Adherium Ltd
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Quick analysis of Adherium (30 sec.)

1. Valuation of Adherium (5 min.)

Live pricePrice per share (EOD)

A$0.00

Book Value per Share

A$0.00

2. Growth of Adherium (5 min.)

Is Adherium growing?

	Current year	Previous year	Grow	Grow %
How rich?	$7.8m	$5.4m	$53k	1.0%

How much money is Adherium making?

	Current year	Previous year	Grow	Grow %
Making money	-$2.9m	-$2.6m	-$307.6k	?
Net Profit Margin	-730.9%	-367.7%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Adherium (5 min.)

4. Comparing to competitors in the Medical Devices industry (5 min.)

Industry Rankings (Medical Devices)

Richest
#323 / 385

Most Revenue
#313 / 385

Most Profit
#271 / 385

Most Efficient
#351 / 385

Fundamentals of Adherium

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of Adherium Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Adherium earns for each $1 of revenue.

Above 10% is considered healthy but always compare Adherium to the Medical Devices industry mean.
A Net Profit Margin of -335.7% means that $-3.36 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Adherium Ltd:

The MRQ is -335.7%. The company is making a huge loss. -2
The TTM is -730.9%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-335.7%	TTM	-730.9%	+395.2%
TTM	-730.9%	YOY	-367.7%	-363.2%
TTM	-730.9%	5Y	-626.1%	-104.8%
5Y	-626.1%	10Y	-532.4%	-93.6%

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	-335.7%	-19.6%	-316.1%
TTM	-730.9%	-20.3%	-710.6%
YOY	-367.7%	-18.3%	-349.4%
5Y	-626.1%	-26.3%	-599.8%
10Y	-532.4%	-27.0%	-505.4%

Measures how much net profit Adherium earns for each $1 of revenue.

Revenue is the amount of profit Adherium generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Adherium earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Adherium to the Medical Devices industry mean.
Can be used to compare companies within the Medical Devices industry.

You typically want a high profit margin. This means that for each $1 in sales, Adherium makes more profit. This shows the investor how efficiently Adherium is operating in general and compared to other companies in the same industry. Adherium operates in the Medical Devices industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Adherium. If profit margins remain low (compared to the Medical Devices industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Adherium is -3.36. This means that Adherium earned $-3.36 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Medical Devices industry is -19.6%.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Adherium with other companies in the same industry (Medical Devices).
Net profit margin should rise over the years.
Can be influenced when Adherium sells assets (profit will increase while costs remain the same).
It won’t show what part of Adherium is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Adherium

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Adherium = -5,828
Total revenue MRQ Adherium = 1,736
$-5,828 / $1,736 = -3.36 or -335.7%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Adherium is using its assets to generate profit.

Above 5% is considered healthy but always compare Adherium to the Medical Devices industry mean.
-37.9% Return on Assets means that Adherium generated $-0.38 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Adherium Ltd:

The MRQ is -37.9%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -47.0%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-37.9%	TTM	-47.0%	+9.1%
TTM	-47.0%	YOY	-37.5%	-9.5%
TTM	-47.0%	5Y	-71.2%	+24.2%
5Y	-71.2%	10Y	-54.3%	-16.8%

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	-37.9%	-5.2%	-32.7%
TTM	-47.0%	-5.2%	-41.8%
YOY	-37.5%	-3.4%	-34.1%
5Y	-71.2%	-6.4%	-64.8%
10Y	-54.3%	-6.9%	-47.4%

Shows how efficient Adherium is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Adherium to the Medical Devices industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Adherium is using its resources to generate profit. If the return on assets (-37.9%) from Adherium are higher than the Medical Devices mean (-5.2%) that means Adherium is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Adherium is -37.9%. This means the company generated $-0.38 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Medical Devices industry is -5.2%.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Adherium

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Adherium = -5,828
Total assets MRQ (balance sheet) from Adherium = 15,370
-5,828 / 15,370 = -0.38 or -37.9%

ROA is an important ratio as it will tell you how effectively Adherium is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Adherium is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Adherium to the Medical Devices industry mean.
-44.8% Return on Equity means Adherium generated $-0.45 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Adherium Ltd:

The MRQ is -44.8%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -70.2%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-44.8%	TTM	-70.2%	+25.4%
TTM	-70.2%	YOY	-52.3%	-17.9%
TTM	-70.2%	5Y	-97.8%	+27.6%
5Y	-97.8%	10Y	-74.0%	-23.8%

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	-44.8%	-5.8%	-39.0%
TTM	-70.2%	-6.7%	-63.5%
YOY	-52.3%	-4.2%	-48.1%
5Y	-97.8%	-7.1%	-90.7%
10Y	-74.0%	-7.5%	-66.5%

Shows how efficient Adherium is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Adherium to the Medical Devices industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Medical Devices industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Adherium is -44.8%. This means Adherium generated $-0.45 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Medical Devices industry is -5.8%.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if Adherium existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Adherium

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Adherium = -5,828
Shareholders equity (balance sheet) MRQ Adherium = 12,995
-5,828 / 12,995 = -0.45 or -44.8%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Adherium Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Adherium is operating .

Measures how much profit Adherium makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Adherium to the Medical Devices industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Adherium Ltd:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-250.8%	+250.8%
TTM	-250.8%	YOY	-140.6%	-110.2%
TTM	-250.8%	5Y	-391.8%	+141.0%
5Y	-391.8%	10Y	-352.0%	-39.7%

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	-	-39.4%	+39.4%
TTM	-250.8%	-18.1%	-232.7%
YOY	-140.6%	-17.0%	-123.6%
5Y	-391.8%	-23.9%	-367.9%
10Y	-352.0%	-29.5%	-322.5%

Measures how efficient Adherium is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Adherium to the Medical Devices industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Adherium is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Adherium is 0.0%. This means that Adherium earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Medical Devices industry is -39.4%.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Adherium

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Adherium = -5,915
Total revenue MRQ Adherium = 1,736
$-5,915 / $1,736 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Adherium is keeping operating costs low.

Below 1 is considered healthy (always compare to Medical Devices industry mean).
An Operation Ratio of 0.41 means that the operating costs are $0.41 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Adherium Ltd:

The MRQ is 0.411. The company is very efficient in keeping operating costs low. +2
The TTM is 0.745. The company is efficient in keeping operating costs low. +1

Trends

Current period		Compared to		+/-
MRQ	0.411	TTM	0.745	-0.335
TTM	0.745	YOY	0.343	+0.402
TTM	0.745	5Y	1.380	-0.635
5Y	1.380	10Y	1.278	+0.103

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	0.411	1.493	-1.082
TTM	0.745	1.520	-0.775
YOY	0.343	1.459	-1.116
5Y	1.380	1.476	-0.096
10Y	1.278	1.400	-0.122

Measures how efficient Adherium is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Adherium to the Medical Devices industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Adherium is 41.1%. This means that Adherium earned $0.41 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Medical Devices industry is 1.49.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Adherium

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(713 +) \ 1,736 = 0.41

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Adherium Ltd.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Adherium is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Medical Devices industry mean).
A Current Ratio of 6.48 means the company has $6.48 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Adherium Ltd:

The MRQ is 6.485. The company is very able to pay all its short-term debts. +2
The TTM is 3.885. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	6.485	TTM	3.885	+2.600
TTM	3.885	YOY	5.103	-1.218
TTM	3.885	5Y	3.038	+0.847
5Y	3.038	10Y	4.018	-0.980

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	6.485	2.958	+3.527
TTM	3.885	3.255	+0.630
YOY	5.103	3.837	+1.266
5Y	3.038	3.525	-0.487
10Y	4.018	3.525	+0.493

Measures if Adherium is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Medical Devices industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Adherium if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Adherium is 6.48. This means Adherium has $6.48 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Medical Devices industry is 2.96.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Adherium

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
15,110 \ 2,330) = 6.48

The current ratio measures if Adherium is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Adherium is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Adherium does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Adherium is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Adherium is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Adherium to the Medical Devices industry mean.
A Quick Ratio of 5.77 means the company can pay off $5.77 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Adherium Ltd:

The MRQ is 5.772. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 2.741. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	5.772	TTM	2.741	+3.031
TTM	2.741	YOY	2.412	+0.329
TTM	2.741	5Y	1.602	+1.139
5Y	1.602	10Y	2.159	-0.557

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	5.772	1.415	+4.357
TTM	2.741	1.773	+0.968
YOY	2.412	2.363	+0.049
5Y	1.602	2.103	-0.501
10Y	2.159	2.116	+0.043

1.4. Solvency of Adherium Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Adherium assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Adherium to Medical Devices industry mean.
A Debt to Asset Ratio of 0.15 means that Adherium assets are financed with 15.5% credit (debt) and the remaining percentage (100% - 15.5%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Adherium Ltd:

The MRQ is 0.155. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.259. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.155	TTM	0.259	-0.105
TTM	0.259	YOY	0.477	-0.218
TTM	0.259	5Y	0.826	-0.567
5Y	0.826	10Y	0.652	+0.174

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	0.155	0.383	-0.228
TTM	0.259	0.364	-0.105
YOY	0.477	0.372	+0.105
5Y	0.826	0.457	+0.369
10Y	0.652	0.482	+0.170

Measures how much % of Adherium assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Adherium than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Adherium to Medical Devices industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Adherium is 0.15. This means means that Adherium is financed with 15.5% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Medical Devices industry is 295.8%.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Adherium has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Adherium

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
2,375 \ 15,370 = 15.5% or 0.15.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Adherium is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Adherium to the Medical Devices industry mean.
A Debt to Equity ratio of 18.3% means that company has $0.18 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Adherium Ltd:

The MRQ is 0.183. The company is very able to pay all its debts with equity. +2
The TTM is 0.381. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.183	TTM	0.381	-0.199
TTM	0.381	YOY	0.728	-0.346
TTM	0.381	5Y	0.915	-0.533
5Y	0.915	10Y	0.861	+0.054

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	0.183	0.523	-0.340
TTM	0.381	0.507	-0.126
YOY	0.728	0.433	+0.295
5Y	0.915	0.648	+0.267
10Y	0.861	0.670	+0.191

Measures if Adherium is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Adherium is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Adherium is 0.18. This means that Adherium can pay off $0.18 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Medical Devices industry is 0.52.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Adherium

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
2,375 \ 12,995 = 0.18 or 18.3%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Adherium Ltd

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Adherium generates.

Above 15 is considered overpriced but always compare Adherium to the Medical Devices industry mean.
A PE ratio of -3.78 means the investor is paying $-3.78 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Adherium Ltd:

The EOD is -2.837. Company is losing money. -2
The MRQ is -3.783. Company is losing money. -2
The TTM is -14.527. Company is losing money. -2

Trends

Current period		Compared to		+/-
EOD	-2.837	MRQ	-3.783	+0.946
MRQ	-3.783	TTM	-14.527	+10.745
TTM	-14.527	YOY	-28.790	+14.262
TTM	-14.527	5Y	-66.690	+52.162
5Y	-66.690	10Y	829.627	-896.316

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
EOD	-2.837	-2.753	-0.084
MRQ	-3.783	-3.896	+0.113
TTM	-14.527	-5.832	-8.695
YOY	-28.790	-7.655	-21.135
5Y	-66.690	-5.670	-61.020
10Y	829.627	-5.556	+835.183

Measures how much money you pay for each share for every $1 in earnings Adherium generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Adherium to the Medical Devices industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Adherium is -3.78. This means the investor is paying $-3.78 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Medical Devices industry is -3.90.
What is the trend?
The trend is important because it shows you how Adherium is performing over time. The most recent quarter might be important if Adherium released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Adherium up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Adherium

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
-5,828 \ 4,979,438 = EPS
PE ratio MRQ = -3.78

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Adherium.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Adherium Ltd:

The MRQ is 11.184. Seems overpriced? -1
The TTM is -9.422. Very Bad. -2

Trends

Current period		Compared to		+/-
MRQ	11.184	TTM	-9.422	+20.606
TTM	-9.422	YOY	-25.885	+16.463
TTM	-9.422	5Y	-52.634	+43.212
5Y	-52.634	10Y	411.830	-464.464

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
MRQ	11.184	0.068	+11.116
TTM	-9.422	-2.270	-7.152
YOY	-25.885	-1.296	-24.589
5Y	-52.634	0.612	-53.246
10Y	411.830	3.933	+407.897

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Adherium is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Medical Devices industry mean).
A PB ratio of 1.70 means the investor is paying $1.70 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Adherium Ltd:

The EOD is 1.272. Good. +1
The MRQ is 1.696. Good. +1
The TTM is 5.507. Seems overpriced? -1

Trends

Current period		Compared to		+/-
EOD	1.272	MRQ	1.696	-0.424
MRQ	1.696	TTM	5.507	-3.811
TTM	5.507	YOY	-6.867	+12.374
TTM	5.507	5Y	29.200	-23.693
5Y	29.200	10Y	31.224	-2.024

Compared to industry (Medical Devices)

Period	Company	Industry (mean)	+/-
EOD	1.272	2.430	-1.158
MRQ	1.696	2.611	-0.915
TTM	5.507	2.716	+2.791
YOY	-6.867	4.645	-11.512
5Y	29.200	4.179	+25.021
10Y	31.224	4.396	+26.828

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Adherium Ltd.

