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Bioanalytical Systems Inc (NAS:BASI)
Piotroski F-Score
7 (As of Today)

Good Sign:

Piotroski F-Score of 7 is 7, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Bioanalytical Systems Inc has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

BASI' s 10-Year Piotroski F-Score Range
Min: 2   Max: 8
Current: 7

2
8

During the past 13 years, the highest Piotroski F-Score of Bioanalytical Systems Inc was 8. The lowest was 2. And the median was 5.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun15) TTM:Last Year (Jun14) TTM:
Net Income was -0.404 + 0.182 + 0.15 + 1.478 = $1.41 Mil.
Cash Flow from Operations was 0.469 + -0.161 + 0.601 + 0.735 = $1.64 Mil.
Revenue was 6.42 + 5.845 + 5.726 + 6.15 = $24.14 Mil.
Gross Profit was 1.821 + 1.904 + 1.802 + 2.49 = $8.02 Mil.
Average Total Assets from the begining of this year (Jun14)
to the end of this year (Jun15) was
(24.856 + 23.774 + 23.749 + 23.008 + 23.364) / 5 = $23.7502 Mil.
Total Assets at the begining of this year (Jun14) was $24.86 Mil.
Long-Term Debt was $3.96 Mil.
Total Current Assets was $6.67 Mil.
Total Current Liabilities was $7.93 Mil.
Net Income was 0.252 + -0.662 + -0.219 + 0.215 = $-0.41 Mil.

Revenue was 5.508 + 6.22 + 5.912 + 6.032 = $23.67 Mil.
Gross Profit was 1.909 + 2.145 + 2.012 + 1.984 = $8.05 Mil.
Average Total Assets from the begining of last year (Jun13)
to the end of last year (Jun14) was
(24.175 + 25.597 + 24.119 + 24.252 + 24.856) / 5 = $24.5998 Mil.
Total Assets at the begining of last year (Jun13) was $24.18 Mil.
Long-Term Debt was $5.01 Mil.
Total Current Assets was $7.12 Mil.
Total Current Liabilities was $9.97 Mil.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Bioanalytical Systems Inc's current net income (TTM) was 1.41. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Bioanalytical Systems Inc's current cash flow from operations (TTM) was 1.64. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year’s return on assets (1) to last year’s return on assets.

Score 1 if it’s higher, 0 if it’s lower.

ROA (This Year)=Net Income (TTM)/Total Assets at the Beginning of This Year (Jun14)
=1.406/24.856
=0.05656582

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Jun13)
=-0.414/24.175
=-0.01712513

Bioanalytical Systems Inc's return on assets of this year was 0.05656582. Bioanalytical Systems Inc's return on assets of last year was -0.01712513. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Bioanalytical Systems Inc's current net income (TTM) was 1.41. Bioanalytical Systems Inc's current cash flow from operations (TTM) was 1.64. ==> 1.64 > 1.41 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year’s gearing (long-term debt divided by average total assets) to last year’s gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun15)=Long-Term Debt/Average Total Assets from Jun14 to Jun15
=3.964/23.7502
=0.16690386

Gearing (Last Year: Jun14)=Long-Term Debt/Average Total Assets from Jun13 to Jun14
=5.012/24.5998
=0.20374149

Bioanalytical Systems Inc's gearing of this year was 0.16690386. Bioanalytical Systems Inc's gearing of last year was 0.20374149. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year’s current ratio (current assets divided by current liabilities) to last year’s current ratio.

Score 1 if this year'’s current ratio is higher, 0 if it’s lower

Current Ratio (This Year: Jun15)=Total Current Assets/Total Current Liabilities
=6.674/7.933
=0.84129585

Current Ratio (Last Year: Jun14)=Total Current Assets/Total Current Liabilities
=7.123/9.965
=0.71480181

Bioanalytical Systems Inc's current ratio of this year was 0.84129585. Bioanalytical Systems Inc's current ratio of last year was 0.71480181. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Bioanalytical Systems Inc's number of shares in issue this year was 8.8. Bioanalytical Systems Inc's number of shares in issue last year was 9. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year’s gross margin (gross profit divided by sales) to last year’s.

Score 1 if this year’s gross margin is higher, 0 if it’s lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=8.017/24.141
=0.33209063

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=8.05/23.672
=0.34006421

Bioanalytical Systems Inc's gross margin of this year was 0.33209063. Bioanalytical Systems Inc's gross margin of last year was 0.34006421. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year’s asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year’s asset turnover ratio.

Score 1 if this year’s asset turnover ratio is higher, 0 if it’s lower

Asset Turnover (This Year)=Revenue (TTM)/Total Assets at the Beginning of This Year (Jun14)
=24.141/24.856
=0.97123431

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Jun13)
=23.672/24.175
=0.97919338

Bioanalytical Systems Inc's asset turnover of this year was 0.97123431. Bioanalytical Systems Inc's asset turnover of last year was 0.97919338. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+1+0+0
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Bioanalytical Systems Inc has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.


Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Bioanalytical Systems Inc Annual Data

Sep05Sep06Sep07Sep08Sep09Sep10Sep11Sep12Sep13Sep14
Question 1 0010001010
Question 2 0111111011
Question 3 1010011010
Question 4 0111110111
Question 5 1010011101
Question 6 1001001011
Question 7 0001110001
Question 8 1001011011
Question 9 1010011001
F-score 5265377267

Bioanalytical Systems Inc Quarterly Data

Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15
Question 1 0010000011
Question 2 1111111111
Question 3 0011110011
Question 4 1111111111
Question 5 1101101001
Question 6 0011111111
Question 7 0001001001
Question 8 1111111000
Question 9 0001111110
F-score 4468767467
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