) delivered a positive QQ3 2024 performance with continued profitability and meaningful cash generation against a backdrop of a small, niche packaged foods/nutraceuticals business. Revenue for the quarter stood at $13.147 million, up 0.37% YoY and 14.23% QoQ, while gross profit reached $1.248 million for a gross margin of 9.49%, supporting an EBITDA of $0.355 million and net income of $0.285 million (EPS $0.0095).
Operating efficiency improved meaningfully, with operating income of $0.355 million and a 2.70% operating margin, reflecting disciplined cost management and a lean SG&A footprint. Free cash flow was robust at $1.298 million, and operating cash flow totaled $1.643 million, underscoring a healthy cash-generating profile despite a relatively small scale.
The balance sheet remains liquidity-led with cash of $2.02 million and near-zero net debt ($19k). Total assets were $26.94 million against liabilities of $8.03 million and stockholders’ equity of $18.91 million. However, the company carries a sizable accumulated deficit (retained earnings of approximately -$32.49 million), which highlights legacy losses that investors should monitor as the business scales. Management commentary in the quarter is not represented in the provided transcript data; accordingly, the forward guidance is not explicitly disclosed, necessitating a view anchored in historical execution and sector dynamics.
Looking ahead, INBP operates in a low-to-moderate growth discretionary segment of consumer staples with potential upside from expanding private-label and e-commerce channels, product line optimization, and potential geographic expansion. The primary risks include ongoing working-capital intensity, competitive pressure in nutraceuticals, regulatory scrutiny, and reliance on a relatively small revenue base. Overall, the QQ3 2024 results portray a company generating cash with improving profitability, but with structural deficits that require follow-on progress to re-accelerate earnings power.
Key Performance Indicators
QoQ: 140.00% | YoY:23.81%
QoQ: 178.54% | YoY:238.67%
QoQ: 174.61% | YoY:1 681.25%
QoQ: 174.80% | YoY:1 800.00%
Key Insights
Revenue: 13.147 million USD; YoY +0.37%; QoQ +14.23%
Gross Profit: 1.248 million USD; YoY +23.81%; QoQ +140.00%; Gross Margin 9.49%
EBITDA: 0.355 million USD; EBITDA Margin 2.70%
Operating Income: 0.355 million USD; Operating Margin 2.70%
Net Income: 0.285 million USD; Net Margin 2.17%
EPS: 0.0095 (diluted 0.0093); YoY EPS change +1800%; QoQ +174.8%
Payout/Dividends: 0; shares outstanding (weighted): 30.10 million basic; 30.76 million diluted
Liquidity/Capitalization: Cash and cash equivalents 2...
Financial Highlights
Revenue: 13.147 million USD; YoY +0.37%; QoQ +14.23%
Gross Profit: 1.248 million USD; YoY +23.81%; QoQ +140.00%; Gross Margin 9.49%
EBITDA: 0.355 million USD; EBITDA Margin 2.70%
Operating Income: 0.355 million USD; Operating Margin 2.70%
Net Income: 0.285 million USD; Net Margin 2.17%
EPS: 0.0095 (diluted 0.0093); YoY EPS change +1800%; QoQ +174.8%
Payout/Dividends: 0; shares outstanding (weighted): 30.10 million basic; 30.76 million diluted
Liquidity/Capitalization: Cash and cash equivalents 2.02 million; Total debt 2.039 million; Net debt 0.019 million; Total assets 26.94 million; Total stockholders’ equity 18.91 million; Current ratio 2.63x; Quick ratio 1.021x; Cash ratio 0.291x
Operational metrics: DSO 32.3 days; DIO 84.48 days; CCC 116.78 days; Inventory turnover 1.065x; Receivables turnover 2.79x; Asset turnover 0.488x; PPE turnover 3.36x
Cash flow: Net cash provided by operating activities 1.643 million; capital expenditures 0.345 million; Free cash flow 1.298 million; Operating cash flow per share 0.0546; Free cash flow per share 0.0431
Valuation/comparables: P/E 6.04x; P/B 0.364x; P/S 0.524x; Enterprise value multiple 19.46x; Price to operating cash flows 4.19x; Price to free cash flows 5.31x
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
13.15M |
0.37% |
14.23% |
| Gross Profit |
1.25M |
23.81% |
140.00% |
| Operating Income |
355.00K |
238.67% |
178.54% |
| Net Income |
285.00K |
1 681.25% |
174.61% |
| EPS |
0.01 |
1 800.00% |
174.80% |
Key Financial Ratios
operatingProfitMargin
2.7%
operatingCashFlowPerShare
$0.05
freeCashFlowPerShare
$0.04
Management Commentary
Transcript unavailable in the provided data. No earnings call highlights or management quotes could be extracted.
Forward Guidance
No explicit forward guidance was provided in the QQ3 2024 filing or transcript data. Based on the results and industry context, the outlook hinges on: (1) sustaining positive operating leverage and margin stability as scale increases; (2) advancing private-label and e-commerce initiatives to improve gross margin and reduce customer concentration risk; and (3) maintaining strong liquidity while addressing the accumulated deficit through continued free cash flow generation. Investors should monitor management commentary on any roadmap for margin expansion, new product launches, and potential international expansion, as well as sensitivity to input costs and regulatory developments in nutraceuticals.