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Halcyon Medical Devices · HLCN
DEMO DATAUNDERWRITING ASSUMPTIONHOLDCredit metrics — FY2025A
DEMO DATA inputs · CALCULATED metrics| Metric | Value | Formula | Raw inputs used |
|---|---|---|---|
| Total debt | $900.0M | Σ tranche principal (face value) | debt=900.0 |
| Net debt | $680.0M | Total debt − cash | debt=900.0 · cash=220.0 |
| Gross leverage (Debt / EBITDA) | 2.68x | Total debt ÷ EBITDA | debt=900.0 · ebitda=336.0 |
| Secured leverage | 1.19x | Secured debt ÷ EBITDA | secured=400.0 · ebitda=336.0 |
| Net leverage | 2.02x | Net debt ÷ EBITDA | netDebt=680.0 · ebitda=336.0 |
| Interest coverage (EBIT / interest) | 4.62x | EBIT ÷ interest expense | ebit=273.0 · interest=59.1 |
| EBITDA / interest | 5.69x | EBITDA ÷ interest expense | ebitda=336.0 · interest=59.1 |
| FCF / debt | 17.7% | Free cash flow ÷ total debt | fcf=159.0 · debt=900.0 |
| Debt service coverage | 3.59x | (EBITDA − capex − taxes) ÷ (interest + mandatory amortization) | ebitda=336.0 · capex=56.0 · taxes=53.5 · interest=59.1 · amort=4.00 |
| Cash conversion | 83.3% | (EBITDA − capex) ÷ EBITDA | ebitda=336.0 · capex=56.0 |
| Liquidity ratio | 7.45x | (Cash + undrawn revolver) ÷ (debt due next period + amortization + interest) | liquidity=470.0 · stObl=63.1 |
| Current ratio | 2.29x | Current assets ÷ (current liabilities ex-debt + debt due next period) | currentAssets=780.0 · curLiab=340.0 |
| Short-term debt / liquidity | 0.00x | Debt due next period ÷ (cash + undrawn revolver) | std=0.00 · liquidity=470.0 |
Credit scorecard — deterministic, auditable
Score 97.9 / 100 · Low| Factor | Measure | Value | Best | Worst | Points | Max | Proj. base | Proj. downside | Proj. severe |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | Net debt / LTM EBITDA | 2.02 | 2 | 7 | 14.9 | 15 | 15.0 | 15.0 | 14.3 |
| Coverage | LTM EBITDA / interest expense | 5.69 | 5 | 1 | 15.0 | 15 | 15.0 | 13.6 | 9.4 |
| Liquidity | Cash + undrawn revolver vs next-period obligations | 7.45 | 2 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Free cash flow | LTM FCF / total debt | 0.18 | 0.12 | -0.02 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Maturity risk | Share of debt maturing within 3 periods | 0.00 | 0 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Margin stability | Std-dev of annual EBITDA margin | 0.00 | 0.01 | 0.05 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Revenue stability | Std-dev of annual revenue growth | 0.01 | 0.03 | 0.15 | 8.0 | 8 | 8.0 | 8.0 | 8.0 |
| Asset coverage | Asset base / total debt | 2.00 | 2 | 0.6 | 12.0 | 12 | 12.0 | 12.0 | 12.0 |
| Industry risk | Sector factor (config.ts) | 0.80 | 1 | 0 | 8.0 | 10 | 8.0 | 8.0 | 8.0 |
| Total | 97.9 | 100 | 98.0 | 96.6 | 91.7 | ||||
Why did the score change?
FY2024A (same capital structure) → FY2025A: 97.7 → 97.9
- • Net leverage broadly stable at 2.0x
- • Interest coverage broadly stable at 5.7x
- • Liquidity ratio broadly stable at 7.4x
- • FCF / debt broadly stable at 17.7%
- • Near-term maturity share unchanged at 0%
- • Margin volatility unchanged at 0.4 pts
- • Revenue volatility unchanged at 0.7 pts
- • Asset coverage unchanged at 2.00x
- • Industry risk factor unchanged at 0.80
Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.
Covenant analysis
Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.
Base Case: no breachDownside: no breachSevere Downside: no breach
Maximum net leverage UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption
| FY2026E | FY2027E | FY2028E | FY2029E | FY2030E | |
|---|---|---|---|---|---|
| Current metric | 1.77x | 1.39x | 0.89x | 0.40x | -0.16x |
| Covenant | ≤ 4.50x | ≤ 4.50x | ≤ 4.50x | ≤ 4.50x | ≤ 4.50x |
| Headroom | 2.73x (61%) | 3.11x (69%) | 3.61x (80%) | 4.10x (91%) | 4.66x (103%) |
| Status | PASS | PASS | PASS | PASS | PASS |
Projected credit metrics by scenario
ANALYST PROJECTION| Scenario | Metric | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Base Case | Net debt / EBITDA | 1.4x | 0.9x | 0.3x | -0.2x | -0.8x |
| EBITDA / cash interest | 6.0x | 6.5x | 7.0x | 7.4x | 15.0x | |
| DSCR | 3.8x | 4.0x | 4.4x | 4.6x | 9.8x | |
| Liquidity ($M) | $636M | $815M | $1.0B | $835M | $1.1B | |
| Downside | Net debt / EBITDA | 1.8x | 1.4x | 0.9x | 0.4x | -0.2x |
| EBITDA / cash interest | 4.6x | 4.5x | 4.8x | 5.0x | 10.8x | |
| DSCR | 3.0x | 2.9x | 3.1x | 3.2x | 7.1x | |
| Liquidity ($M) | $612M | $741M | $872M | $627M | $800M | |
| Severe Downside | Net debt / EBITDA | 2.2x | 2.1x | 1.7x | 1.2x | 0.7x |
| EBITDA / cash interest | 3.5x | 3.1x | 3.3x | 3.4x | 8.2x | |
| DSCR | 2.4x | 2.1x | 2.2x | 2.3x | 5.6x | |
| Liquidity ($M) | $588M | $676M | $759M | $462M | $588M |
Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Halcyon Medical Devices — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Halcyon Medical Devices — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |