Biodexa Pharmaceuticals PLC Unsponsored ADR
BDRX Healthcare Biotechnology
Biodexa Pharmaceuticals PLC Unsponsored ADR’s revenue for fiscal 2023 (year ended December 2023) was $473,900.00, down 45.2% from fiscal 2022.
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Biodexa Pharmaceuticals PLC Unsponsored ADR (BDRX) Altman Z-score
Biodexa Pharmaceuticals PLC Unsponsored ADR's Altman Z-score for fiscal 2023 is −21.37, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −21.37 | (5,997,861.36) |
| FY2021 | 5997840.00 | 1,165,969.75 |
| FY2020 | 4831870.25 | 3,784,910.92 |
| FY2019 | 1046959.33 | (5,002,535.93) |
| FY2018 | 6049495.26 | (62,758,170.31) |
| FY2017 | 68807665.57 | (132,184,680.63) |
| FY2016 | 200992346.21 | 44,390,334.42 |
| FY2015 | 156602011.79 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.17 | |
| Retained earnings / total assets | (13.73) | — | −19.23 | |
| EBIT / total assets | (0.76) | — | −2.51 | |
| Market value of equity / total liabilities | 0.28 | — | 0.17 | |
| Sales / total assets | 0.04 | — | 0.04 | |
| Altman Z-score | Distress zone | −21.37 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −48.13 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| EFTR eFFECTOR Therapeutics, Inc. compare | −9.9× |
| SCNI Scinai Immunotherapeutics Ltd. Sponsored ADR compare | −16.9× |
| LYRA Lyra Therapeutics, Inc. compare | −19.4× |
| BDRX Biodexa Pharmaceuticals PLC Unsponsored ADR | −21.4× |
| ATXI Avenue Therapeutics, Inc. compare | −51.5× |
| SEELQ Seelos Therapeutics, Inc. compare | −96.9× |
| CDT CDT Equity Inc. compare | — |
| VINC Vincerx Pharma, Inc. compare | — |
| BTTX Better Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets