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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
9 Meters Biopharma has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for 9 Meters Biopharma's Piotroski F-Score or its related term are showing as below:
The historical data trend for 9 Meters Biopharma'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.
9 Meters Biopharma Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 3.00 | 3.00 | 2.00 | 4.00 | 3.00 |
9 Meters Biopharma Quarterly Data | ||||||||||||||||||||
Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 3.00 | 3.00 | 2.00 | 3.00 | 2.00 |
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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Net Income was -11.13 + -9.355 + -11.93 + -13.868 = $-46.28 Mil. Cash Flow from Operations was -7.786 + -9.97 + -9.739 + -9.75 = $-37.25 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Average Total Assets from the begining of this year (Mar22) to the end of this year (Mar23) was (39.264 + 31.508 + 42.135 + 33.148 + 9.313) / 5 = $31.0736 Mil. Total Assets at the begining of this year (Mar22) was $39.26 Mil. Long-Term Debt & Capital Lease Obligation was $0.04 Mil. Total Current Assets was $9.20 Mil. Total Current Liabilities was $15.58 Mil. |
Net Income was -8.253 + -13.54 + -9.555 + -11.352 = $-42.70 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Average Total Assets from the begining of last year (Mar21) to the end of last year (Mar22) was (40.208 + 65.994 + 56.68 + 50.174 + 39.264) / 5 = $50.464 Mil. Total Assets at the begining of last year (Mar21) was $40.21 Mil. Long-Term Debt & Capital Lease Obligation was $0.10 Mil. Total Current Assets was $39.09 Mil. Total Current Liabilities was $8.22 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.
9 Meters Biopharma's current Net Income (TTM) was -46.28.
==> 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.
9 Meters Biopharma's current Cash Flow from Operations (TTM) was -37.25.
==> Negative ==> Score 0.
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 (Mar22) |
= | -46.283 | / | 39.264 | |
= | -1.17876426 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar21) |
= | -42.7 | / | 40.208 | |
= | -1.06197772 |
9 Meters Biopharma's return on assets of this year was -1.17876426. 9 Meters Biopharma's return on assets of last year was -1.06197772.
==> 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.
9 Meters Biopharma's current Net Income (TTM) was -46.28. 9 Meters Biopharma's current Cash Flow from Operations (TTM) was -37.25.
==> -37.25 > -46.28 ==> 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: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 0.035 | / | 31.0736 | |
= | 0.00112636 |
Gearing (Last Year: Mar22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar21 to Mar22 |
= | 0.098 | / | 50.464 | |
= | 0.00194198 |
9 Meters Biopharma's gearing of this year was 0.00112636. 9 Meters Biopharma's gearing of last year was 0.00194198.
==> 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: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 9.197 | / | 15.577 | |
= | 0.59042178 |
Current Ratio (Last Year: Mar22) | = | Total Current Assets | / | Total Current Liabilities |
= | 39.088 | / | 8.224 | |
= | 4.75291829 |
9 Meters Biopharma's current ratio of this year was 0.59042178. 9 Meters Biopharma's current ratio of last year was 4.75291829.
==> 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.
9 Meters Biopharma's number of shares in issue this year was 13.592. 9 Meters Biopharma's number of shares in issue last year was 12.912.
==> 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 |
= | 0 | / | 0 | |
= |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 0 | / | 0 | |
= |
9 Meters Biopharma's gross margin of this year was . 9 Meters Biopharma's gross margin of last year was .
==> 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 (Mar22) |
= | 0 | / | 39.264 | |
= | 0 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar21) |
= | 0 | / | 40.208 | |
= | 0 |
9 Meters Biopharma's asset turnover of this year was 0. 9 Meters Biopharma's asset turnover of last year was 0.
==> 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 |
= | 0 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 2 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
9 Meters Biopharma has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
9 Meters Biopharma (OTCPK:NMTRQ) 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.
Thank you for viewing the detailed overview of 9 Meters Biopharma's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Bethany Sensenig | officer: Chief Financial Officer | C/O 9 METERS BIOPHARMA, INC., 8480 HONEYCUTT ROAD, SUITE 120, RALEIGH NC 27615 |
John Temperato | director, officer: Chief Executive Officer | C/O MELINTA THERAPEUTICS,INC., 300 GEORGE STREET, SUITE 301, NEW HAVEN CT 06511 |
Mark A Sirgo | director | C/O BIODELIVERY SCIENCES INTERNATIONAL, 801 CORPORATE CENTER DRIVE -SUITE 210, RALEIGH NC 27607 |
Michael T. Constantino | director | C/O 9 METERS BIOPHARMA, INC., 8480 HONEYCUTT ROAD, SUITE 120, RALEIGH NC 27615 |
Samantha Ventimiglia | director | C/O 9 METERS BIOPHARMA, INC., 8480 HONEYCUTT ROAD, SUITE 120, RALEIGH NC 27615 |
Edward J Sitar | officer: Chief Financial Officer | 39 FLAMING ARROW ROAD, MAHWAH NJ 07430 |
Orbimed Israel Biofund Gp Limited Partnership | 10 percent owner | 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 1022-4629 |
Yehuda Michael Rice | director | 155 WALNUT STREET, ENGLEWOOD NJ 07631 |
Nissim Darvish | director, 10 percent owner | C/O INNOVATE BIOPHARMACEUTICALS, INC., 8480 HONEYCUTT ROAD, SUITE 120, RALEIGH NC 27615 |
Orbimed Israel Gp Ltd. | 10 percent owner | 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022-4629 |
Sandeep Laumas | director, officer: Executive Chairman | 8480 HONEYCUTT RD, SUITE 200, RALEIGH NC 27615 |
Jay P. Madan | director, officer: President | 8480 HONEYCUTT RD, SUITE 200, RALEIGH NC 27615 |
Roy Proujansky | director | 144 PAU NEL DRIVE, LANDENBERG PA 19350 |
Christopher P. Prior | director, officer: Chief Executive Officer | 8480 HONEYCUTT RD, SUITE 200, RALEIGH NC 27615 |
June Sherie Almenoff | officer: COO and Chief Medical Officer | C/O BRAINSTORM CELL THERAPEUTICS INC., 1325 AVENUE OF AMERICAS 28TH FLOOR, NEW YORK NY 10019 |
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