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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
Nevro 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 Nevro's Piotroski F-Score or its related term are showing as below:
During the past 12 years, the highest Piotroski F-Score of Nevro was 7. The lowest was 1. And the median was 4.
The historical data trend for Nevro'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.
Nevro Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 1.00 | 5.00 | 3.00 | 6.00 | 2.00 |
Nevro Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 7.00 | 4.00 | 2.00 | 3.00 |
For the Medical Devices subindustry, Nevro'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.
For the Medical Devices & Instruments industry and Healthcare sector, Nevro's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Nevro'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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Net Income was -24.724 + -23.479 + -8.981 + -25.409 = $-82.6 Mil. Cash Flow from Operations was -14.502 + -6.09 + -8.923 + -32.656 = $-62.2 Mil. Revenue was 108.809 + 103.862 + 116.176 + 101.899 = $430.7 Mil. Gross Profit was 74.443 + 69.516 + 81.477 + 71.528 = $297.0 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (574.424 + 569.518 + 561.582 + 635.713 + 596.05) / 5 = $587.4574 Mil. Total Assets at the begining of this year (Mar23) was $574.4 Mil. Long-Term Debt & Capital Lease Obligation was $217.9 Mil. Total Current Assets was $492.6 Mil. Total Current Liabilities was $66.8 Mil. |
Net Income was -24.99 + 81.508 + -19.192 + -35.029 = $2.3 Mil. Revenue was 104.213 + 100.466 + 113.844 + 96.327 = $414.9 Mil. Gross Profit was 72.734 + 69.302 + 75.239 + 64.624 = $281.9 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (532.879 + 523.916 + 605.512 + 602.408 + 574.424) / 5 = $567.8278 Mil. Total Assets at the begining of last year (Mar22) was $532.9 Mil. Long-Term Debt & Capital Lease Obligation was $196.1 Mil. Total Current Assets was $535.5 Mil. Total Current Liabilities was $74.9 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.
Nevro's current Net Income (TTM) was -82.6.
==> 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.
Nevro's current Cash Flow from Operations (TTM) was -62.2.
==> 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 (Mar23) |
= | -82.593 | / | 574.424 | |
= | -0.14378403 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 2.297 | / | 532.879 | |
= | 0.00431055 |
Nevro's return on assets of this year was -0.14378403. Nevro's return on assets of last year was 0.00431055.
==> 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.
Nevro's current Net Income (TTM) was -82.6. Nevro's current Cash Flow from Operations (TTM) was -62.2.
==> -62.2 > -82.6 ==> 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: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 217.899 | / | 587.4574 | |
= | 0.37091881 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 196.12 | / | 567.8278 | |
= | 0.3453864 |
Nevro's gearing of this year was 0.37091881. Nevro's gearing of last year was 0.3453864.
==> 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: Mar24) | = | Total Current Assets | / | Total Current Liabilities |
= | 492.604 | / | 66.774 | |
= | 7.37718274 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 535.457 | / | 74.919 | |
= | 7.14714558 |
Nevro's current ratio of this year was 7.37718274. Nevro's current ratio of last year was 7.14714558.
==> 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.
Nevro's number of shares in issue this year was 36.467. Nevro's number of shares in issue last year was 35.585.
==> 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 |
= | 296.964 | / | 430.746 | |
= | 0.68941789 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 281.899 | / | 414.85 | |
= | 0.67952031 |
Nevro's gross margin of this year was 0.68941789. Nevro's gross margin of last year was 0.67952031.
==> 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 (Mar23) |
= | 430.746 | / | 574.424 | |
= | 0.74987466 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 414.85 | / | 532.879 | |
= | 0.77850694 |
Nevro's asset turnover of this year was 0.74987466. Nevro's asset turnover of last year was 0.77850694.
==> 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 | + | 0 | + | 1 | + | 0 | + | 1 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Nevro has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Nevro (NYSE:NVRO) 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 Nevro's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Greg Siller | officer: Chief Commercial Officer | C/O NEVRO CORP., 1800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
Shawn Mccormick | director | 9600-54TH AVENUE NORTH, SUITE 100, PLYMOUTH MN 55441 |
Kevin R Thornal | officer: President & CEO | 250 CAMPUS DRIVE, MARLBOROUGH MA 01752 |
Sridhar Kosaraju | director | 1351 HARBOR BAY PARKWAY, ALAMEDA CA 94502 |
Elizabeth H Weatherman | director | C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017 |
Richard B. Carter | officer: Chief Accounting Officer | C/O NEVRO CORP., 1800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
Kashif Rashid | officer: General Counsel | C/O NEVRO CORP., 1800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
D Keith Grossman | director, officer: President & CEO | |
Kevin C Oboyle | director | 5964 LA PLACE COURT, CARLSBAD CA 92008 |
Michael F Demane | director, officer: Chief Executive Officer | MEDTRONIC INC, 710 MEDTRONIC PKWY, MS LC310, MINNEAPOLIS MN 55432-5604 |
Niamh Louise Pellegrini | officer: Chief Commercial Officer | C/O NEVRO CORP., 1800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
Brad Vale | director | C/O NEVRO CORP., 1800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
Susan E Siegel | director | 3000 SAND HILL ROAD, BLDG 3 STE 290, MENLO PARK CA 94025 |
Roderick H. Macleod | officer: Chief Financial Officer | C/O NEVRO CORP., 1800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
Patrick Schmitz | officer: Vice President, Operations | C/O NEVRO CORP., 1800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
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