Assure Holdings Corp.
IONM Healthcare Medical Care Facilities
Operating cash flow growth for three consecutive years.
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Assure Holdings Corp. (IONM) Altman Z-score
Assure Holdings Corp.'s Altman Z-score for fiscal 2023 is −24.39, 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 | −24.39 | (19.87) |
| FY2022 | −4.52 | (7.37) |
| FY2021 | 2.84 | 2.65 |
| FY2020 | 0.20 | (1.84) |
| FY2019 | 2.04 | (37.42) |
| FY2018 | 39.46 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (2.06) | — | −2.47 | |
| Retained earnings / total assets | (9.40) | — | −13.16 | |
| EBIT / total assets | (2.67) | — | −8.82 | |
| Market value of equity / total liabilities | 0.05 | — | 0.03 | |
| Sales / total assets | 0.03 | — | 0.03 | |
| Altman Z-score | Distress zone | −24.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −62.84 | ||
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 |
|---|---|
| MODVQ ModivCare Inc. compare | 1.3× |
| NIVF NewGenIvf Group Limited compare | −0.2× |
| RHEP Adcare Health Systems Inc compare | −0.9× |
| SYRA Syra Health Corp. compare | −1.6× |
| CANOQ Cano Health, Inc. compare | −2.8× |
| NVOS Novo Integrated Sciences, Inc. compare | −4.4× |
| IONM Assure Holdings Corp. | −24.4× |
| BACK IMAC Holdings, Inc. compare | −73.7× |
| BMGL Basel Medical Group Ltd 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