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Streamline Health Solutions, Inc. (NAS:STRM)
Piotroski F-Score
4 (As of Today)

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

Streamline Health Solutions, Inc. has an F-score of 4 indicating the company's financial situation is typical for a stable company.

STRM' s 10-Year Piotroski F-Score Range
Min: 2   Max: 9
Current: 4

2
9

During the past 13 years, the highest Piotroski F-Score of Streamline Health Solutions, Inc. was 9. 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 (Oct13) TTM:Last Year (Oct12) TTM:
Net Income was -6.232 + -0.828 + -2.71 + -7.807 = $-17.58 Mil.
Cash Flow from Operations was 2.129 + 1.342 + -2.709 + -2.584 = $-1.82 Mil.
Revenue was 6.732 + 8.773 + 6.473 + 6.738 = $28.72 Mil.
Gross Profit was 3.597 + 5.536 + 3.297 + 3.193 = $15.62 Mil.
Total Assets at the begining of this year (Oct12) was $52.93 Mil.
Total Assets was $52.71 Mil.
Long-Term Debt was $0.00 Mil.
Total Current Assets was $14.83 Mil.
Total Current Liabilities was $29.18 Mil.
Net Income was 2.4 + -0.463 + 0.492 + 0.005 = $2.43 Mil.

Revenue was 6.534 + 5.049 + 5.445 + 4.518 = $21.55 Mil.
Gross Profit was 3.492 + 2.691 + 2.799 + 2.296 = $11.28 Mil.
Total Assets at the begining of last year (Oct11) was $14.72 Mil.
Total Assets was $52.93 Mil.
Long-Term Debt was $16.63 Mil.
Total Current Assets was $16.18 Mil.
Total Current Liabilities was $12.64 Mil.

Profitability

Q1. 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.

Streamline Health Solutions, Inc.'s current net income was -17.58. ==> Negative ==> Score 0.

Q2. 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.

Streamline Health Solutions, Inc.'s current cash flow from operations was -1.82. ==> Negative ==> Score 0.

Q3. 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/Total Assets at the beginning of this year (Oct12)
=-17.577/52.927
=-0.33209893

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Oct11)
=2.434/14.722
=0.1653308

Streamline Health Solutions, Inc.'s return on assets of this year was -0.33209893. Streamline Health Solutions, Inc.'s return on assets of last year was 0.1653308. ==> Last year is higher ==> Score 0.

Q4. 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.

Streamline Health Solutions, Inc.'s current net income was -17.58. Streamline Health Solutions, Inc.'s current cash flow from operations was -1.82. ==> -1.82 > -17.58 ==> CFROA > ROA ==> Score 1.

Funding

Q5. Change in Gearing or Leverage

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

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

Gearing (This Year)=Long-Term Debt/Total Assets
=0/52.713
=0

Gearing (Last Year)=Long-Term Debt/Total Assets
=16.627/52.927
=0.31414968

Streamline Health Solutions, Inc.'s gearing of this year was 0. Streamline Health Solutions, Inc.'s gearing of last year was 0.31414968. ==> This year is lower. ==> Score 1.

Q6. 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)=Total Current Assets/Total Current Liabilities
=14.832/29.178
=0.50832819

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=16.183/12.642
=1.28009809

Streamline Health Solutions, Inc.'s current ratio of this year was 0.50832819. Streamline Health Solutions, Inc.'s current ratio of last year was 1.28009809. ==> Last year's current ratio is higher ==> Score 0.

Q7. Change in Shares in Issue

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

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

Streamline Health Solutions, Inc.'s number of shares in issue this year was 13.3. Streamline Health Solutions, Inc.'s number of shares in issue last year was 15.4. ==> There is the same number of shares in issue this year, or fewer. ==> Score 1.

Efficiency

Q8. 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)=Gross Profit/Revenue
=15.623/28.716
=0.5440521

Gross Margin (Last Year)=Gross Profit/Revenue
=11.278/21.546
=0.52343823

Streamline Health Solutions, Inc.'s gross margin of this year was 0.5440521. Streamline Health Solutions, Inc.'s gross margin of last year was 0.52343823. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales 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/Total Assets at the beginning of this year (Oct12)
=28.716/52.927
=0.54255862

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Oct11)
=21.546/14.722
=1.46352398

Streamline Health Solutions, Inc.'s asset turnover of this year was 0.54255862. Streamline Health Solutions, Inc.'s asset turnover of last year was 1.46352398. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=0+0+0+1+1+0+1+1+0
=4

Good or high score = 8 or 9

Bad or low score = 0 or 1

Streamline Health Solutions, Inc. has an F-score of 4 indicating the company's financial situation is typical for a stable company.


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.

Streamline Health Solutions, Inc. Annual Data

Jan04Jan05Jan06Jan07Jan08Jan09Jan10Jan11Jan12Jan13
Q1 1111001010
Q2 1111111110
Q3 0010001010
Q4 1111111111
Q5 1011100001
Q6 0101000011
Q7 0000100100
Q8 0010001011
Q9 0010101010
F-score 4475526374

Streamline Health Solutions, Inc. Quarterly Data

Jul11Oct11Jan12Apr12Jul12Oct12Jan13Apr13Jul13Oct13
Q1 0011110000
Q2 1111110000
Q3 0011110000
Q4 1111111111
Q5 1000001101
Q6 0111111110
Q7 0000000001
Q8 0011111111
Q9 0011110000
F-score 3377774434
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