ISEC Healthcare (SGX:40T) Operating Income : S$18.15 Mil (TTM As of Mar. 2024)

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What is ISEC Healthcare Operating Income?

ISEC Healthcare's Operating Income for the three months ended in Mar. 2024 was S$4.51 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 was S$18.15 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. ISEC Healthcare's Operating Income for the three months ended in Mar. 2024 was S$4.51 Mil. ISEC Healthcare's Revenue for the three months ended in Mar. 2024 was S$16.91 Mil. Therefore, ISEC Healthcare's Operating Margin % for the quarter that ended in Mar. 2024 was 26.68%.

Good Sign:

ISEC Healthcare Ltd operating margin is expanding. Margin expansion is usually a good sign.

ISEC Healthcare's 5-Year average Growth Rate for Operating Margin % was 1.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. ISEC Healthcare's annualized ROC % for the quarter that ended in Mar. 2024 was 15.94%. ISEC Healthcare's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 was 64.67%.

ISEC Healthcare Operating Income Historical Data

The historical data trend for ISEC Healthcare's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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ISEC Healthcare Operating Income Chart

ISEC Healthcare Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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10.84

7.75

9.10

17.98

18.37

ISEC Healthcare Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Operating Income	Get a 7-Day Free Trial															4.73	4.45	5.17	4.02	4.51

ISEC Healthcare Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 adds up the quarterly data reported by the company within the most recent 12 months, which was S$18.15 Mil.

ISEC Healthcare (SGX:40T) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

ISEC Healthcare's annualized ROC % for the quarter that ended in Mar. 2024 is calculated as:

	ROC % (Q: Mar. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2023 )	+	Invested Capital (Q: Mar. 2024 ))	/ count )
=	18.048 * ( 1 - 24.09% )	/	( (84.06	+	87.823)	/ 2 )
=	13.7002368	/	85.9415
=	15.94 %

where

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	107.107	-	10.495	-	( 19.404	-	max(0, 14.469	-	27.021	+	19.404	))
=	84.06

	Invested Capital		(Q: Mar. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	109.397	-	8.462	-	( 19.274	-	max(0, 14.2	-	27.312	+	19.274	))
=	87.823

Note: The Operating Income data used here is four times the quarterly (Mar. 2024) data.

2. Joel Greenblatt's definition of Return on Capital:

ISEC Healthcare's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2023		Q: Mar. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	17.344	/	( ( (26.841 + max(-4.508, 0))	+	(26.801 + max(-4.365, 0)) )	/	2 )
=	17.344	/	( ( 26.841	+	26.801 )	/	2 )
=	17.344	/	26.821
=	64.67 %

where Working Capital is:

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(4.266	+	2.235	+	1.003)	-	(10.495	+	0	+	1.517)
=	-4.508

	Working Capital		(Q: Mar. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(4.506	+	2.494	+	0.366)	-	(8.462	+	0	+	3.269)
=	-4.365

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2024) EBIT data.

3. Operating Income is also linked to Operating Margin %:

ISEC Healthcare's Operating Margin % for the quarter that ended in Mar. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2024 )	/	Revenue (Q: Mar. 2024 )
	=	4.512	/	16.91
	=	26.68 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

ISEC Healthcare Operating Income Related Terms

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ISEC Healthcare (SGX:40T) Business Description

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GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » ISEC Healthcare Ltd (SGX:40T) » Definitions » Operating Income

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Address

51 Goldhill Plaza, No. 10-07/08, Singapore, SGP, 308900

Website

https://www.isechealthcare.com

ISEC Healthcare Ltd is a Singapore based company engaged in providing medical eye care services through its subsidiaries. It also provides ambulatory surgical centers. In addition, the group is also focused on offering general medical services and aesthetic treatment services. The company has two reportable segments, namely Specialized health services, which include the provision of medical care, consultancy, treatment and surgery in the field of ophthalmology; and General health services which includes the provision of general medical and procedural treatment services It generates maximum revenue from the specialized health services segment. The firm operates in Singapore and Malaysia, of which key revenue is derived from Malaysia.

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