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Bioqual

BIOQ
11
Medical - Diagnostics & Research · Healthcare
Winston Score
11
Winston is worried
Weak fundamentals across most pillars.

Bioqual, Inc. is a contract research organization (CRO) that runs animal studies for drug and vaccine developers. Scientists and pharmaceutical companies hire Bioqual to test whether new medicines are safe and effective before those medicines move into human clinical trials. The company specializes in non-human primate research, which is considered a critical step in developing vaccines for diseases like HIV, COVID-19, and Ebola.

Bioqual earns money by charging clients fees for conducting these preclinical studies at its research facilities, primarily located in the United States. It is a small company with a market cap near zero, meaning it is very early-stage or thinly traded. Its main competitive edge is its specialized expertise with non-human primates, which are expensive and difficult to work with, creating a narrow but real barrier to entry. The biggest risk the company faces is its negative gross margin, which means it currently costs more to deliver its services than it earns from them, raising questions about its path to profitability.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-29.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-180.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.4%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$11M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Bioqual's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
1.1%
Thin — 1.1% gross margin
Operating Margin
-12.6%
Losing money on operations — -12.6%
ROCE
-3.3%
Weak — -3.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
-3.9%
Shrinking sales (-3.9% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-6.7%
Burning cash (-6.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.09
Conservative — low debt load (0.09)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
no trend
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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