iCoreConnect Inc.
ICCT Healthcare Health Information Services
iCoreConnect Inc.’s revenue for fiscal 2024 (year ended December 2024) was $10.7 million, up 31.8% from fiscal 2023. In the quarter to December 2024, revenue fell 12.4%, EPS grew 92.5% and free cash flow grew 91.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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iCoreConnect Inc. (ICCT) Altman Z-score
iCoreConnect Inc.'s Altman Z-score for fiscal 2024 is −45.87, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −45.87 | (34.04) |
| FY2023 | −11.83 | 7.09 |
| FY2022 | −18.92 | 2.44 |
| FY2020 | −21.36 | (278.38) |
| FY2019 | 257.02 | 327.73 |
| FY2018 | −70.71 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.98) | — | −2.37 | |
| Retained earnings / total assets | (26.05) | — | −36.47 | |
| EBIT / total assets | (2.72) | — | −8.99 | |
| Market value of equity / total liabilities | 0.12 | — | 0.07 | |
| Sales / total assets | 1.89 | — | 1.89 | |
| Altman Z-score | Distress zone | −45.87 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −116.86 | ||
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 |
|---|---|
| ZCMD Zhongchao Inc. compare | 9.1× |
| MSPR MSP Recovery, Inc. compare | −3.3× |
| ACON Aclarion, Inc. compare | −4.9× |
| WORX SCWorx Corp. compare | −5.0× |
| HLTHQ Cue Health Inc. compare | −5.7× |
| VSEED VSee Health, Inc. compare | −6.3× |
| LGMK LogicMark, Inc. compare | −8.1× |
| MNDR Mobile-health Network Solutions compare | −8.2× |
| ICCT iCoreConnect Inc. | −45.9× |
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