ThermoGenesis Holdings, Inc.
THMO Healthcare Medical Devices
ThermoGenesis Holdings, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $9.4 million, down 9.90% from fiscal 2022. Operating cash flow growth for three consecutive years.
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ThermoGenesis Holdings, Inc. (THMO) Altman Z-score
ThermoGenesis Holdings, Inc.'s Altman Z-score for fiscal 2023 is −37.75, 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 | −37.75 | (18.04) |
| FY2022 | −19.71 | (1.98) |
| FY2021 | −17.73 | (0.84) |
| FY2020 | −16.89 | 4.34 |
| FY2019 | −21.23 | 9.18 |
| FY2018 | −30.41 | (25.47) |
| FY2017 | −4.93 | (0.28) |
| FY2017 | −4.66 | (12.23) |
| FY2016 | 7.57 | 12.01 |
| FY2016 | −4.44 | (1.42) |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.59) | — | −0.70 | |
| Retained earnings / total assets | (25.30) | — | −35.42 | |
| EBIT / total assets | (0.77) | — | −2.53 | |
| Market value of equity / total liabilities | 0.10 | — | 0.06 | |
| Sales / total assets | 0.84 | — | 0.84 | |
| Altman Z-score | Distress zone | −37.75 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −91.73 | ||
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 |
|---|---|
| DHAI DIH Holding US, Inc. compare | −1.8× |
| DYNTQ Dynatronics Corporation compare | −2.3× |
| FEED ENvue Medical, Inc. compare | −4.7× |
| SSKN Strata Skin Sciences, Inc. compare | −11.5× |
| AFIB Acutus Medical, Inc. compare | −28.5× |
| VJET Flyte Aviation, Inc. compare | −30.6× |
| THMO ThermoGenesis Holdings, Inc. | −37.8× |
| NUWE Nuwellis, Inc. compare | −76.4× |
| PFSA PROFUSA, Inc. compare | −83.9× |
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