BioPlan USA Inc.

Overview Key strengths Key risks Strong market position in the global sampling market. Vulnerable to changing marketing budgets and macroeconomic conditions due to the continued secular pressures affecting the retail and CPG landscape. Stable relationships with global personal care and beauty product brands in the consumer-packaged goods (CPG) industry. Weak credit metrics, including high debt leverage and minimal free operating cash flow (FOCF). Strategically located global manufacturing plants to serve its global customers The company has reported solid year-over-year revenue growth of 11% for the period ended Sept. 30, 2023, primarily driven by the company?s premium product volume demand, partially offset by its non-premium products in non-U.S. markets. Bioplan?s top-line growth also benefitted from stable key client relationships, which increased

...Bioplan has returned to revenue and EBITDA growth since restructuring its capital structure in early 2023. The company has reported solid year-over-year revenue growth of 11% for the period ended Sept. 30, 2023, primarily driven by the company's premium product volume demand, partially offset by its non-premium products in non-U.S. markets. Bioplan's top-line growth also benefitted from stable key client relationships, which increased promotional marketing and advertising spending as demand for beauty products grew in the second half of 2023. In addition, the company improved its cost structure by initiating efficiency programs and consolidating capacity that has improved margin and resulted in EBTIDA growth. We forecast revenue growth to slow in 2024 as Bioplan's end customers reduce inventory levels as supply chain issues normalize and for that to result in flattish to modestly positive organic growth. Credit metrics have improved since the company's debt restructuring in early 2023,...

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