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Adherium Ltd compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.002	0.000	+803%	0.001	+187%	0.000	+103%	0.000	+1627%
Book Value Growth	-	-	2.978	1.470	+103%	3.027	-2%	1.153	+158%	2.252	+32%
Book Value Per Share	-	-	0.002	0.002	+42%	0.002	+43%	0.001	+164%	0.002	+44%
Book Value Per Share Growth	-	-	2.978	1.470	+103%	3.027	-2%	1.153	+158%	2.252	+32%
Current Ratio	-	-	6.485	3.885	+67%	5.103	+27%	3.038	+113%	4.018	+61%
Debt To Asset Ratio	-	-	0.155	0.259	-40%	0.477	-68%	0.826	-81%	0.652	-76%
Debt To Equity Ratio	-	-	0.183	0.381	-52%	0.728	-75%	0.915	-80%	0.861	-79%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	-0.001	-0.001	-38%	-0.001	-51%	-0.001	-40%	-0.001	-46%
Eps Growth	-	-	-0.338	0.559	-161%	1.116	-130%	0.844	-140%	-0.384	+14%
Free Cash Flow Per Share	-	-	-0.001	-0.001	-34%	0.000	-54%	0.000	-50%	0.000	-52%
Free Cash Flow Per Share Growth	-	-	-0.027	0.598	-105%	1.057	-103%	0.915	-103%	0.431	-106%
Free Cash Flow To Equity Per Share	-	-	0.001	0.000	+928%	0.000	+321%	0.000	+127%	0.000	+131%
Free Cash Flow To Equity Per Share Growth	-	-	4.824	2.215	+118%	3.528	+37%	0.565	+755%	0.608	+693%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.115	-10%	1.090	-8%
Intrinsic Value_10Y_max	-	-	0.189	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	0.024	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.001	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.002	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	0.017	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-0.002	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	0.049	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	0.002	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	-3.357	-7.309	+118%	-3.677	+10%	-6.261	+86%	-5.324	+59%
Operating Margin	-	-	-	-2.508	0%	-1.406	0%	-3.918	0%	-3.520	0%
Operating Ratio	-	-	0.411	0.745	-45%	0.343	+20%	1.380	-70%	1.278	-68%
Pb Ratio	1.272	-33%	1.696	5.507	-69%	-6.867	+505%	29.200	-94%	31.224	-95%
Pe Ratio	-2.837	+25%	-3.783	-14.527	+284%	-28.790	+661%	-66.690	+1663%	829.627	-100%
Peg Ratio	-	-	11.184	-9.422	+184%	-25.885	+331%	-52.634	+571%	411.830	-97%
Price Per Share	0.003	-33%	0.004	0.007	-45%	0.015	-73%	0.036	-89%	0.070	-94%
Price To Total Gains Ratio	1.916	-33%	2.554	-2.069	+181%	-4.820	+289%	-35.355	+1484%	-41.997	+1744%
Profit Growth	-	-	1.055	0.696	+51%	0.808	+31%	0.776	+36%	-0.162	+115%
Quick Ratio	-	-	5.772	2.741	+111%	2.412	+139%	1.602	+260%	2.159	+167%
Return On Assets	-	-	-0.379	-0.470	+24%	-0.375	-1%	-0.712	+88%	-0.543	+43%
Return On Equity	-	-	-0.448	-0.702	+57%	-0.523	+17%	-0.978	+118%	-0.740	+65%
Revenue Growth	-	-	5.229	2.614	+100%	-	+100%	1.015	+415%	1.093	+378%
Total Gains Per Share	-	-	0.002	0.000	+803%	0.001	+187%	0.000	+103%	0.000	+1627%
Total Gains Per Share Growth	-	-	3.497	2.749	+27%	1.000	+250%	1.722	+103%	3.721	-6%
Usd Book Value	-	-	7838076.935	5526563.006	+42%	5473535.103	+43%	2965266.359	+164%	5459836.389	+44%
Usd Book Value Change Per Share	-	-	0.001	0.000	+803%	0.000	+187%	0.000	+103%	0.000	+1627%
Usd Book Value Per Share	-	-	0.002	0.001	+42%	0.001	+43%	0.001	+164%	0.001	+44%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	-0.001	0.000	-38%	0.000	-51%	0.000	-40%	0.000	-46%
Usd Free Cash Flow	-	-	-3272751.477	-2167358.455	-34%	-1514235.640	-54%	-1632915.499	-50%	-1562157.870	-52%
Usd Free Cash Flow Per Share	-	-	-0.001	0.000	-34%	0.000	-54%	0.000	-50%	0.000	-52%
Usd Free Cash Flow To Equity Per Share	-	-	0.001	0.000	+928%	0.000	+321%	0.000	+127%	0.000	+131%
Usd Price Per Share	0.002	-33%	0.003	0.005	-45%	0.010	-73%	0.024	-89%	0.047	-94%
Usd Profit	-	-	-3515222.191	-2912362.792	-17%	-2604750.692	-26%	-2279758.033	-35%	-1997512.761	-43%
Usd Revenue	-	-	1047087.461	415778.969	+152%	356618.929	+194%	416569.956	+151%	443839.487	+136%
Usd Total Gains Per Share	-	-	0.001	0.000	+803%	0.000	+187%	0.000	+103%	0.000	+1627%
	EOD	+2 -3	MRQ	TTM	+27 -11	YOY	+22 -16	5Y	+27 -12	10Y	+29 -10

4.2. Fundamental Score

Let's check the fundamental score of Adherium Ltd based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-2.837
Price to Book Ratio (EOD)	Between	0-1	1.272
Net Profit Margin (MRQ)	Greater than	0	-3.357
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	5.772
Current Ratio (MRQ)	Greater than	1	6.485
Debt to Asset Ratio (MRQ)	Less than	1	0.155
Debt to Equity Ratio (MRQ)	Less than	1	0.183
Return on Equity (MRQ)	Greater than	0.15	-0.448
Return on Assets (MRQ)	Greater than	0.05	-0.379
Total			4/10 (40.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of Adherium Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	0.003
Total			0/1 (0.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2022-12-31. Currency in NZD. All numbers in thousands.

Summary

Total Assets	15,370
Total Liabilities	2,375
Total Stockholder Equity	12,995

	As reported
Total Liabilities	2,375
Total Stockholder Equity	+ 12,995
Total Assets	= 15,370

Assets

Total Assets	15,370
Total Current Assets	15,110
Long-term Assets	15,110

Total Current Assets

Total Current Assets (as reported)	15,110
Net Receivables	612
Inventory	1,111
Total Current Assets (calculated)	1,723
+/-	13,387

Long-term Assets

Long-term Assets (as reported)	0
Property Plant Equipment	193
Intangible Assets	67
Long-term Assets (calculated)	260
+/-	260

Liabilities & Shareholders' Equity

Total Current Liabilities	2,330
Long-term Liabilities	-
Total Stockholder Equity	12,995

Total Current Liabilities

Total Current Liabilities (as reported)	2,330
Total Current Liabilities (calculated)	0
+/-	2,330

Long-term Liabilities

Long-term Liabilities (as reported)	0
Long term Debt Total	45
Long-term Liabilities (calculated)	45
+/-	45

Total Stockholder Equity

Total Stockholder Equity (as reported)	12,995
Common Stock	123,533
Retained Earnings	-110,538
Total Stockholder Equity (calculated)	12,995
+/-	0

Other

Cash And Equivalents	12,836
Cash and Short Term Investments	12,836
Common Stock Shares Outstanding	4,979,438
Liabilities and Stockholders Equity	15,370

Balance Sheet

Currency in NZD. All numbers in thousands.

