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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Cardiovascular Systems Inc has a M-score of -2.06 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Cardiovascular Systems Inc was 126.04. The lowest was -4.85. And the median was -2.47.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Cardiovascular Systems Inc for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 1.0912||+||0.528 * 0.984||+||0.404 * 0.5193||+||0.892 * 1.3428||+||0.115 * 4.0413|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0203||+||4.679 * -0.0544||-||0.327 * 0.5624|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $22.4 Mil.|
Revenue was 41.354 + 39.564 + 34.945 + 32.337 = $148.2 Mil.
Gross Profit was 32.469 + 30.449 + 27.196 + 25.024 = $115.1 Mil.
Total Current Assets was $157.0 Mil.
Total Assets was $182.4 Mil.
Property, Plant and Equipment(Net PPE) was $21.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.5 Mil.
Selling, General & Admin. Expense(SGA) was $126.1 Mil.
Total Current Liabilities was $32.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -8.224 + -9.628 + -9.712 + -8.658 = $-36.2 Mil.
Non Operating Income was -0.018 + 0.039 + -0.031 + -0.604 = $-0.6 Mil.
Cash Flow from Operations was -4.474 + -8.542 + -5.808 + -6.87 = $-25.7 Mil.
|Accounts Receivable was $15.3 Mil.
Revenue was 29.766 + 28.821 + 26.474 + 25.309 = $110.4 Mil.
Gross Profit was 22.902 + 21.892 + 20.233 + 19.351 = $84.4 Mil.
Total Current Assets was $88.0 Mil.
Total Assets was $95.1 Mil.
Property, Plant and Equipment(Net PPE) was $3.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.1 Mil.
Selling, General & Admin. Expense(SGA) was $92.1 Mil.
Total Current Liabilities was $24.0 Mil.
Long-Term Debt was $5.7 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(22.376 / 148.2)||/||(15.271 / 110.37)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(30.449 / 110.37)||/||(32.469 / 148.2)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (157.03 + 21.238) / 182.353)||/||(1 - (87.995 + 3.022) / 95.12)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(1.056 / (1.056 + 3.022))||/||(1.454 / (1.454 + 21.238))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(126.13 / 148.2)||/||(92.066 / 110.37)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((0 + 32.015) / 182.353)||/||((5.742 + 23.954) / 95.12)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-36.222 - -0.614||-||-25.694)||/||182.353|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Cardiovascular Systems Inc has a M-score of -2.06 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Cardiovascular Systems Inc Annual Data
Cardiovascular Systems Inc Quarterly Data