| 21st century is the century of biotechnology.IVD technology is one of the most concentrated manifestations of biotechnology in the medical field.For a long time,biological high-tech companies give the impression of "emphasizing R&D,sales and despising finance".How to make financial analysis play a greater role in corporate strategic decision-making and improve eorporate governance level is an urgent need of many practitioners.In this paper,AnoyDx and TellGen are seleeted as representative enterprises in the emerging field of cancer molecular diagnosis.The purpose of this paper is to compare the financial policies and strategies of the two companies through the comparison of financial performance.On this basis,management recommendations are put forward for managers,entrepreneurs and investorsThis article contains seven chapters:Chapter 1 is the introduction.Chapter 2 is industry analysis and two companies’ information.Chapter 3 is the three-dimensional analysis of financial statements to interpret the financial situation,operating results of enterprises and cash flow.Chapter 4 is the analysis of the financial indicators.It mainly compares the profitability,asset operation efficiency,asset liquidity,debt management ability and cash ereation ability of the two companies.Chapter 5 is the decomposition analysis of influencing factors of financial indicators,which evaluates from five aspects:profit-making,cash-generating,risk control,growth and value-creating.Chapter 6 is financial policy evaluation and financial strategy matrix analysis basing on three chapters above.It evaluates debt policy,dividend policy,working capital management policy and investment policy,and introduces financial strategy matrix analysis.Chapter 7 is conclusions and recommendations.Our conclusions are as follows:The three-dimensional analysis of financial statements shows that the two companies belong to "light assets,low liabilities,sufficient cash flow" type enterprises,with rapid growth of income and net profit,and large differences in cost structure.The analysis of the finaneial indicators tells us that TellGen is superior to Amoy Dx in terms of sales profitability,asset liquidity and cash creation ability.Both companies have their own advantages in terms of asset operation efficiency and debt management.Based on the decomposition analysis of influencing factors of financial indicators,the two eompanies have done a good job in risk control,the cash-generating of TellGen is better than that of AmoyDx.AloyDx has experienced a transformation from backward to leading in profit-making,growth and value-creating.From the analysis of financial policy,the debt ratio of both companies is very low.Both companies attach importance to the reasonable return on investment to investors.The asset operation efficiency of TellGen is relatively high.AmoyDx adopts a moderate investment policy and TellGen adopts a more conservative investment policy.From the analysis of financial strategy matrix,both companies belong to value creation-capital shortage enterprises.Based on the financial analysis and combined with the work experience in the industry,our recommendations are as follows:(1)In terms of financial policy,the two companies can consider increasing the debt ratio moderately and making full use of financial leverage;reducing the dividend ratio to impro vye self-sustainable growth rate;accelerating the turnover of working capital and implementing OPM strategy;and TellGen can change overcautious investment policies;(2)In terms of financial strategy,the two companies can consider adjusting to the"expansionary" financial strategy;(3)In terms of corporate strategy,the two companies should enhance the status of financial strategy,let financial analysis play a greater role in corporate strategic decision-making,improve corporate governance and maximize corporate value. |
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