Trend

2022-12-31

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-03-31

2013-03-31

2012-03-31

> Total Assets

198
4,515
2,981
0
5,616
0
0
32,056
28,955
32,050
32,050
25,091
25,091
18,769
18,769
15,321
15,321
5,946
5,946
2,244
2,244
1,951
1,951
0
6,718
0
5,572
0
17,039
0
12,914
0
7,360
15,370

15,370

7,360

12,914

17,039

5,572

6,718

1,951

2,244

5,946

15,321

18,769

25,091

32,050

28,955

32,056

5,616

2,981

4,515

198

> Total Current Assets

0
0
0
0
0
0
0
0
0
255
255
24,409
24,409
18,128
18,128
14,540
14,540
5,350
5,350
1,772
1,772
1,640
1,640
6,478
6,478
5,396
5,396
16,909
16,909
12,745
12,745
8,219
7,046
15,110

15,110

7,046

8,219

12,745

16,909

5,396

6,478

1,640

1,772

5,350

14,540

18,128

24,409

255

Cash And Cash Equivalents

0
0
0
0
0
0
0
0
0
170
170
22,779
22,779
14,935
14,935
12,118
12,118
4,093
4,093
763
763
378
378
0
4,584
0
3,460
0
15,178
0
10,651
0
5,283
0

5,283

10,651

15,178

3,460

4,584

378

763

4,093

12,118

14,935

22,779

170

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
427
427
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

427

Net Receivables

144
65
591
0
334
0
0
454
948
1,023
1,023
787
826
2,422
2,422
1,164
1,205
475
475
393
436
335
335
604
624
415
415
547
567
558
558
1,537
420
612

612

420

1,537

558

567

547

415

624

604

335

436

393

475

1,205

1,164

2,422

826

787

1,023

948

454

334

591

144

Other Current Assets

8
8
10
0
489
0
0
110
49
217
217
117
78
201
201
41
281
0
0
43
156
0
0
20
150
0
0
20
202
0
0
56
272
0

272

202

150

156

281

201

117

217

110

489

> Long-term Assets

0
0
0
0
0
0
0
0
0
0
0
0
682
0
0
0
781
0
0
0
472
0
0
0
240
0
0
0
130
0
0
0
314
0

314

130

240

472

781

682

Property Plant Equipment

3
61
173
0
166
0
0
244
298
508
508
417
417
423
423
515
515
431
431
380
380
270
270
235
235
172
172
127
127
167
167
313
313
193

193

313

167

127

172

235

270

380

431

515

423

417

508

298

244

166

173

Intangible Assets

23
0
0
0
0
0
0
0
31
49
49
265
265
218
218
266
266
165
165
92
92
41
41
0
5
0
4
0
3
0
2
0
1
67

165

266

218

265

Long-term Assets Other

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
472
0
0
0
0
0
0
0
0
0
0
0
0
0

472

> Total Liabilities

104
153
667
0
4,599
0
0
975
1,498
1,665
1,665
2,386
2,386
1,395
1,395
2,511
2,511
1,898
1,898
1,414
1,414
5,492
5,492
0
3,334
0
7,472
0
3,004
0
2,785
0
2,996
2,375

2,375

2,996

2,785

3,004

7,472

3,334

5,492

1,414

1,898

2,511

1,395

2,386

1,665

1,498

975

4,599

667

153

104

> Total Current Liabilities

80
154
667
0
4,599
0
0
975
1,498
1,665
1,665
2,386
2,386
1,395
1,395
2,511
2,511
1,898
1,898
1,414
1,414
5,492
5,492
3,334
3,334
7,472
7,472
3,004
3,004
2,785
2,785
2,953
2,953
2,330

2,330

2,953

2,785

3,004

7,472

3,334

5,492

1,414

1,898

2,511

1,395

2,386

1,665

1,498

975

4,599

667

154

Short-term Debt

0
0
0
0
0
0
0
0
0
3,390
3,390
2,096
2,096
0
0
0
427
0
0
0
0
0
3,876
0
0
0
3,286
0
0
0
0
0
42
0

3,286

3,876

427

2,096

3,390

Short Long Term Debt

0
0
0
0
0
0
0
0
0
3,390
3,390
2,096
2,096
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,096

3,390

Accounts payable

70
131
217
0
1,223
0
0
724
591
1,626
1,626
1,020
1,020
1,359
1,359
877
877
1,823
1,823
914
914
1,537
1,537
1,003
1,003
3,497
3,497
701
701
1,858
1,858
335
1,697
0

1,697

335

1,858

701

3,497

1,003

1,537

914

1,823

877

1,359

1,020

1,626

591

724

1,223

217

131

Other Current Liabilities

10
23
450
0
1,875
0
0
251
907
39
39
1,366
1,362
36
36
1,634
1,634
75
75
39
461
79
79
688
1,643
689
689
685
1,618
927
927
1,214
1,214
0

1,214

927

1,618

685

689

1,643

688

461

1,634

1,362

1,366

907

251

1,875

450

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
43
0

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
43
45

> Total Stockholder Equity

95
4,361
2,314
0
1,017
0
0
31,081
27,457
30,385
30,385
22,705
22,705
17,374
17,374
12,810
12,810
4,048
4,048
830
830
-3,541
-3,541
0
3,384
0
-1,900
0
14,035
0
10,129
0
4,364
12,995

12,995

4,364

10,129

14,035

-1,900

3,384

-3,541

830

4,048

12,810

17,374

22,705

30,385

27,457

31,081

1,017

2,314

4,361

Retained Earnings

-110,538

-84,609

-83,429

-78,444

-73,385

-66,928

-58,349

-51,433

-46,952

-70,199

-43,805

-35,158

-56,904

-30,798

-25,820

-128,865

Accumulated Other Comprehensive Income

-21,550

-22,752

-25,949

-26,567

-26,381

-25,753

Capital Surplus

Treasury Stock

Balance Sheet

Currency in NZD. All numbers in thousands.

