ExamWorks Group Beneish M-Score Historical Data
The historical data trend for ExamWorks Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ExamWorks Group Beneish M-Score Chart
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ExamWorks Group Annual Data
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Dec11 |
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| Beneish M-Score |
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-1.75 |
-2.32 |
-2.62 |
-2.49 |
-2.41 |
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ExamWorks Group Quarterly Data
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Jun11 |
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| Beneish M-Score |
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-2.54 |
-2.50 |
-2.58 |
-2.41 |
-2.43 |
Competitive Comparison of ExamWorks Group's Beneish M-Score
For the Insurance Brokers subindustry, ExamWorks Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ExamWorks Group's Beneish M-Score Distribution in the Insurance Industry
For the Insurance industry and Financial Services sector, ExamWorks Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ExamWorks Group's Beneish M-Score falls into.
ExamWorks Group Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 ExamWorks Group 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 * 1.138 | + | 0.528 * 1.036 | + | 0.404 * 0.9993 | + | 0.892 * 1.0637 | + | 0.115 * 1.0975 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9348 | + | 4.679 * -0.030694 | - | 0.327 * 1.0946 |
| = | -2.43 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (249.062 / 849.754) | / | (205.759 / 798.903) |
| = | 0.293099 | / | 0.257552 |
| | = | 1.138 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (284.724 / 798.903) | / | (292.31 / 849.754) |
| = | 0.356394 | / | 0.343994 |
| | = | 1.036 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (286.053 + 22.264) / 1113.76) | / | (1 - (244.739 + 16.055) / 943.762) |
| = | 0.723175 | / | 0.723666 |
| | = | 0.9993 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 849.754 | / | 798.903 |
| | = | 1.0637 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (60.786 / (60.786 + 16.055)) | / | (57.479 / (57.479 + 22.264)) |
| = | 0.791062 | / | 0.720803 |
| | = | 1.0975 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (171.837 / 849.754) | / | (172.821 / 798.903) |
| = | 0.20222 | / | 0.216323 |
| | = | 0.9348 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((575.937 + 147.959) / 1113.76) | / | ((428.447 + 131.963) / 943.762) |
| = | 0.649957 | / | 0.593804 |
| | = | 1.0946 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (6.827 - -18.619 | - | 59.632) | / | 1113.76 |
| | = | -0.030694 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
ExamWorks Group has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
ExamWorks Group (ExamWorks Group) Business Description
Traded in Other Exchanges
N/A
Address
ExamWorks Group Inc was incorporated as a Delaware corporation on April 27, 2007. The Company is a provider of independent medical examinations, or 'IMEs', peer and bill reviews, and other related services, which include legal support services, administrative support services and medical record retrieval services. It provides these IME services through its medical panel of independently contracted, credentialed physicians and other medical providers. Its geographic segments include the United States, Canada, the United Kingdom and Australia. The Company's clients include property and casualty insurance carriers, law firms, third-party claim administrators, and government agencies that use independent services to confirm the veracity of claims by sick or injured individuals for workers' compensation, automotive, personal injury liability and disability insurance coverage. It helps its clients manage costs and enhance their risk management processes by verifying the validity, nature, cause and extent of claims, identifying fraud and providing fast, efficient and quality IME services. It provides the clients with local presence, expertise and geographic coverage increasingly required. The Company's size and geographic reach give its clients access to its medical panel of physicians and other medical providers and proprietary information technology infrastructure that has been specifically designed to streamline the complex process of coordinating referrals, scheduling appointments, complying with regulations and client reporting. The Company's primary service is to provide IMEs that give its clients authoritative and accurate answers to questions regarding the nature and permanency of medical conditions or personal injury, their cause and appropriate treatment. Additionally, it provides peer and bill reviews, which consist of medical opinions by members of its medical panel without conducting physical exams, and the review of physician and hospital bills to examine medical care rendered and its conformity to accepted standards of care. Its primary competitors include companies and individual physicians in one or more services similar to those offered by the Company on a local or regional basis as well as insurance companies and other organizations which have established an in-house capability of performing such services. As a Company involved in the provision of IME services, it is subject to certain federal, state and local laws and regulations.
Executives
| Fernandez De Castro Jose Miguel |
officer: CFO, Senior EVP and Treasurer |
TURBOCHEF TECHNOLOGIES, INC., SIX CONCOURSE PARKWAY, SUITE 1900, ATLANTA GA 30328 |
| Richard E Perlman |
director, officer: Executive Chairman |
C/O TURBOCHEF TECHNOLOGIES, INC., SUITE 1900, SIX CONCOURSE PARKWAY, ATLANTA GA 30328 |
| James K Price |
director, officer: Chief Executive Officer |
C/O TURBOCHEF TECHNOLOGIES, INC., SUITE 1900, SIX CONCOURSE PARKWAY, ATLANTA GA 30328 |
| J Thomas Presby |
director |
198 KEELER ROAD, BRIDGEWATER CT 06752 |
| William A Shutzer |
director |
C/O TIFFANY & CO LEGAL DEPT, 727 FIFTH AVE, NEW YORK NY 10022 |
| David B Zenoff |
director |
3250 VAN NESS AVENUES, SAN FRANCISCO CA 94109 |
| Peter Graham |
director |
C/O ONE BETTER VENTURES, 1122 OBERLIN ROAD, RALEIGH NC 27605 |
| Joshua W. Lemaire |
officer: VP, Sales & Marketing |
1 PARK PLAZA, SUITE 1000, IRVINE CA 92614 |
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