Vivani Medical, Inc.
VANI Healthcare Biotechnology
In the quarter to June 2026, EPS grew 41.7% and free cash flow was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Vivani Medical, Inc. (VANI) Altman Z-score
Vivani Medical, Inc.'s Altman Z-score for fiscal 2019 is −26.19, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2019 | −26.19 | 14.48 |
| FY2018 | −40.67 | (21.99) |
| FY2017 | −18.67 | (4.19) |
| FY2016 | −14.48 | (20.47) |
| FY2015 | 5.99 | — |
How fiscal 2019’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | (18.36) | — | −25.71 | |
| EBIT / total assets | (2.05) | — | −6.75 | |
| Market value of equity / total liabilities | 9.36 | — | 5.62 | |
| Sales / total assets | 0.20 | — | 0.20 | |
| Altman Z-score | Distress zone | −26.19 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −70.35 | ||
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 |
|---|---|
| COYA Coya Therapeutics, Inc. compare | 6.4× |
| BDTX Black Diamond Therapeutics, Inc. compare | −0.1× |
| MIST Milestone Pharmaceuticals Inc. compare | −4.6× |
| VTVT vTv Therapeutics Inc. compare | −10.0× |
| UNCY Unicycive Therapeutics, Inc. compare | −10.8× |
| VANI Vivani Medical, Inc. | −26.2× |
| INO Inovio Pharmaceuticals, Inc. compare | −36.8× |
| PYPD PolyPid Ltd. compare | — |
| CYTT Cyteir 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