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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 -2.58 suggests that the company is not a manipulator.
During the past 12 years, the highest Beneish M-Score of Cardiovascular Systems Inc was 125.72. The lowest was -4.85. And the median was -2.61.
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 * 0.9992||+||0.528 * 0.9978||+||0.404 * 0.5174||+||0.892 * 1.2846||+||0.115 * 1.0572|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0522||+||4.679 * -0.0654||-||0.327 * 0.5387|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $19.5 Mil.|
Revenue was 34.945 + 32.337 + 29.766 + 28.821 = $125.9 Mil.
Gross Profit was 27.196 + 25.024 + 22.902 + 21.892 = $97.0 Mil.
Total Current Assets was $178.4 Mil.
Total Assets was $185.5 Mil.
Property, Plant and Equipment(Net PPE) was $3.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.2 Mil.
Selling, General & Admin. Expense(SGA) was $108.9 Mil.
Total Current Liabilities was $29.1 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -9.712 + -8.658 + -7.292 + -6.841 = $-32.5 Mil.
Non Operating Income was -0.031 + -0.604 + -0.171 + 0.133 = $-0.7 Mil.
Cash Flow from Operations was -5.808 + -6.87 + -5.618 + -1.401 = $-19.7 Mil.
|Accounts Receivable was $15.2 Mil.
Revenue was 26.474 + 25.309 + 23.293 + 22.907 = $98.0 Mil.
Gross Profit was 20.233 + 19.351 + 18.039 + 17.729 = $75.4 Mil.
Total Current Assets was $92.7 Mil.
Total Assets was $99.0 Mil.
Property, Plant and Equipment(Net PPE) was $2.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.0 Mil.
Selling, General & Admin. Expense(SGA) was $80.6 Mil.
Total Current Liabilities was $20.0 Mil.
Long-Term Debt was $8.9 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)|
|=||(19.493 / 125.869)||/||(15.187 / 97.983)|
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)|
|=||(25.024 / 97.983)||/||(27.196 / 125.869)|
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 - (178.379 + 3.42) / 185.489)||/||(1 - (92.693 + 2.532) / 99.033)|
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))|
|=||(0.978 / (0.978 + 2.532))||/||(1.224 / (1.224 + 3.42))|
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)|
|=||(108.894 / 125.869)||/||(80.565 / 97.983)|
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 + 29.065) / 185.489)||/||((8.851 + 19.955) / 99.033)|
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|
|=||(-32.503 - -0.673||-||-19.697)||/||185.489|
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 -2.58 suggests that the company will not 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