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Melinta Therapeutics Piotroski F-Score

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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

Melinta Therapeutics 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 Melinta Therapeutics's Piotroski F-Score or its related term are showing as below:


Melinta Therapeutics Piotroski F-Score Historical Data

The historical data trend for Melinta Therapeutics'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.

Melinta Therapeutics Annual Data
Trend Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 4.00 2.00 3.00 1.00

Melinta Therapeutics Quarterly Data
Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19
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 1.00 1.00 3.00 5.00 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 (Sep19) TTM:Last Year (Sep18) TTM:
Net Income was -44.12 + -26.532 + -36.18 + -213.382 = $-320.21 Mil.
Cash Flow from Operations was -0.835 + -37.321 + -25.676 + -26.822 = $-90.65 Mil.
Revenue was 35.489 + 14.084 + 15.955 + 15.87 = $81.40 Mil.
Gross Profit was 26.5 + 6.719 + 7.316 + 7.657 = $48.19 Mil.
Average Total Assets from the begining of this year (Sep18)
to the end of this year (Sep19) was
(482.302 + 441.59 + 470.449 + 440.372 + 228.491) / 5 = $412.6408 Mil.
Total Assets at the begining of this year (Sep18) was $482.30 Mil.
Long-Term Debt & Capital Lease Obligation was $156.05 Mil.
Total Current Assets was $131.27 Mil.
Total Current Liabilities was $128.05 Mil.
Net Income was -18.78 + -29.432 + -55.78 + -27.86 = $-131.85 Mil.

Revenue was 4.231 + 14.841 + 12.022 + 34.078 = $65.17 Mil.
Gross Profit was 4.231 + 7.155 + 1.033 + 20.685 = $33.10 Mil.
Average Total Assets from the begining of last year (Sep17)
to the end of last year (Sep18) was
(179.88 + 160.273 + 448.749 + 514.647 + 482.302) / 5 = $357.1702 Mil.
Total Assets at the begining of last year (Sep17) was $179.88 Mil.
Long-Term Debt & Capital Lease Obligation was $108.98 Mil.
Total Current Assets was $165.07 Mil.
Total Current Liabilities was $123.66 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.

Melinta Therapeutics's current Net Income (TTM) was -320.21. ==> 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.

Melinta Therapeutics's current Cash Flow from Operations (TTM) was -90.65. ==> 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 (Sep18)
=-320.214/482.302
=-0.66392841

ROA (Last Year)=Net Income/Total Assets (Sep17)
=-131.852/179.88
=-0.73299978

Melinta Therapeutics's return on assets of this year was -0.66392841. Melinta Therapeutics's return on assets of last year was -0.73299978. ==> This year is higher. ==> Score 1.

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.

Melinta Therapeutics's current Net Income (TTM) was -320.21. Melinta Therapeutics's current Cash Flow from Operations (TTM) was -90.65. ==> -90.65 > -320.21 ==> 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: Sep19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep18 to Sep19
=156.051/412.6408
=0.37817637

Gearing (Last Year: Sep18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep17 to Sep18
=108.976/357.1702
=0.30510944

Melinta Therapeutics's gearing of this year was 0.37817637. Melinta Therapeutics's gearing of last year was 0.30510944. ==> 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: Sep19)=Total Current Assets/Total Current Liabilities
=131.267/128.047
=1.02514702

Current Ratio (Last Year: Sep18)=Total Current Assets/Total Current Liabilities
=165.07/123.659
=1.3348806

Melinta Therapeutics's current ratio of this year was 1.02514702. Melinta Therapeutics's current ratio of last year was 1.3348806. ==> 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.

Melinta Therapeutics's number of shares in issue this year was 13.615. Melinta Therapeutics's number of shares in issue last year was 11.203. ==> 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
=48.192/81.398
=0.59205386

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=33.104/65.172
=0.5079482

Melinta Therapeutics's gross margin of this year was 0.59205386. Melinta Therapeutics's gross margin of last year was 0.5079482. ==> 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 (Sep18)
=81.398/482.302
=0.16876977

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep17)
=65.172/179.88
=0.36230821

Melinta Therapeutics's asset turnover of this year was 0.16876977. Melinta Therapeutics's asset turnover of last year was 0.36230821. ==> 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+1+1+0+0+0+1+0
=3

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

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

Melinta Therapeutics  (OTCPK:MLNTQ) 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.


Melinta Therapeutics Piotroski F-Score Related Terms

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Melinta Therapeutics Business Description

Melinta Therapeutics logo
Traded in Other Exchanges
N/A
Address
44 Whippany Road, Morristown, NJ, USA, 07963
Melinta Therapeutics Inc is a clinical-stage biotechnology company that develops differentiated antibiotics for acute care and community settings. The company's goal is to develop treatments for bacterial infectious diseases, particularly respiratory tract infections and staphylococcal infections. The company is particularly focused on treating community-acquired bacterial pneumonia, as well as gonorrhea and other indications.
Executives
Johnson John director, officer: Chief Executive Officer DENDREON CORPORATION 1301 2ND AVENUE SEATTLE WA 98101
Koestler Thomas P director 2000 GALLOPING HILL ROAD KENILWORTH NJ 07033
Zaccardelli David director 300 TRI STATE INTERNATIONAL SUITE 272 LINCOLNSHIRE IL 60069
Gill David N director C/O NXSTAGE MEDICAL INC. (NXTM) 439 SOUTH UNION STREET, 5TH FLOOR LAWRENCE MA 01843
Downey Bruce director
Kong Garheng director 712 COLLEGE AVENUE MENLO PARK CA 94025
Wechsler Daniel Mark director, officer: See Remarks 2150 ST. ELZEAR BLVD. WEST LAVAL A8 H7L 4A8
Temperato John officer: Chief Commercial Officer C/O MELINTA THERAPEUTICS,INC. 300 GEORGE STREET, SUITE 301 NEW HAVEN CT 06511
Goldstein Dov A Md director
Dougherty Michael R director C/O ADOLOR CORP 700 PENNSYLVANIA DR EXTON PA 19341
Neff P Sherrill director C/O RESOURCE AMERICA, INC. 1845 WALNUT STREET, 18TH FLOOR PHILADELPHIA PA 19103
Fernandes Prabhavathi director, officer: President and CEO 114 MILTON AVENUE CHAPEL HILL NC 27514
Intersouth Partners Vii L P 10 percent owner 406 BLACKWELL SUITE 200 DURHAM NC 27701
Intersouth Associates Vii, Llc 10 percent owner 406 BLACKWELL STREET SUITE 200 DURHAM NC 27701
Intersouth Associates Vi, Llc 10 percent owner 406 BLACKWELL STREET SUITE 200 DURHAM NC 27701

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