First Interstate BancSystem (NASDAQ:FIBK) versus Howard Bancorp (NASDAQ:HBMD) Financial Review

First Interstate BancSystem (NASDAQ:FIBK) and Howard Bancorp (NASDAQ:HBMD) are both finance companies, but which is the better investment? We will contrast the two companies based on the strength of their earnings, profitability, dividends, analyst recommendations, valuation, risk and institutional ownership.

Analyst Ratings

This is a breakdown of current recommendations and price targets for First Interstate BancSystem and Howard Bancorp, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score
First Interstate BancSystem 0 1 3 0 2.75
Howard Bancorp 0 0 0 0 N/A

First Interstate BancSystem currently has a consensus target price of $40.00, indicating a potential downside of 2.89%. Given First Interstate BancSystem’s higher possible upside, analysts plainly believe First Interstate BancSystem is more favorable than Howard Bancorp.

Risk and Volatility

First Interstate BancSystem has a beta of 1.14, suggesting that its share price is 14% more volatile than the S&P 500. Comparatively, Howard Bancorp has a beta of 0.8, suggesting that its share price is 20% less volatile than the S&P 500.

Earnings and Valuation

This table compares First Interstate BancSystem and Howard Bancorp’s gross revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio
First Interstate BancSystem $703.90 million 3.69 $181.00 million $3.07 13.42
Howard Bancorp $112.47 million 2.17 $16.88 million $1.01 12.90

First Interstate BancSystem has higher revenue and earnings than Howard Bancorp. Howard Bancorp is trading at a lower price-to-earnings ratio than First Interstate BancSystem, indicating that it is currently the more affordable of the two stocks.


This table compares First Interstate BancSystem and Howard Bancorp’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets
First Interstate BancSystem 23.85% 8.42% 1.07%
Howard Bancorp -15.10% 5.35% 0.65%

Institutional & Insider Ownership

51.3% of First Interstate BancSystem shares are owned by institutional investors. Comparatively, 55.1% of Howard Bancorp shares are owned by institutional investors. 22.0% of First Interstate BancSystem shares are owned by company insiders. Comparatively, 18.8% of Howard Bancorp shares are owned by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.


First Interstate BancSystem beats Howard Bancorp on 12 of the 13 factors compared between the two stocks.

About First Interstate BancSystem

First Interstate BancSystem, Inc. operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors. The company’s loan portfolio consists of real estate loans, including commercial real estate, construction, residential, agricultural, and other real estate loans; consumer loans; commercial loans; and other loans, including fixed and variable rate loans. It also provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations, which include the administration of estates and personal trusts; management of investment accounts for individuals, employee benefit plans, and charitable foundations; and insurance planning. In addition, the company offers marketing, credit review, credit cards, mortgage loan sales and servicing, indirect consumer loan purchasing and processing, loan collection services, and Internet and mobile banking services. It serves individuals, businesses, municipalities, and other entities in various industries, including agriculture, construction, energy, healthcare and professional services, education, governmental services, mining, technology, retail and wholesale trade, and tourism. The company operates 152 banking offices located in Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. First Interstate BancSystem, Inc. was incorporated in 1971 and is headquartered in Billings, Montana.

About Howard Bancorp

Howard Bancorp, Inc. operates as the bank holding company for Howard Bank that provides commercial banking, mortgage banking, and consumer finance products and services to businesses, business owners, professionals, and other consumers. The company offers various consumer and business deposit products, including demand, money market, savings, individual retirement, and commercial and retail checking accounts, as well as certificates of deposit. It also provides commercial loans, such as lines of credit, revolving credit facilities, accounts receivable and inventory financing, term loans, equipment loans, small business administration loans, stand-by letters of credit, and unsecured loans, as well as equipment lease services; commercial mortgage loans for owner occupied and investment properties; construction loans; residential mortgage loans; and secured and unsecured consumer loans. In addition, the company offers wire transfer services; automated teller machines and check cards; and safe deposit boxes, as well as credit cards through a third party processor. Further, it provides Internet banking, merchant card, overnight sweep, and remote deposit capture services; and online and mobile banking services. As of December 31, 2019, the company operated through a network of 16 full service branches, as well as eight mortgage and commercial lending offices located in Maryland. Howard Bancorp, Inc. was founded in 2004 and is headquartered in Baltimore, Maryland.

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Canon’s 2020 financial results show drop in net sales, increase in profits for Imaging Systems business: Digital Photography Review

Sales of Canon’s new R5 and R6 mirrorless cameras helped to mitigate further losses in a tumultuous 2020.

Today, canon issued its financial report for its entire 2020 fiscal year (FY2020), which ran from January 1, 2020 to December 31, 2020. In it, Canon’s numbers and notes point towards a more positive path for its imaging division than it’s seen in a number of years.

Since roughly 2012, the digital photography market has practically been in freefall, declining double-digit percentages year after year. 2020 isn’t any different, but even amidst the global COVID-19 pandemic, there is light at the end of the tunnel. Or, at the very least, the darkness is beginning to fade.

For reference, Canon’s Imaging System business includes its cameras, lenses, inkjet printers and other photo-related products. In this analysis, we’ll break down both the overall Imaging System business, as well as the camera-specific numbers, when available. All numbers are shown in Japanese Yen and American Dollars in parenthesis, with ‘B’ and ‘M’ representing billion and million, respectively.

A full breakdown of net sales and operating profit for Canon’s Imaging Systems business. The ‘Cameras’ division is specifically highlighted by Canon for this slide in its presentation. Click to enlarge.

For its FY2020, Canon’s Imaging System business reported net sales of ¥712.2B ($6.8B) and an operating profit of ¥71.8B ($690M), down 11.8% and up 49.1% year-over-year (YoY), respectively. Despite net sales being down 11.8%, both of these numbers are better than Canon’s FY2020 Q3 projections, which expected full-year net sales to be down 14.7% and operating profit to be up 5.9% YoY.

Looking at only camera sales for the Imaging Systems business, Canon reported net sales of ¥347.7B ($3.4B). This is higher than the ¥330.1B ($3.2B) Canon last projected but is still down 25.5% YoY. On a unit level, Canon sold 2.76 million digital interchangeable lens cameras. This is higher than the 2.7 million unit sales it last projected but is still 34% decrease YoY. Canon is already projecting next year will see a 1% increase in digital interchangeable lens camera sales. If the 1% increase holds true, it will be just the second time Canon has reported an increase in unit sales since 2013, with the other instance being a 2% increase back in 2016.

The 1% increase in unit sales might not be large, but it’s the first time since 2016 Canon’s projections have been positive.

The dramatic increase in operating profit YoY (especially when taking into account the decrease in net sales) shows Canon managed to dramatically reduce expenses for its Imaging Systems business in 2020. Based on the supplementary data provided by Canon, it managed to reduce expenses for its Imaging Systems business by roughly ¥30B ($290M) in FY2020 compared to FY2019. Most of that decrease is attributed to a massive ¥21B ($200M) decrease in research and development costs in FY2020.

As it did in its FY2020 Q3 documents, Canon attributes this to a ‘faster-than-expected’ recovery in camera demand following the initial plummet in sales due to the COVID-19 pandemic. Evidence of this can be seen in the following chart, which shows (highlighted) that Canon’s camera net sales were down just 6.1% in Q4, compared to being down 16% in Q3 and down a whopping 54.5% in Q2, which the initial surge of the COVID-19 pandemic hit. Canon specifically notes its EOS R5 and EOS R6 mirrorless cameras are ‘resonating very well’ and attributing to the recovery of its Imaging Systems business.

Click to enlarge.

While the COVID-19 pandemic continues to ravage much of the world, Canon notes the recent resurgence in cases — including the new strains of the novel coronavirus — doesn’t appear to have much of an impact on sales. Furthermore, Canon echoes the sentiments of Sigma CEO Kazuto Yamaki, who said in a recent interview he expects the photography market to stabilize in 2021. Canon says it expects the market contraction to be limited to just 3% YoY, which is a dramatic improvement compared to ~20% decreases seen over the past four years or so.

