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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
Zosano Pharma 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 Zosano Pharma's Piotroski F-Score or its related term are showing as below:
The historical data trend for Zosano Pharma'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.
Zosano Pharma Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 2.00 | 2.00 | 2.00 | 5.00 | 4.00 |
Zosano Pharma Quarterly Data | ||||||||||||||||||||
Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 4.00 | 4.00 | 3.00 |
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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Net Income was -6.144 + -8.668 + -6.971 + -33.409 = $-55.19 Mil. Cash Flow from Operations was -7.984 + -6.315 + -5.831 + -8.54 = $-28.67 Mil. Revenue was 0.188 + 0.252 + 0.087 + 0.132 = $0.66 Mil. Gross Profit was -0.014 + -0.088 + -0.005 + 0.046 = $-0.06 Mil. Average Total Assets from the begining of this year (Mar21) to the end of this year (Mar22) was (65.71 + 60.85 + 54.995 + 48.39 + 26.445) / 5 = $51.278 Mil. Total Assets at the begining of this year (Mar21) was $65.71 Mil. Long-Term Debt & Capital Lease Obligation was $2.66 Mil. Total Current Assets was $15.63 Mil. Total Current Liabilities was $9.73 Mil. |
Net Income was -7.895 + -8.687 + -8.098 + -8.142 = $-32.82 Mil. Revenue was 0 + 0 + 0.224 + 0.258 = $0.48 Mil. Gross Profit was 0 + 0 + 0.053 + 0.096 = $0.15 Mil. Average Total Assets from the begining of last year (Mar20) to the end of last year (Mar21) was (55.335 + 47.712 + 80.452 + 72.011 + 65.71) / 5 = $64.244 Mil. Total Assets at the begining of last year (Mar20) was $55.34 Mil. Long-Term Debt & Capital Lease Obligation was $7.93 Mil. Total Current Assets was $28.47 Mil. Total Current Liabilities was $14.41 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.
Zosano Pharma's current Net Income (TTM) was -55.19.
==> 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.
Zosano Pharma's current Cash Flow from Operations (TTM) was -28.67.
==> 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 (Mar21) |
= | -55.192 | / | 65.71 | |
= | -0.83993304 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar20) |
= | -32.822 | / | 55.335 | |
= | -0.59315081 |
Zosano Pharma's return on assets of this year was -0.83993304. Zosano Pharma's return on assets of last year was -0.59315081.
==> 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.
Zosano Pharma's current Net Income (TTM) was -55.19. Zosano Pharma's current Cash Flow from Operations (TTM) was -28.67.
==> -28.67 > -55.19 ==> 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: Mar22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar21 to Mar22 |
= | 2.662 | / | 51.278 | |
= | 0.0519131 |
Gearing (Last Year: Mar21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar20 to Mar21 |
= | 7.934 | / | 64.244 | |
= | 0.12349791 |
Zosano Pharma's gearing of this year was 0.0519131. Zosano Pharma's gearing of last year was 0.12349791.
==> 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: Mar22) | = | Total Current Assets | / | Total Current Liabilities |
= | 15.632 | / | 9.73 | |
= | 1.6065776 |
Current Ratio (Last Year: Mar21) | = | Total Current Assets | / | Total Current Liabilities |
= | 28.473 | / | 14.408 | |
= | 1.97619378 |
Zosano Pharma's current ratio of this year was 1.6065776. Zosano Pharma's current ratio of last year was 1.97619378.
==> 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.
Zosano Pharma's number of shares in issue this year was 4.248. Zosano Pharma's number of shares in issue last year was 2.981.
==> 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 |
= | -0.061 | / | 0.659 | |
= | -0.09256449 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 0.149 | / | 0.482 | |
= | 0.30912863 |
Zosano Pharma's gross margin of this year was -0.09256449. Zosano Pharma's gross margin of last year was 0.30912863.
==> 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 (Mar21) |
= | 0.659 | / | 65.71 | |
= | 0.01002891 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar20) |
= | 0.482 | / | 55.335 | |
= | 0.00871058 |
Zosano Pharma's asset turnover of this year was 0.01002891. Zosano Pharma's asset turnover of last year was 0.00871058.
==> 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 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Zosano Pharma has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Zosano Pharma (OTCPK:ZSANQ) 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 Zosano Pharma's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Christine Matthews | officer: Chief Financial Officer | C/O ZOSANO PHAMA CORPORATION, 34790 ARDENTECH COURT, FREMONT CA 94555 |
Steven Lo | director, officer: Chief Executive Officer | C/O CORCEPT THERAPEUTICS, 149 COMMONWEALTH DRIVE, MENLO PARK CA 94010 |
Donald J Kellerman | officer: VP, Clinical Dev & Med Affairs | INSPIRE PHARMACEUTICALS, INC.,, 4222 EMPEROR BLVD., STE. 470, DURHAM NC 27703-8466 |
Elaine Yang | director | C/O ZOSANO PHARMA CORPORATION, 34790 ARDENTECH COURT, FREMONT CA 94555 |
Kenneth Greathouse | director | 3260 WHIPPIE ROAD, UNION CITY CA 94587 |
Hayley Lewis | officer: See Remarks | C/O CARBYLAN THERAPEUTICS, INC., 3181 PORTER DRIVE, PALO ALTO CA 94304 |
Kathy M. Mcgee | director | C/O AVITA MEDICAL, 28159 AVENUE STANFORD, SUITE 220, VALENCIA CA 91355 |
Linda S Grais | director | 86 ALEJANDRA AVE, ATHERTON CA 94027 |
Joseph P Hagan | director | 3344 N. TORREY PINES COURT, SUITE 200, LA JOLLA CA 92037 |
Kleanthis G Xanthopoulos | director | 9050 CAMINO SANTA FE, SAN DIEGO CA 92121 |
John Peter Walker | director | 126 ISABELLA AVE, ATHERTON CA 94027 |
Aisling Capital Partners Iv, Lp | 10 percent owner | 888 SEVENTH AVENUE, 12TH FLOOR, NEW YORK NY 10106 |
Aisling Capital Partners Iv Llc | 10 percent owner | 888 SEVENTH AVENUE, 12TH FLOOR, NEW YORK NY 10106 |
Aisling Capital Iv, Lp | 10 percent owner | 888 SEVENTH AVENUE, 12TH FLOOR, NEW YORK NY 10106 |
Andrew N Schiff | 10 percent owner | PLANET ZANETT INC, 135 E 57TH ST, NEW YORK NY 10022 |
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