Biolase, Inc.
BIOLQ Healthcare Medical Devices
Biolase, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $49.2 million, up 1.45% from fiscal 2022. Revenue growth for five consecutive years, operating cash flow growth for three.
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Biolase, Inc. (BIOLQ) Altman Z-score
Biolase, Inc.'s Altman Z-score for fiscal 2023 is −12.72, 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 | −12.72 | (1.37) |
| FY2022 | −11.35 | (6.22) |
| FY2021 | −5.13 | 3.19 |
| FY2020 | −8.32 | 2.09 |
| FY2019 | −10.42 | (2.93) |
| FY2018 | −7.48 | (2.84) |
| FY2017 | −4.64 | (1.63) |
| FY2016 | −3.01 | 0.63 |
| FY2015 | −3.64 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | (9.03) | — | −12.64 | |
| EBIT / total assets | (0.51) | — | −1.69 | |
| Market value of equity / total liabilities | 0.04 | — | 0.03 | |
| Sales / total assets | 1.40 | — | 1.40 | |
| Altman Z-score | Distress zone | −12.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −31.82 | ||
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 |
|---|---|
| ADGM Adagio Medical Holdings, Inc. compare | −7.0× |
| IVF INVO Fertility, Inc compare | −7.6× |
| BIOLQ Biolase, Inc. | −12.7× |
| XAIR Beyond Air, Inc. compare | −14.4× |
| NXL Nexalin Technology, Inc. compare | −26.9× |
| AFIB Acutus Medical, Inc. compare | −28.5× |
| VJET Flyte Aviation, Inc. compare | −30.6× |
| NUWE Nuwellis, Inc. compare | −76.4× |
| NUVOQ Holdco Nuvo Group D.G Ltd. compare | −81.9× |
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