Looking forward to its 2021 fiscal year (FY2021), Canon is already projecting an increase in net camera sales of 4.8% and an increased operating profit (3.9%) for its entire Imaging Systems business.

Below are a few other tidbits from Canon’s full-year FY2020 presentation:

  • 35% of Canon’s camera unit sales are still digital compact cameras (1.48 million units)
  • Despite being 35% of unit sales, digital compact cameras account for only 13% of net sales by value (Canon includes lens sales in with the value of its interchangeable lens camera sales)
  • Canon is turning its Imaging Systems inventory around at a faster rate YoY (an average of 59 days in 2020 compared to an average of 66 days in 2019). This could be due to increased demand for printers since more people are working from home and Canon includes inkjet printers in its Imaging Systems business)
A breakdown of sales value and units between digital interchangeable lens cameras (DILC) and digital compact cameras (DCC). Click to enlarge.

Overall, it appears as though Canon has weathered the storm and is keeping its head held high going into a year where many think the camera market will begin to stabilize after nearly a decade of decline. Canon says it plans to strengthen its EOS R system and improve its product mix for 2021. What that entails remains to be seen, but we’ll be here and ready to cover the news as new products and services are announced.

You can read through all of Canon’s FY2020 investor relations materials on the Canon Global website.

Emmaus Life Sciences Reports Annual Financial Results for 2019 and Provides Business Review

TORRANCE, Calif., Jan. 25, 2021 /PRNewswire/ — Emmaus Life Sciences, Inc. (OTC: EMMA), a leader in the treatment of sickle cell disease, reported today its financial results for the year ended December 31, 2019 and its restated financial results for the year ended December 31, 2018. As previously disclosed in the  Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on July 8, 2020, the board of directors of Emmaus Life Sciences, Inc. (“Emmaus” or the “Company”), based on the recommendation of the audit committee concluded, that due to errors identified in the previously issued financial statements for the year ended December 31, 2018 as well as the previously filed unaudited consolidated financial statements for the three and nine months ended September 30, 2019, the Company would restate the previously issued financial statements.

“We are pleased to share our strong financial results for 2019 and our restated financials for 2018 with our current and prospective stakeholders. We look forward to filing our 2020 10-Qs and communicating our financial results for the three months ended March 31, June 30 and September 30, 2020 as soon as possible,” said Dr. Yutaka Niihara, M.D., M.P.H., Chairman and Chief Executive Officer. “In advance of the quarterly filings, Emmaus also appreciates the opportunity to provide a summary of our business progress.”

Financial Results for the Year Ended December 31, 2019
Net revenues for 2019 were $22.8 million compared to $16.5 million in 2018, an increase of 38%. This significant growth was driven primarily by the on-going roll-out and market acceptance of Endari® resulting in increased sales to the Company’s customers that include the nation’s leading pharmaceutical distributors, specialty pharmacies and physician group purchasing organizations. Emmaus believes it is well positioned for continued growth as it expands the commercialization of Endari® in the U.S. and implements its early access programs and commences marketing outside the U.S.

Operating expenses were $26.2 million in 2019, compared to $23.9 million in 2018. Of the $17.0 million in general and administrative expenses, $2.4 million was attributable to one-time, non-recurring expenses in connection with the merger transaction completed on July 17, 2019 (the “Merger”). The $2.3 million increase in selling expenses to $7.0 million in 2019 was to support the commercialization of Endari® and the related increase in net revenues. The $0.5 million increase in research and development expenses to $2.2 million in 2019 was attributable to the Pilot/Phase 1 study of the Company’s prescription grade L-glutamine oral powder to treat diverticulosis.

Operating loss for 2019 was $4.5 million, compared to an operating loss of $8.5 million in 2018. When adjusted for the non-recurring general and administrative expenses relating to the Merger, the operating loss for 2019 was $2.1 million.

“2019 saw Emmaus continue to make progress in the U.S. commercialization and roll-out of Endari as seen in our 38% growth in net revenues over 2018 and greatly improved overall financial results. Our operating loss was reduced significantly in 2019 and our balance sheet was strengthened through the merger transaction that closed in July,” added Dr. Niihara. “Importantly, we have made significant advances in our primary goal of ensuring that every medically appropriate sickle cell disease patient has access to Endari on a cost-effective and timely basis.”

Business and Other Company Updates
Direct Sales Force – Effective January 1, 2020, Emmaus switched from the use of a contract sales organization to its own direct sales force and the Company continues to build its internal sales and marketing capabilities. Emmaus currently has 23 employees in its sales and marketing department.

Middle East and North Africa (“MENA”) Region – Emmaus continues to make progress in developing markets for Endari® in the MENA region. On June 29, 2020 Emmaus announced receipt of Endari® marketing authorization from the Israeli Ministry of Health and on July 23, 2020 announced the opening of its Dubai office. In addition, on November 10, 2020 the Company announced its submission of a temporary license application in Bahrain for Endari®. These developments will accelerate the Company’s efforts to reach the estimated 100,000 potentially treatable sickle cell disease patients in the MENA region.

Diverticulosis Study – The Company’s Pilot/Phase 1 study of the same prescription grade L-glutamine oral powder used in Endari® in treating diverticulosis commenced in April 2019 and is ongoing. The COVID-19 pandemic has slowed the progress of clinical trials in the pharmaceutical industry, in general, and patient enrollment at one of the three Emmaus trial sites was suspended temporarily. Nonetheless, patient enrollment was completed, and Emmaus is confident the study will ultimately evaluate the change in the number and size of colonic diverticula and assess safety in patients with diverticulosis. Limited interim study results to date have been encouraging, suggesting that Endari® may be effective in slowing and reversing the progression of diverticulosis.

Manufacturing – The COVID-19 pandemic has not interrupted the Company’s supply chain and Emmaus has sufficient inventory of Endari® to meet current and projected patient needs and support ongoing clinical trials. Progress continues at the manufacturing facility in Ube, Japan purchased by a 40% owned investee of Emmaus in December of 2019. To meet the long-term potential demand for prescription grade L-glutamine, Emmaus, its partners and contractors are in the process of obtaining regulatory approvals and recertifications of the facility. The Company currently anticipates that test production will commence in early 2021 with regulatory approval expected in 2022.

Endari® Support Program – Emmaus announced the launch of the Endari® Support Program on December 8, 2020 to provide patients who are unable to afford Endari® access to the medication for minimal or no cost. For more information, please see

Endari® Label Change – On October 27, 2020, Emmaus announced that the FDA approved an updated label for Endari® to better inform healthcare professionals and their sickle cell disease patients. The updated label includes a statement that the clinical benefits of Endari® were observed irrespective of hydroxyurea use, thereby supporting the use of Endari® as a monotherapy or in combination with hydroxyurea as important treatment options for sickle cell disease patients.

Michigan Revises Prior Authorization Criteria for Endari® – The Michigan Department of Health and Human Services (“MDHHS”) notified Emmaus that, effective January 1, 2021, the following changes will be made regarding the initial authorization of Endari® thereby allowing it to be prescribed to more of Michigan’s sickle cell disease patients, more quickly, than under the prior authorization criteria: (i) the history of hydroxyurea use and adherence or intolerance/contraindication to hydroxyurea will be eliminated from the Endari® initial authorization documentation requirements and (ii) “patient/family refusal” will be added to the existing justifications of intolerance or contraindication to the use of hydroxyurea. With this recent revision, MDHHS joins many other state health and human services agencies in eliminating the prior use of hydroxyurea as a requirement for the initial authorization of Endari® for the treatment of sickle cell disease.

