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NovoCure Piotroski F-Score

: 6 (As of Today)
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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

NovoCure has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

NAS:NVCR' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 6

3
8

During the past 8 years, the highest Piotroski F-Score of NovoCure was 8. The lowest was 3. And the median was 6.


NovoCure Piotroski F-Score Historical Data

The historical data trend for NovoCure'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.

NovoCure Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only 3.00 4.00 3.00 7.00 6.00

NovoCure Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 7.00 6.00 6.00

Competitive Comparison

For the Medical Instruments & Supplies subindustry, NovoCure'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.

   

NovoCure Piotroski F-Score Distribution

For the Medical Devices & Instruments industry and Healthcare sector, NovoCure's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where NovoCure'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 (Sep21) TTM:Last Year (Sep20) TTM:
Net Income was 4.917 + -4.128 + -14.641 + -13.124 = $-27.0 Mil.
Cash Flow from Operations was 53.481 + 17.78 + 26.172 + 24.4 = $121.8 Mil.
Revenue was 143.953 + 134.695 + 133.517 + 133.606 = $545.8 Mil.
Gross Profit was 115.817 + 108.31 + 104.918 + 103.4 = $432.4 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(431.049 + 1051.983 + 1067.63 + 1097.059 + 1120.453) / 5 = $953.6348 Mil.
Total Assets at the begining of this year (Sep20) was $431.0 Mil.
Long-Term Debt & Capital Lease Obligation was $572.9 Mil.
Total Current Assets was $1,069.0 Mil.
Total Current Liabilities was $124.5 Mil.
Net Income was 4.26 + 3.952 + 1.655 + 9.284 = $19.2 Mil.

Revenue was 99.234 + 101.828 + 115.925 + 132.66 = $449.6 Mil.
Gross Profit was 74.448 + 77.332 + 90.451 + 104.265 = $346.5 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(443.858 + 479.448 + 502.448 + 528.939 + 431.049) / 5 = $477.1484 Mil.
Total Assets at the begining of last year (Sep19) was $443.9 Mil.
Long-Term Debt & Capital Lease Obligation was $13.1 Mil.
Total Current Assets was $383.5 Mil.
Total Current Liabilities was $95.3 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.

NovoCure's current Net Income (TTM) was -27.0. ==> 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.

NovoCure's current Cash Flow from Operations (TTM) was 121.8. ==> 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 (Sep20)
=-26.976/431.049
=-0.06258221

ROA (Last Year)=Net Income/Total Assets (Sep19)
=19.151/443.858
=0.04314668

NovoCure's return on assets of this year was -0.06258221. NovoCure's return on assets of last year was 0.04314668. ==> 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.

NovoCure's current Net Income (TTM) was -27.0. NovoCure's current Cash Flow from Operations (TTM) was 121.8. ==> 121.8 > -27.0 ==> 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: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=572.866/953.6348
=0.60071843

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=13.08/477.1484
=0.02741286

NovoCure's gearing of this year was 0.60071843. NovoCure's gearing of last year was 0.02741286. ==> 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: Sep21)=Total Current Assets/Total Current Liabilities
=1069.006/124.549
=8.58301552

Current Ratio (Last Year: Sep20)=Total Current Assets/Total Current Liabilities
=383.485/95.334
=4.0225418

NovoCure's current ratio of this year was 8.58301552. NovoCure's current ratio of last year was 4.0225418. ==> 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.

NovoCure's number of shares in issue this year was 103.731. NovoCure's number of shares in issue last year was 108.644. ==> 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
=432.445/545.771
=0.79235613

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=346.496/449.647
=0.7705956

NovoCure's gross margin of this year was 0.79235613. NovoCure's gross margin of last year was 0.7705956. ==> This year's gross margin is higher. ==> Score 1.

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 (Sep20)
=545.771/431.049
=1.26614608

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=449.647/443.858
=1.01304246

NovoCure's asset turnover of this year was 1.26614608. NovoCure's asset turnover of last year was 1.01304246. ==> 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+1+1+1+1
=6

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

NovoCure has an F-score of 6 indicating the company's financial situation is typical for a stable company.

NovoCure  (NAS:NVCR) 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.


NovoCure Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of NovoCure's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


NovoCure Business Description

NovoCure logo
Industry
Traded in Other Exchanges
Address
Grenville Street, No. 4 The Forum, Second Floor, Saint Helier, JEY, JE2 4UF
NovoCure Ltd serves in the healthcare sector of the United States. Its business involves commercial-stage oncology operations involving therapies to cure critical tumors. Its pipeline consists of Ovarian Cancer, Pancreatic Cancer, Non-Small Cell Lung Cancer, and Brain Metastasis. NovoCure derives its major revenues in the United States.
Executives
Weinberg Uri officer: Chief Science Officer NOVOCURE INC., 20 VALLEY STREAM PARKWAY SUITE 300 MALVERN PA 19355
Groenhuysen Wilhelmus Cm officer: Chief Operating Officer C/O NAVTEQ CORPORATION 222 MERCHANDISE MART STE 900 CHICAGO IL 60654
Danziger Asaf director, officer: Chief Executive Officer 5 NACHUM CHAT ST. TIRAT HACARMEL L3 5112302
Leung Gabriel director C/O PERNIX THERAPEUTICS HOLDINGS, INC. 10 NORTH PARK PLACE, SUITE 201 MORRISTOWN NJ 07960
Shah Pritesh officer: Chief Commercial Officer C/O NOVOCURE INC. 20 VALLEY STREAM PARKWAY, SUITE 300 MALVERN PA 19355
Leonard Frank X officer: Chief Development Officer 20 VALLEY STREAM PARKWAY, SUITE 300 MALVERN PA 19355
Cordova Ashley officer: Chief Financial Officer 20 VALLEY STREAM PARKWAY, SUITE 300 MALVERN PA 19355
Madden Martin J. director C/O MICROBOT MEDICAL INC. 175 DERBY STREET 27/1 HINGHAM MA 02043
Benaim Ely officer: Chief Medical Officer C/O REXAHN PHARMACEUTICALS, INC. 15245 SHADY GROVE ROAD, SUITE 455 ROCKVILLE MD 20850
Doyle William F director, officer: Executive Chairman PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: DOYLE WILLIAM F a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Ambrogi Michael J. officer: Chief Operating Officer 195 COMMERCE WAY PORTSMOUTH NH 03801
Longsworth Todd Christopher officer: General Counsel NOVOCURE, 20 VALLEY STREAM PARKWAY SUITE 300 MALVERN PA 19355
Hilleman Jeryl L director C/O INTERSECT ENT, INC. 1555 ADAMS DRIVE MENLO PARK CA 94025
Mccoy Sherilyn S director JOHNSON & JOHNSON ONE JOHNSON & JOHNSON PLAZA NEW BRUNSWICK NJ 08933
Hung David director C/O AXOVANT SCIENCES, INC. 320 WEST 37TH STREET, 5TH FLOOR NEW YORK NY 10018

NovoCure Headlines

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