	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2014-03-31	2013-06-30	2012-06-30
Accounts Payable	1,697	701	1,003	1,375	877	1,020	591	520	476	217	130	70
Accumulated Other Comprehensive Income	-21,550	-22,752	-25,949	-26,567	-26,381	-25,753	-	-32,009	-	-	-	-
Capital Lease Obligations	85	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	110,523	110,172	87,682	74,349	-	-	-	-	-	-	-	-
Cash	5,283	15,178	4,584	763	12,118	22,779	27,211	35,482	772	2,015	4,338	-
Cash And Equivalents	5,283	15,016	4,584	763	12,118	22,779	-	-	-	-	-	-
Cash And Short Term Investments	5,283	15,178	4,584	763	12,545	22,779	27,211	35,482	-	-	-	-
Common Stock	110,523	110,172	87,682	74,349	74,349	74,278	66,720	67,229	140,106	6,512	6,389	1,943
Common Stock Shares Outstanding	2,173,919	900,972	316,011	173,896	173,440	169,431	-	105,916	-	-	-	-
Common Stock Total Equity	-	-	87,682	74,349	74,349	74,278	-	67,229	-	-	-	-
Current Deferred Revenue	1,214	685	688	39	-	-	-	-	-	-	-	-
Deferred Long Term Liab	-	-	-	-	-	-	-	190	-	-	-	-
Intangible Assets	1	3	5	92	266	265	31	190	-	-	-	23
Inventory	1,071	962	1,120	417	509	726	418	969	-	191	42	15
Liabilities And Stockholders Equity	7,360	17,039	6,718	2,244	15,321	25,091	-	37,153	-	-	-	-
Long Term Debt	-	-	-	0	-	1,706	-	-	2,543	-	-	24
Long Term Debt Total	43	0	0	0	0	0	-	-	-	-	-	-
Net Debt	-5,198	-15,178	-4,584	-763	-12,118	-22,779	-	-35,482	-	-	-	-
Net Invested Capital	4,364	14,035	3,384	830	12,810	22,705	-	-	-	-	-	-
Net Receivables	420	567	624	436	1,205	826	948	346	44	591	65	145
Net Tangible Assets	4,363	14,032	3,379	738	12,544	22,440	27,426	15,878	17,189	2,314	-	-
Net Working Capital	4,093	13,905	3,144	358	12,029	22,023	-	-	-	-	-	-
Non Current Assets Total	314	130	240	472	781	682	-	356	-	-	-	-
Non Current Liabilities Total	43	1,386	1,691	1,414	0	0	-	-	-	-	-	-
Non Currrent Assets Other	-	-	-	472	781	682	-	-	-	-	-	-
Other Assets	-	-	-	-	-	-	-	190	-	-	-	6
Other Current Assets	272	202	150	156	281	78	49	477	27	10	8	8
Other Current Liab	1,214	1,618	1,643	461	1,634	1,362	104	106	138	450	23	10
Other Stockholder Equity	-21,550	-22,752	-25,949	-26,567	-26,381	-25,753	-29,959	-555	-563	452	-	-
Property Plant And Equipment Gross	-	-	235	380	515	417	-	166	-	-	-	-
Property Plant And Equipment Net	313	127	235	380	515	417	-	166	-	-	-	-
Property Plant Equipment	313	127	235	380	515	417	298	166	19,503	173	61	3
Retained Earnings	-84,609	-73,385	-58,349	-46,952	-35,158	-25,820	-39,263	-692	-122,354	-4,650	-	-
Short Long Term Debt	-	-	-	-	-	2,096	3,494	3,254	2,543	-	-	-
Short Long Term Debt Total	85	-	-	-	-	-	-	-	-	-	-	-
Short Term Debt	42	0	0	0	427	2,096	3,494	1,501	2,543	-	-	-
Short Term Investments	-	-	-	0	427	-	-	-	-	-	-	-
Total Assets	7,360	17,039	6,718	2,244	15,321	25,091	28,955	37,153	20,346	2,981	4,515	198
Total Current Assets	7,046	16,909	6,478	1,772	14,540	24,409	28,626	36,797	843	2,808	-	-
Total Current Liabilities	2,953	3,004	3,334	1,414	2,511	2,386	1,498	2,625	614	667	153	80
Total Liab	2,996	3,004	3,334	1,414	2,511	2,386	1,498	2,625	3,157	667	153	104
Total Stockholder Equity	4,364	14,035	3,384	830	12,810	22,705	27,457	34,528	17,189	2,314	4,361	95