COVID-19 Impact – Emmaus is encouraged that patient compliance and adherence as well as health monitoring have held up well in the wake of the COVID-19 pandemic, which may bode well for improved patient adherence when the pandemic subsides. However, ongoing stay-at-home orders and business lockdowns may adversely affect the Company’s future revenues, results of operations and financial condition, and management will continue to monitor COVID-19 developments and take necessary actions to minimize any impact on the Company’s business.

Trading and Quotation of the Company’s Common Stock – On July 30, 2020, Emmaus was notified by the OTC Markets Group, Inc. that its common stock would no longer be eligible for quotation on the OTCQB tier as of the open of the market on August 3, 2020 due to the delays in filing the company’s Annual Report on Form 10-K for 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2020.  Once the Company has filed with the SEC its 10-K for 2019 and 10-Qs for March 31, June 30, and September 30, 2020, posted the OTCQB Certification and verified the Company profile through, the OTC Markets Group, Inc. will review the Company to ensure that it still meets all the OTCQB Standards at that time. If no further items are needed, the Company’s common stock will be moved back to the OTCQB tier beginning the next trading day.  In the meantime, quotes will continue to be available on the OTC Pink tier.

2020 10-K and Annual Shareholders Meeting – The Company intends to file its 2020 Annual Report on Form 10-K with the SEC in or about March 2021 and hold its next Annual Stockholders Meeting for the election of directors and to review 2020 operating results as soon as practicable thereafter.

About Emmaus Life Sciences
Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical company engaged in the discovery, development, marketing and sale of innovative treatments and therapies, including those in the rare and orphan disease categories.  For more information, please visit

About Endari® (prescription grade L-glutamine oral powder)
Indication (U.S.) – Endari® is indicated to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older.

Important Safety Information
The most common adverse reactions (incidence >10 percent) in clinical studies were constipation, nausea, headache, abdominal pain, cough, pain in extremities, back pain, and chest pain.

Adverse reactions leading to treatment discontinuation included one case each of hypersplenism, abdominal pain, dyspepsia, burning sensation, and hot flash.

The safety and efficacy of Endari® in pediatric patients with sickle cell disease younger than five years of age has not been established.

For more information, please see full Prescribing Information of Endari® at:

About Sickle Cell Disease
Sickle cell disease is an inherited blood disorder characterized by the production of an altered form of hemoglobin which polymerizes and becomes fibrous, causing red blood cells to become rigid and change form so that they appear sickle shaped instead of soft and rounded.  Patients with sickle cell disease suffer from debilitating episodes of sickle cell crises, which occur when the rigid, adhesive and inflexible red blood cells occlude blood vessels.  Sickle cell crises cause excruciating pain as a result of insufficient oxygen being delivered to tissue, referred to as tissue ischemia, and inflammation.  These events may lead to organ damage, stroke, pulmonary complications, skin ulceration, infection and a variety of other adverse outcomes.  Sickle cell disease is a significant unmet medical need, affecting approximately one hundred thousand patients in the U.S. and millions worldwide, the majority of which are of African descent.   An estimated 1-in-365 African American children are born with sickle cell disease.

Forward-looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the Company’s business and operations and future financial results. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time, including uncertainties related to Emmaus’ working capital and ability to continue as a going concern and obtain needed financing and other risk factors disclosed in the Company’s 2019 Annual Report on Form 10-K and other reports filed with the SEC, and actual results may differ materially.  Such forward-looking statements speak only as of the date they are made, and Emmaus assumes no duty to update them, except as may be required by law. 

(Selected Consolidated Financial Data Follows)

Emmaus Life Sciences, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands, except share and per share amounts)

Year Ended December 31,


2018 (As Restated)

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Net Loss per Common Share – Basic and Diluted



Weighted-Average Common Shares Outstanding



Emmaus Life Sciences, Inc.

Condensed Consolidated Balance Sheets

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As of

December 31, 2019

December 31, 2018
(As Restated)


Current Assets:

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SOURCE Emmaus Life Sciences, Inc.

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