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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
KORU Medical Systems 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 KORU Medical Systems's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of KORU Medical Systems was 8. The lowest was 2. And the median was 4.
The historical data trend for KORU Medical Systems'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.
KORU Medical Systems Annual Data | |||||||||||||||||||||
Trend | Feb14 | Feb15 | Feb16 | Feb17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 3.00 | 2.00 | 2.00 | 3.00 |
KORU Medical Systems 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 | 2.00 | 4.00 | 4.00 | 3.00 | 3.00 |
For the Medical Instruments & Supplies subindustry, KORU Medical Systems'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, KORU Medical Systems's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where KORU Medical Systems'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 -2.496 + -1.368 + -7.466 + -1.936 = $-13.27 Mil. Cash Flow from Operations was -0.154 + -1.175 + 1.097 + -0.347 = $-0.58 Mil. Revenue was 6.936 + 7.003 + 7.186 + 8.198 = $29.32 Mil. Gross Profit was 3.888 + 4.342 + 4.331 + 5.103 = $17.66 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (38.254 + 35.996 + 35.354 + 28.461 + 27.501) / 5 = $33.1132 Mil. Total Assets at the begining of this year (Mar23) was $38.25 Mil. Long-Term Debt & Capital Lease Obligation was $3.53 Mil. Total Current Assets was $19.48 Mil. Total Current Liabilities was $4.85 Mil. |
Net Income was -2.921 + -1.226 + -1.977 + -2.411 = $-8.54 Mil. Revenue was 6.547 + 7.76 + 7.345 + 7.393 = $29.05 Mil. Gross Profit was 3.346 + 4.322 + 4.078 + 4.147 = $15.89 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (43.428 + 42.461 + 42.666 + 42.332 + 38.254) / 5 = $41.8282 Mil. Total Assets at the begining of last year (Mar22) was $43.43 Mil. Long-Term Debt & Capital Lease Obligation was $3.93 Mil. Total Current Assets was $25.22 Mil. Total Current Liabilities was $4.52 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.
KORU Medical Systems's current Net Income (TTM) was -13.27.
==> 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.
KORU Medical Systems's current Cash Flow from Operations (TTM) was -0.58.
==> 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) |
= | -13.266 | / | 38.254 | |
= | -0.34678726 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | -8.535 | / | 43.428 | |
= | -0.19653219 |
KORU Medical Systems's return on assets of this year was -0.34678726. KORU Medical Systems's return on assets of last year was -0.19653219.
==> 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.
KORU Medical Systems's current Net Income (TTM) was -13.27. KORU Medical Systems's current Cash Flow from Operations (TTM) was -0.58.
==> -0.58 > -13.27 ==> 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 |
= | 3.53 | / | 33.1132 | |
= | 0.10660401 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 3.933 | / | 41.8282 | |
= | 0.09402747 |
KORU Medical Systems's gearing of this year was 0.10660401. KORU Medical Systems's gearing of last year was 0.09402747.
==> 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 |
= | 19.479 | / | 4.853 | |
= | 4.01380589 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 25.215 | / | 4.524 | |
= | 5.57360743 |
KORU Medical Systems's current ratio of this year was 4.01380589. KORU Medical Systems's current ratio of last year was 5.57360743.
==> 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.
KORU Medical Systems's number of shares in issue this year was 45.712. KORU Medical Systems's number of shares in issue last year was 45.488.
==> 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 |
= | 17.664 | / | 29.323 | |
= | 0.60239403 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 15.893 | / | 29.045 | |
= | 0.5471854 |
KORU Medical Systems's gross margin of this year was 0.60239403. KORU Medical Systems's gross margin of last year was 0.5471854.
==> 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) |
= | 29.323 | / | 38.254 | |
= | 0.76653422 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 29.045 | / | 43.428 | |
= | 0.66880814 |
KORU Medical Systems's asset turnover of this year was 0.76653422. KORU Medical Systems's asset turnover of last year was 0.66880814.
==> 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 | + | 0 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
KORU Medical Systems has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
KORU Medical Systems (NAS:KRMD) 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 KORU Medical Systems's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Manko Joseph M. Jr. | 10 percent owner | 1717 ARCH STREET, 37TH FLOOR, PHILADELPHIA PA 19103 |
Kenneth E Miller | officer: Chief Commercial Officer | 26 MOUNTAINVIEW RD, WARREN NJ 07059 |
Edward Wholihan | director | C/O ALLENA PHARMACEUTICALS, INC., ONE NEWTOWN EXECUTIVE PARK SUITE 202, NEWTON MA 02462 |
Linda M Tharby | officer: President and CEO | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Robert Cascella | director | C/O HOLOGIC, INC., BEDFORD MA 01730 |
Lafrence Andrew D.c. | officer: Chief Financial Officer | C/O VYANT BIO, INC., 201 ROUTE 17 NORTH, 2ND FLOOR, RUTHERFORD NJ 07070 |
Thomas Edward Adams | officer: Interim CFO | 524 WOODLAND AVENUE, BRIELLE NJ 08730 |
Brian Case | officer: Chief Technology Officer | 424 CYPRUS CIR, LAKE VILLA IL 60046-8629 |
Shahriar Matin | director | 96 TALAMINE COURT, COLORADO SPRINGS CO 80907 |
Donna French | director | 25 SEARSVILLE COURT, HILLSBOROUGH CA 94010 |
Donald B Pettigrew | officer: Pres./Chief Commercial Officer | 7871 ENGEN LOOP, PARK CITY UT 84098 |
Karen Fisher | officer: CFO | 24 CARPENTER ROAD, CHESTER NY 10918 |
Daniel S Goldberger | director | 24 CARPENTER ROAD, CHESTER NY 10918 |
R John Fletcher | director | C/O VYANT BIO, INC., 201 ROUTE 17 NORTH, 2ND FLOOR, RUTHERFORD NJ 07070 |
Horton Freedom, L.p. | 10 percent owner | 1717 ARCH STREET, 37TH FLOOR, PHILADELPHIA PA 19103 |
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