MeritValue

Bioquest Corp

BQSTdata completeness 63%5 fiscal years on file
The thesis, from the filings

Bioquest Corp earns about -74% on equity, and has bought back 81% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2013FY 2014FY 2020FY 2021FY 2022
Revenue$01$01———
Net income−$8,2772−$487,9922−$359,0293−$2.32M4−$821,0224
Operating cash flow−$7,6295−$472,0765−$124,8346−$193,2067−$116,7207
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$7,9788$543,8538$1669$26010$33,54010
Diluted shares54.1M54.1M8.0M8.3M10.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.43
your share of equity
Profit it earned you last year
−$0.81
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.43 of net worth that earned you −$0.81 last year.

iii. Is this a good business?
Moat signal · return on equity
-74% avg · 5y
FY13 -92%FY14 -56%FY20 —FY21 —FY22 —

It earned an average -74% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−81% shares · 5y

Share count is down 81% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2014-09-10 · periods ending 2013-04-30, 2014-04-30 · accession 0001019687-14-003533 (Revenues)
  2. 10-K filed 2014-09-10 · periods ending 2013-04-30, 2014-04-30 · accession 0001019687-14-003533 (NetIncomeLoss)
  3. 10-K filed 2021-08-13 · period ending 2020-04-30 · accession 0001493152-21-019755 (NetIncomeLoss)
  4. 10-K filed 2022-08-15 · periods ending 2021-04-30, 2022-04-30 · accession 0001493152-22-022442 (NetIncomeLoss)
  5. 10-K filed 2014-09-10 · periods ending 2013-04-30, 2014-04-30 · accession 0001019687-14-003533 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  6. 10-K filed 2021-08-13 · period ending 2020-04-30 · accession 0001493152-21-019755 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2022-08-15 · periods ending 2021-04-30, 2022-04-30 · accession 0001493152-22-022442 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2014-09-10 · periods ending 2013-04-30, 2014-04-30 · accession 0001019687-14-003533 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K filed 2021-08-13 · period ending 2020-04-30 · accession 0001493152-21-019755 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K filed 2022-08-15 · periods ending 2021-04-30, 2022-04-30 · accession 0001493152-22-022442 (CashAndCashEquivalentsAtCarryingValue)