	2022-12-31	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-03-31	2013-03-31	2012-03-31
Accounts Payable	-	1,697	335	1,858	1,858	701	701	3,497	3,497	1,003	1,003	1,537	1,537	914	914	1,823	1,823	877	877	1,359	1,359	1,020	1,020	1,626	1,626	591	724	-	-	1,223	-	217	131	70
Accumulated Other Comprehensive Income	-	-21,550	-	-	-	-22,752	-	-	-	-25,949	-	-	-	-26,567	-	-	-	-26,381	-	-	-	-25,753	-	-	-	-	-	-	-	-	-	-	-	-
Capital Lease Obligations	-	85	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	-	110,523	-	-	-	110,172	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	-	5,283	-	10,651	-	15,178	-	3,460	-	4,584	-	378	378	763	763	4,093	4,093	12,118	12,118	14,935	14,935	22,779	22,779	170	170	-	-	-	-	-	-	-	-	-
Cash And Equivalents	12,836	5,283	-	10,651	-	15,178	-	3,460	-	4,584	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash And Short Term Investments	12,836	5,283	-	10,651	-	15,178	-	3,460	-	4,584	-	378	-	763	-	4,093	-	12,545	-	14,935	-	22,779	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock	123,533	110,523	110,523	110,423	110,423	110,172	110,172	88,726	88,726	87,682	87,682	74,510	74,510	74,349	74,349	74,349	74,349	74,349	74,349	74,278	74,278	74,278	74,278	74,232	74,232	70,426	70,299	-	-	5,261	-	6,512	6,389	1,943
Common Stock Shares Outstanding	4,979,438	2,208,251	-	2,200,796	-	2,125,733	-	857,900	173,896	173,896	173,896	173,896	-	173,896	173,896	173,896	-	173,440	173,440	173,440	82,967	169,431	169,431	169,431	-	-	-	105,916	105,916	105,916	105,916	-	-	-
Common Stock Total Equity	-	-	-	-	-	-	-	-	-	87,682	-	-	-	74,349	-	-	-	74,349	-	-	-	74,278	-	-	-	-	-	-	-	-	-	-	-	-
Current Deferred Revenue	-	1,214	-	-	-	685	-	-	-	688	-	-	-	39	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Intangible Assets	67	1	-	2	-	3	-	4	-	5	-	41	41	92	92	165	165	266	266	218	218	265	265	49	49	31	-	-	-	-	-	-	-	23
Inventory	1,111	1,071	1,071	1,000	1,000	962	962	1,094	1,094	1,120	1,120	566	566	417	417	406	406	509	509	570	570	726	726	730	730	418	355	-	-	969	-	191	42	15
Liabilities And Stockholders Equity	15,370	7,360	-	12,914	-	17,039	-	5,572	-	6,718	-	-	-	2,244	-	-	-	15,321	-	-	-	25,091	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,706	1,706	3,390	3,390	-	-	-	-	-	-	-	-	24
Long Term Debt Total	45	43	-	0	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	-	-5,198	-	-	-	-15,178	-	-	-	-4,584	-	-	-	-763	-	-	-	-12,118	-	-	-	-22,779	-	-	-	-	-	-	-	-	-	-	-	-
Net Invested Capital	-	4,364	-	-	-	14,035	-	-	-	3,384	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	612	420	1,537	558	558	567	547	415	415	624	604	335	335	436	393	475	475	1,205	1,164	2,422	2,422	826	787	1,023	1,023	948	454	-	-	334	-	591	65	144
Net Tangible Assets	-	4,363	5,536	10,127	10,127	14,032	14,032	-1,904	-1,904	3,379	3,379	-3,582	-3,582	738	738	3,883	3,883	12,544	12,544	17,156	17,156	22,440	22,440	16,013	16,013	-	-	-	-	-	-	-	-	-
Net Working Capital	-	4,093	-	-	-	13,905	-	-	-	3,144	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	-	314	-	-	-	130	-	-	-	240	-	-	-	472	-	-	-	781	-	-	-	682	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	-	43	-	-	-	0	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	-	-	-	-	-	-	-	-	-	-	-	-	-	472	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	266	266	218	218	265	265	49	49	31	113	-	-	190	-	-	-	29
Other Current Assets	-	272	56	-	-	202	20	-	-	150	20	-	-	156	43	-	-	281	41	201	201	78	117	217	217	49	110	-	-	489	-	10	8	8
Other Current Liab	-	1,214	1,214	927	927	1,618	685	689	689	1,643	688	79	79	461	39	75	75	1,634	1,634	36	36	1,362	1,366	39	39	907	251	-	-	1,875	-	450	23	10
Other Stockholder Equity	-	-21,550	-21,557	-21,850	-21,850	-22,752	-22,752	-23,698	-23,698	-25,949	-25,949	-26,618	-26,618	-42	-26,567	-102	-26,496	-26,381	-26,381	-26,106	-26,106	-25,753	-25,753	-771	-771	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Gross	-	-	-	-	-	-	-	-	-	235	-	-	-	380	-	-	-	515	-	-	-	417	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Net	-	313	-	-	-	127	-	-	-	235	-	-	-	380	-	-	-	515	-	-	-	417	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	193	313	313	167	167	127	127	172	172	235	235	270	270	380	380	431	431	515	515	423	423	417	417	508	508	298	244	-	-	166	-	173	61	3
Retained Earnings	-110,538	-84,609	-83,429	-78,444	-78,444	-73,385	-73,385	-66,928	-66,928	-58,349	-58,349	-51,433	-51,433	-46,952	-46,952	-70,199	-43,805	-35,158	-35,158	-56,904	-30,798	-25,820	-25,820	-128,865	-128,865	-	-	-	-	-	-	-	-	-
Short Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,096	2,096	3,390	3,390	-	-	-	-	-	-	-	-	-
Short Long Term Debt Total	-	85	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Term Debt	0	42	-	0	-	0	-	3,286	-	0	-	3,876	-	-	-	-	-	427	-	-	-	2,096	2,096	3,390	3,390	-	-	-	-	-	-	-	-	-
Short Term Investments	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	427	427	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Assets	15,370	7,360	-	12,914	-	17,039	-	5,572	-	6,718	-	1,951	1,951	2,244	2,244	5,946	5,946	15,321	15,321	18,769	18,769	25,091	25,091	32,050	32,050	28,955	32,056	-	-	5,616	-	2,981	4,515	198
Total Current Assets	15,110	7,046	8,219	12,745	12,745	16,909	16,909	5,396	5,396	6,478	6,478	1,640	1,640	1,772	1,772	5,350	5,350	14,540	14,540	18,128	18,128	24,409	24,409	255	255	-	-	-	-	-	-	-	-	-
Total Current Liabilities	2,330	2,953	2,953	2,785	2,785	3,004	3,004	7,472	7,472	3,334	3,334	5,492	5,492	1,414	1,414	1,898	1,898	2,511	2,511	1,395	1,395	2,386	2,386	1,665	1,665	1,498	975	-	-	4,599	-	667	154	80
Total Liab	2,375	2,996	-	2,785	-	3,004	-	7,472	-	3,334	-	5,492	5,492	1,414	1,414	1,898	1,898	2,511	2,511	1,395	1,395	2,386	2,386	1,665	1,665	1,498	975	-	-	4,599	-	667	153	104
Total Stockholder Equity	12,995	4,364	-	10,129	-	14,035	-	-1,900	-	3,384	-	-3,541	-3,541	830	830	4,048	4,048	12,810	12,810	17,374	17,374	22,705	22,705	30,385	30,385	27,457	31,081	-	-	1,017	-	2,314	4,361	95

Cash Flow

Currency in NZD. All numbers in thousands.

	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2014-03-31	2013-06-30
Begin Period Cash Flow	15,178	4,584	763	12,118	22,779	27,211	-	-	-	-	-
Capital Expenditures	279	29	138	325	494	564	440	251	313	143	69
Change In Cash	-9,895	10,594	3,821	-11,355	-10,661	-4,432	23,743	1,575	-1,428	-2,323	-
Change In Working Capital	-3,897	-4,513	-2,721	-7,471	-7,715	-5,732	-2,724	-	-	-	-
Change To Account Receivables	-5	-1	-178	952	-582	80	-504	-43	70	-550	64
Change To Inventory	-144	150	-720	114	185	-303	418	-753	-	-149	-
Change To Liabilities	52	-268	1,861	-1,164	247	778	-647	-103	549	531	-
Change To Netincome	1,528	3,218	702	-328	-646	404	364	538	-89	186	-
Change To Operating Activities	-	-	-	-	-	-72	-72	-72	-72	-	-
Depreciation	181	145	335	413	310	234	122	614	30	31	-
End Period Cash Flow	5,283	15,178	4,584	763	12,118	22,779	27,211	-	-	-	-
Free Cash Flow	-279	-29	-138	-325	-10,318	-12,145	-	-	-	-	-
Investments	-279	-29	-138	436	-408	-408	-408	-408	-	-	-
Issuance Of Capital Stock	-	19,872	8,520	-	-	-	-	-	-	-	-
Net Borrowings	-	3,000	2,926	2,926	2,926	2,926	701	701	1,076	1,854	-
Net Income	-11,224	-15,036	-11,397	-11,794	-9,338	-12,810	-6,308	-4,450	-3,145	-2,358	-
Other Cashflows From Financing Activities	-279	3,000	2,926	111	-9,824	-11,581	-3,471	-237	-264	-2	-
Other Cashflows From Investing Activities	-	-	0	436	-408	10	40	40	40	-	-
Other Non Cash Items	-	14,891	11,062	11,381	9,028	12,810	-	-	-	-	-
Sale Purchase Of Stock	0	-968	-105	0	71	-511	35,426	24	277	125	-
Total Cash From Financing Activities	0	21,904	11,341	11,341	71	7,558	31,912	1,622	1,353	124	4,422
Total Cash From Operating Activities	-9,610	-11,273	-7,317	-11,807	-9,824	-11,581	-7,913	23	-2,501	-2,310	-
Total Cashflows From Investing Activities	-279	-29	-138	111	-902	-564	-440	-251	-313	-143	-

