CSII has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -4.85. And the median was -2.55.
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 * 0.9246||+||0.528 * 0.9777||+||0.404 * 0.8889||+||0.892 * 1.0666||+||0.115 * 0.7061|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8818||+||4.679 * -0.2286||-||0.327 * 1.1032|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $25.4 Mil.|
Revenue was 50.043 + 49.8 + 48.46 + 44.461 = $192.8 Mil.
Gross Profit was 40.88 + 40.334 + 38.606 + 35.736 = $155.6 Mil.
Total Current Assets was $122.9 Mil.
Total Assets was $158.7 Mil.
Property, Plant and Equipment(Net PPE) was $31.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.7 Mil.
Selling, General & Admin. Expense(SGA) was $150.7 Mil.
Total Current Liabilities was $32.4 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 1.043 + -1.858 + -4.884 + -22.716 = $-28.4 Mil.
Non Operating Income was -0.015 + 0.033 + 0.053 + 0 = $0.1 Mil.
Cash Flow from Operations was 15.898 + -2.076 + -3.383 + -2.645 = $7.8 Mil.
|Accounts Receivable was $25.8 Mil.
Revenue was 41.392 + 43.871 + 48.454 + 47.004 = $180.7 Mil.
Gross Profit was 33.321 + 35.1 + 37.581 + 36.588 = $142.6 Mil.
Total Current Assets was $112.8 Mil.
Total Assets was $151.2 Mil.
Property, Plant and Equipment(Net PPE) was $33.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.4 Mil.
Selling, General & Admin. Expense(SGA) was $160.3 Mil.
Total Current Liabilities was $28.0 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)|
|=||(25.398 / 192.764)||/||(25.752 / 180.721)|
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)|
|=||(142.59 / 180.721)||/||(155.556 / 192.764)|
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 - (122.949 + 31.204) / 158.72)||/||(1 - (112.766 + 33.564) / 151.225)|
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))|
|=||(3.442 / (3.442 + 33.564))||/||(4.734 / (4.734 + 31.204))|
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)|
|=||(150.748 / 192.764)||/||(160.277 / 180.721)|
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 + 32.378) / 158.72)||/||((0 + 27.964) / 151.225)|
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|
|=||(-28.415 - 0.071||-||7.794)||/||158.72|
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 -3.66 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