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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.
During the past 13 years, the highest Beneish M-Score of Cardiovascular Systems Inc was 124.45. The lowest was -3.87. And the median was -2.28.
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 * 0.7643||+||0.528 * 0.9764||+||0.404 * 1.3358||+||0.892 * 0.9815||+||0.115 * 0.6125|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1526||+||4.679 * -0.2282||-||0.327 * 1.429|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $23.1 Mil.|
Revenue was 48.46 + 44.461 + 41.392 + 43.871 = $178.2 Mil.
Gross Profit was 38.606 + 35.736 + 33.321 + 35.1 = $142.8 Mil.
Total Current Assets was $104.9 Mil.
Total Assets was $142.4 Mil.
Property, Plant and Equipment(Net PPE) was $32.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.9 Mil.
Selling, General & Admin. Expense(SGA) was $162.5 Mil.
Total Current Liabilities was $35.5 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -4.884 + -22.716 + -15.163 + -13.261 = $-56.0 Mil.
Non Operating Income was 0.053 + 0 + 0 + 0 = $0.1 Mil.
Cash Flow from Operations was -3.383 + -2.645 + -12.719 + -4.836 = $-23.6 Mil.
|Accounts Receivable was $30.8 Mil.
Revenue was 48.454 + 47.004 + 44.732 + 41.354 = $181.5 Mil.
Gross Profit was 37.581 + 36.588 + 35.386 + 32.469 = $142.0 Mil.
Total Current Assets was $133.9 Mil.
Total Assets was $171.3 Mil.
Property, Plant and Equipment(Net PPE) was $32.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.3 Mil.
Selling, General & Admin. Expense(SGA) was $143.7 Mil.
Total Current Liabilities was $29.9 Mil.
Long-Term Debt was $0.0 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)|
|=||(23.128 / 178.184)||/||(30.83 / 181.544)|
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)|
|=||(142.024 / 181.544)||/||(142.763 / 178.184)|
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 - (104.882 + 32.471) / 142.406)||/||(1 - (133.894 + 32.883) / 171.328)|
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))|
|=||(2.321 / (2.321 + 32.883))||/||(3.917 / (3.917 + 32.471))|
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)|
|=||(162.542 / 178.184)||/||(143.684 / 181.544)|
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 + 35.499) / 142.406)||/||((0 + 29.888) / 171.328)|
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|
|=||(-56.024 - 0.053||-||-23.583)||/||142.406|
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 -3.87 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