	2022-12-31	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2015-12-31	2015-03-31	2014-12-31	2014-03-31	2013-03-31
Begin Period Cash Flow	-	-	-	-	-	-	-	1,146	191	191	191	191	191	3,030	3,030	3,030	3,030	5,695	5,695	5,695	5,695	6,803	6,803	6,803	-	-	-	-	-	-	-
Capital Expenditures	33	95	95	45	45	13	13	2	35	35	35	35	36	81	81	81	118	124	124	124	59	141	141	141	115	238	177	82	53	143	69
Change In Cash	7,553	-2,684	-2,684	-2,264	-2,264	5,859	5,859	-562	955	955	955	955	-193	-2,839	-2,839	-2,839	-4,013	-2,665	-2,665	-2,665	-3,922	-1,108	-1,108	-1,108	-37	-	-	-	-	-	-
Change In Working Capital	-2,181	-3,897	-	-3,100	-	-4,513	-	-1,977	-	-2,721	-	-1,169	-	-7,471	-	-5,441	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Account Receivables	-	-593	-593	-593	-593	-1	-1	-1	-1	-89	-89	-	-	476	476	476	476	-291	-291	-291	-291	80	40	14	14	-	-	-	-	-	64
Change To Inventory	-	-72	-72	-72	-72	75	75	75	75	-360	-360	-	-	57	57	57	57	93	93	93	93	-152	-152	-	-	418	-	-	-	-	-
Change To Liabilities	-	25	25	0	0	-134	-134	0	0	931	931	0	0	-582	-582	0	0	124	124	0	0	389	389	0	0	-	-	-	-	-	-
Change To Netincome	-	458	458	307	307	216	216	1,394	1,394	-313	-313	664	664	-122	-122	-43	-43	1,006	1,006	-1,329	-1,329	333	333	-373	-373	-	-	-	-	-	-
Change To Operating Activities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-36	-36	-36	-36	-	-	-	-	-	-
Depreciation	-	92	92	92	92	71	71	71	73	125	125	-	-	41	41	91	91	41	41	66	66	56	56	6	6	-	-	-	-	-	-
End Period Cash Flow	-	-	-	-	-	-	-	-	1,146	1,146	1,146	1,146	191	191	191	191	3,030	3,030	3,030	3,030	5,695	5,695	5,695	5,695	6,803	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-	-1,864	-1,864	-1,864	-1,864	-	-3,033	-3,033	-3,033	-	-2,580	-2,580	-2,580	-	-3,036	-3,036	-3,036	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	218	218	-204	-204	-204	-204	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	-	-	-	-	-	-	1,500	1,500	1,500	1,500	1,463	1,463	1,463	1,463	-	-	-	-	-	-	273	273	212	212	-	-	-	-	-	-
Net Income	-	-2,493	-2,493	-2,530	-2,530	-3,229	-3,229	-4,290	-2,849	-2,849	-2,849	-2,849	-2,241	-2,949	-2,949	-2,949	-4,324	-2,335	-2,335	-2,335	-2,489	-3,203	-3,203	-3,203	140	-	-	-	-	-	-
Other Cashflows From Financing Activities	-743	0	-	0	-	-388	-388	-97	-3,933	-3,933	-3,933	-3,933	-53	-2,952	-2,952	-2,952	-	-2,474	-2,474	-2,474	-	-4,785	-4,785	-4,785	-	-	-	-	-	-	-
Other Cashflows From Investing Activities	-	-	-	-	-	-	-	-	-	0	-	-	-	436	-	436	-	-408	-	-	-	5	5	5	5	-	-	-	-	-	-
Other Non Cash Items	-	-	-	-	-	-	-	-	2,849	2,849	2,849	2,849	-	2,949	2,949	2,949	-	2,335	2,335	2,335	-	3,203	3,203	3,203	-	-	-	-	-	-	-
Sale Purchase Of Stock	13,730	0	-	0	-	19,872	-	1,872	-26	-26	-26	-26	-	-	-	-	-	71	-	-	-	-128	-128	-128	5	-	-	-	-	-	-
Total Cash From Financing Activities	12,987	0	-	0	-	8,613	8,613	2,340	-1,829	-1,829	-1,829	-1,829	1,463	-2,952	-2,952	-2,952	-	-2,456	-2,456	-2,456	36	-2,895	-2,895	-2,895	3,756	25,530	31,785	1,622	-	124	4,422
Total Cash From Operating Activities	-5,393	-2,582	-2,582	-2,223	-2,223	-2,741	-2,741	-2,896	-2,896	-2,082	-2,082	-1,577	-1,577	-11,807	-1,629	-8,550	-4,275	-9,824	-1,160	-7,505	-3,753	-3,317	-3,317	-227	-227	-	-	23	-	-	-
Total Cashflows From Investing Activities	-33	-95	-95	-45	-45	-13	-13	-2	-2	-33	-33	-36	-36	111	-45	201	101	-902	-354	-195	-98	-153	-153	-28	-28	-	-	-	-	-	-

Income Statement

Currency in NZD. All numbers in thousands.

	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2014-03-31	2013-06-30	2012-06-30
Cost Of Revenue	207	426	814	1,133	1,099	1,186	2,215	1,370	128	320	230	310
Depreciation And Amortization	183	145	335	413	310	-	-	-	-	-	-	-
Ebit	-11,223	-12,800	-8,796	-11,790	-9,338	-13,832	-6,453	-4,114	-2,977	-2,441	-	-
Ebitda	-11,040	-12,655	-8,461	-11,377	-9,028	-13,832	-	-	-	-	-	-
Gross Profit	322	-25	1,404	1,646	4,768	1,161	971	1,537	-128	163	-	-
Income Before Tax	-11,224	-15,036	-11,397	-11,794	-9,338	-12,810	-7,885	-1,255	-3,145	-2,358	-	-
Income Tax Expense	1	2,236	2,601	4	0	0	0	0	0	0	-	-
Interest Expense	1	2,236	2,601	4	0	0	0	0	0	0	0	0
Interest Income	24	2,236	2,601	4	301	613	379	81	-	-	-	-
Net Income	-11,225	-17,272	-13,998	-11,798	-9,338	-12,810	-7,885	-1,255	-3,145	-2,358	-	-
Net Income Applicable To Common Shares	-11,224	-15,036	-11,397	-11,794	-9,338	-12,810	-7,885	-1,255	-3,145	-2,358	-	-
Net Income From Continuing Ops	-11,224	-15,036	-11,397	-11,794	-9,338	-12,810	-6,308	-4,450	-3,145	-2,358	-	-
Net Interest Income	23	-2,213	-2,601	67	301	613	-	-	-	-	-	-
Operating Income	-11,223	-12,800	-8,796	-11,790	-10,452	-13,832	-7,506	-1,174	-2,977	-2,441	-	-
Other Operating Expenses	13,586	13,800	11,364	15,332	16,319	409	232	203	63	163	-	-
Reconciled Depreciation	183	145	335	413	310	-	-	-	-	-	-	-
Research Development	5,877	5,477	3,953	5,120	4,447	4,242	2,170	1,343	-	1,389	354	266
Selling And Marketing Expenses	944	845	1,766	3,028	3,687	3,312	-	-	-	-	-	-
Selling General Administrative	5,363	6,143	3,769	4,345	5,412	6,260	6,054	1,571	2,701	1,377	321	230
Tax Provision	0	0	0	0	0	0	-	-	-	-	-	-
Total Operating Expenses	13,379	13,374	10,550	14,199	15,220	14,993	8,554	4,114	2,977	2,954	-	-
Total Other Income Expense Net	-1	-2,236	-2,601	-4	1,114	-1,022	145	-336	-168	83	-	-
Total Revenue	529	401	2,218	2,779	5,867	2,347	3,186	2,907	0	514	696	704

