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CDMO (Avid Bioservices) Piotroski F-Score : 3 (As of Dec. 13, 2024)


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What is Avid Bioservices Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Avid Bioservices has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Avid Bioservices's Piotroski F-Score or its related term are showing as below:

CDMO' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 7
Current: 3

During the past 13 years, the highest Piotroski F-Score of Avid Bioservices was 7. The lowest was 2. And the median was 4.


Avid Bioservices Piotroski F-Score Historical Data

The historical data trend for Avid Bioservices's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Avid Bioservices Piotroski F-Score Chart

Avid Bioservices Annual Data
Trend Apr15 Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 7.00 5.00 3.00 4.00

Avid Bioservices Quarterly Data
Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 4.00 4.00 2.00 3.00

Competitive Comparison of Avid Bioservices's Piotroski F-Score

For the Biotechnology subindustry, Avid Bioservices's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Avid Bioservices's Piotroski F-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Avid Bioservices's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Avid Bioservices's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Oct24) TTM:Last Year (Oct23) TTM:
Net Income was -6.006 + -123.104 + -5.534 + -17.406 = $-152.1 Mil.
Cash Flow from Operations was 3.687 + 1.257 + -3.68 + 3.994 = $5.3 Mil.
Revenue was 33.815 + 42.975 + 40.173 + 33.482 = $150.4 Mil.
Gross Profit was 2.383 + 5.5 + 5.713 + -2.045 = $11.6 Mil.
Average Total Assets from the begining of this year (Oct23)
to the end of this year (Oct24) was
(454.642 + 455.227 + 336.557 + 334.642 + 323.482) / 5 = $380.91 Mil.
Total Assets at the begining of this year (Oct23) was $454.6 Mil.
Long-Term Debt & Capital Lease Obligation was $204.1 Mil.
Total Current Assets was $96.5 Mil.
Total Current Liabilities was $74.2 Mil.
Net Income was -0.247 + -0.335 + -2.122 + -9.521 = $-12.2 Mil.

Revenue was 38.018 + 39.799 + 37.726 + 25.395 = $140.9 Mil.
Gross Profit was 9.825 + 8.391 + 4.1 + -4.665 = $17.7 Mil.
Average Total Assets from the begining of last year (Oct22)
to the end of last year (Oct23) was
(441.85 + 450.43 + 451.567 + 442.337 + 454.642) / 5 = $448.1652 Mil.
Total Assets at the begining of last year (Oct22) was $441.9 Mil.
Long-Term Debt & Capital Lease Obligation was $194.0 Mil.
Total Current Assets was $104.2 Mil.
Total Current Liabilities was $76.9 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

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.

Avid Bioservices's current Net Income (TTM) was -152.1. ==> Negative ==> Score 0.

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.

Avid Bioservices's current Cash Flow from Operations (TTM) was 5.3. ==> 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/Total Assets (Oct23)
=-152.05/454.642
=-0.33443897

ROA (Last Year)=Net Income/Total Assets (Oct22)
=-12.225/441.85
=-0.02766776

Avid Bioservices's return on assets of this year was -0.33443897. Avid Bioservices's return on assets of last year was -0.02766776. ==> Last year is higher ==> Score 0.

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.

Avid Bioservices's current Net Income (TTM) was -152.1. Avid Bioservices's current Cash Flow from Operations (TTM) was 5.3. ==> 5.3 > -152.1 ==> 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: Oct24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct23 to Oct24
=204.081/380.91
=0.53577223

Gearing (Last Year: Oct23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct22 to Oct23
=194.03/448.1652
=0.43294303

Avid Bioservices's gearing of this year was 0.53577223. Avid Bioservices's gearing of last year was 0.43294303. ==> Last year is lower than this year ==> Score 0.

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: Oct24)=Total Current Assets/Total Current Liabilities
=96.505/74.156
=1.30137818

Current Ratio (Last Year: Oct23)=Total Current Assets/Total Current Liabilities
=104.205/76.937
=1.35441985

Avid Bioservices's current ratio of this year was 1.30137818. Avid Bioservices's current ratio of last year was 1.35441985. ==> Last year's current ratio is higher ==> Score 0.

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.

Avid Bioservices's number of shares in issue this year was 63.838. Avid Bioservices's number of shares in issue last year was 63.149. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=11.551/150.445
=0.07677889

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=17.651/140.938
=0.12523947

Avid Bioservices's gross margin of this year was 0.07677889. Avid Bioservices's gross margin of last year was 0.12523947. ==> 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/Total Assets at the Beginning of This Year (Oct23)
=150.445/454.642
=0.33090871

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Oct22)
=140.938/441.85
=0.3189725

Avid Bioservices's asset turnover of this year was 0.33090871. Avid Bioservices's asset turnover of last year was 0.3189725. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

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

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

Avid Bioservices has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Avid Bioservices  (NAS:CDMO) Piotroski F-Score 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.


Avid Bioservices Piotroski F-Score Related Terms

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Avid Bioservices Business Description

Traded in Other Exchanges
Address
14191 Myford Road, Tustin, CA, USA, 92780
Avid Bioservices Inc is a clinical-stage biopharmaceutical company focused on the development and Current Good Manufacturing Practices (CGMP) of biopharmaceutical products derived from mammalian cell culture. Its business is organized into one reportable operating segment which is contract manufacturing and development services segment. Its services include clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. The company also provides a variety of process development services including cell line development, upstream and downstream development and optimization, analytical method development, testing and characterization.
Executives
Matthew R. Kwietniak officer: Chief Commercial Officer 14191 MYFORD ROAD, TUSTIN CA 92780
Richard A. Richieri officer: Chief Operations Officer 14191 MYFORD ROAD, TUSTIN CA 92780
Nicholas Stewart Green director, officer: President & CEO 2642 MICHELLE DRIVE, SUITE 200, TUSTIN CA 92780
Daniel Ryan Hart officer: Chief Financial Officer 2642 MICHELLE DR., SUITE 200, TUSTIN CA 62780
Mark R Ziebell officer: V.P., General Counsel 14282 FRANKLIN AVENUE, TUSTIN CA 92780
Richard B Hancock director 14282 FRANKLIN AVE., TUSTIN CA 92780
Joseph Carleone director 3883 HOWARD HUGHES PKWY, SUITE 700, LAS VEGAS NV 89169
Gregory Sargen director
Esther M. Alegria director 2642 MICHELLE DRIVE, SUITE 200, TUSTIN CA 92780
Mark R Bamforth director 500 KENDALL ST., CAMBRIDGE MA 02142
Jeanne Thoma director C/O ANI PHARMACEUTICALS, INC., 210 MAIN STREET WEST, BAUDETTE MN 56623
Patrick D Walsh director 14282 FRANKLIN AVE., TUSTIN CA 92780
Catherine J Mackey director 3595 JOHN HOPKINS COURT, SAN DIEGO CA 92121
Joel Mccomb director 9885 TOWNE CENTRE DRIVE, SAN DIEGO CA 92121
Stephen Michael Hedberg officer: Principal Fin. & Acct. Officer 2642 MICHELLE DRIVE, SUITE 200, TUSTIN CA 92780