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A look at the balance sheet of Biorem (TSX:BRM)

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Cantech Letter adds Profile Company #16

On September 26, 2008 Cantech Letter (then know as “The DVC Smalltech
Letter”) profiled its first Canadian tech stock. While that pick, Intrinsyc Software
marked a rather inauspicious debut (the stock is down more than 50% from our profile
price) the remainder of this collection of Canadian tech stocks more than has made up
for it.

At last check, Cantech Letter was up 31.2%, while the TSX as a whole
was down 6.45% over the same period (September 26th, 2008 to January 22nd, 2010).

We don’t add profile companies often; our last was International Datacasting (TSX:IDC) on August 28, 2009. We’re pleased to introduce our sixteenth profile company, Guelph based Biorem (TSXV:BRM)

Quant Snapshot: BioRem (TSXV:BRM)

Founded in 1991, Guelph ON based Biorem designs and manufactures air pollution control systems that remove contaminants from the air. Biorem now has over 600 installations of its products, which are used in municipal applications such as wastewater treatment plants and compost facilities and in industrial applications range from food, pulp & paper and rendering facilities.

1. Price to sales: 0.42: As of Q3, 2009 (September 30th, 2009) The Company had 11.97 million shares issued and outstanding. The price, as of Thursday, February 4th was $.68 This gives The Company a market capitalization of $8.13 million Sales in the trailing four quarter totaled $19.27 million.

2. Cash to Market Cap: 36%: As of Q3, 2009 Biorem had $2.93 million in cash and short term investments. The company’s market cap, as of February 4th, 2010 was $8.13 million

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3. Debt to Market Cap: 30%: As of Q3, 2009 Biorem had $2.44 in long term debt. The company’s market cap, as of February 4th, 2010 was $8.13 million.

4. Three Year Growth Rate: 14.3%. The Company reported revenue of 10.71 million in 2005. This number grew to $14.4 million in 2008.

5. Enterprise Value to Sales 39.6%:

Enterprise Value as of Q3 2009 is $7.64 million, based on a
cap of $8.13 million plus $2.44 million long term debt, minus cash
and short term investments of $2.93 million. Sales in the trailing four quarter totaled $19.27 million.

All financial information about Biorem is gleaned from
their filings with the System for Electronic Document Analysis and
Retrieval (SEDAR)
All calculations are based on The Company’s closing share price as of
close February 4th, 2010: $0.68
Sales from trailing four quarters: $19.27 million
Cash and short term investments as of September 30,2009 (Q3 2009 Quarter): $2.93 million
Shares outstanding: 11.97 million.

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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