	2022-12-31	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2015-03-31
Cost Of Revenue	713	606	-	613	-	561	-	629	204	204	204	204	209	283	283	283	246	275	275	275	242	297	297	297	300	90
Ebit	-	-2,498	-2,498	-2,536	-2,536	-2,291	-2,291	-4,152	-4,152	-2,623	-2,623	-1,767	-1,767	-1,553	-1,553	-4,243	-4,243	-2,250	-2,250	-2,570	-2,570	-4,127	-4,127	161	161	-
Ebitda	-	-	-	-	-	-	-	-	-2,199	-2,199	-2,199	-2,199	-	-2,948	-2,948	-2,948	-	-2,536	-2,536	-2,536	-	-3,458	-3,458	-3,458	-	-
Gross Profit	1,023	-274	-	1,211	-	-20	-	-376	351	351	351	351	499	412	412	412	248	1,192	1,192	1,192	1,227	290	290	290	506	418
Income Before Tax	-5,828	-6,165	-	-5,059	-	-6,457	-	-8,579	-2,849	-2,849	-2,849	-2,849	-2,241	-2,949	-2,949	-2,949	-4,324	-2,335	-2,335	-2,335	-2,489	-3,203	-3,203	-3,203	140	-
Income Tax Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	0	-
Interest Expense	-	-	-	-	-	-	-	-	650	650	650	650	756	1	1	1	2	-	-	-	-	54	54	185	185	103
Interest Income	87	11	-	12	-	1,950	-	286	-	1,651	-	950	-	4	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-5,828	-6,165	-	-5,059	-	-6,457	-	-8,579	-2,849	-2,849	-2,849	-2,849	-2,241	-2,949	-2,949	-2,949	-4,324	-2,335	-2,335	-2,335	-2,489	-3,203	-3,203	-3,203	140	-
Net Income Applicable To Common Shares	-5,828	-2,493	-2,493	-2,530	-2,530	-3,229	-3,229	-4,290	-4,290	-3,458	-3,458	-2,241	-2,241	-3,147	-1,574	-8,647	-4,324	-4,360	-2,180	-4,978	-2,489	-4,001	-4,001	140	140	-
Net Income From Continuing Ops	-	-	-	-	-	-	-	-	-	-	-	-2,241	-2,241	-1,574	-1,574	-4,324	-4,324	-2,180	-2,180	-2,489	-2,489	-4,001	-4,001	140	140	-
Operating Income	-5,915	-6,176	-	-5,071	-	-4,507	-	-8,293	-2,203	-2,203	-2,203	-2,203	-1,767	-3,035	-3,035	-3,035	-4,243	-2,536	-2,536	-2,536	-2,570	-3,458	-3,458	-3,458	161	-
Other Operating Expenses	-	590	590	814	814	155	155	31	385	385	385	385	-	32	32	108	108	113	113	139	139	92	92	-	-	-
Research Development	-	-	-	-	-	-	-	-	988	988	988	988	915	1,280	1,280	1,280	1,292	1,112	1,112	1,112	1,102	1,061	1,061	1,061	-	-
Selling And Marketing Expenses	-	-	-	-	-	-	-	-	442	442	442	442	-	757	757	757	-	922	922	922	-	828	828	828	-	-
Selling General Administrative	4,308	3,012	-	3,295	-	2,522	-	4,466	942	942	942	942	1,351	1,086	1,086	1,086	3,306	1,353	1,353	1,353	2,631	1,565	1,565	1,565	2,112	589
Tax Provision	0	0	-	0	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	-	-	-	-	-	-	-	-	182	182	182	182	2,475	323	323	323	4,736	341	341	341	3,901	295	295	295	142	-
Total Other Income Expense Net	-	-	-	-	-	-	-	-	-647	-647	-647	-647	-474	-87	-87	-87	-81	-201	-201	-201	81	-256	-256	-256	-21	-
Total Revenue	1,736	332	-	1,824	-	541	-	253	555	555	555	555	708	695	695	695	493	1,467	1,467	1,467	1,469	587	587	587	806	508

Latest Income Statement (annual, 2022-06-30)

Gross Profit (+$)
totalRevenue	529
Cost of Revenue	-207
Gross Profit	322	322

Operating Income (+$)
Gross Profit	322
Operating Expense	-13,379
Operating Income	-11,223	-13,057

Operating Expense (+$)
Research Development	5,877
Selling General Administrative	5,363
Selling And Marketing Expenses	944
Operating Expense	13,379	12,184

Net Interest Income (+$)
Interest Income	24
Interest Expense	-1
Other Finance Cost	-0
Net Interest Income	23

Pretax Income (+$)
Operating Income	-11,223
Net Interest Income	23
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-11,224	-11,222 EBIT - interestExpense = -11,224 -11,224 -11,224
Interest Expense	1
Earnings Before Interest and Taxes (EBIT)	-11,223	-11,223
Earnings Before Interest and Taxes (EBITDA)	-11,040

After tax Income (+$)
Income Before Tax	-11,224
Tax Provision	-0
Net Income From Continuing Ops	-11,224	-11,224
Net Income	-11,225
Net Income Applicable To Common Shares	-11,224

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	13,586
Total Other Income/Expenses Net	-1	-23

Technicals of Adherium

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Adherium Ltd Daily Moving Averages Chart

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Adherium Ltd:

Adherium Ltd Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Adherium Ltd:

The ADX is .

Adherium Ltd Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The Parabolic SAR is lower than the price. The current trend is up. +2

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is below 50. -1
The RSI is below 30 and oversold. +2

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Adherium Ltd Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is below 50. -1
The Stochastic is below 30 and oversold. +2

Adherium Ltd Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

Adherium Ltd Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

Adherium Ltd Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

3. Volatility Indicators

3.1 Bollinger Bands

Adherium Ltd Daily Bollinger Bands Chart

3.2 Average True Range (ATR)

Adherium Ltd Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

Adherium Ltd Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

Adherium Ltd Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for Adherium Ltd.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-29	MACD	LONG ENTRY	SHORT CLOSE
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE
2023-05-30	STOCH	LONG ENTRY	SHORT CLOSE	20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE
2023-06-01	MACD	SHORT ENTRY	LONG CLOSE

5.2. Technical Score

Let's check the technical score of Adherium Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	0.003
Total			0/1 (0.0%)

Create your own Symbol Scanner

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Adherium Ltd
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