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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 Haemonetics Corp was -2.01. The lowest was -3.56. And the median was -2.77.
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 Haemonetics Corp 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 * 0.9834||+||0.528 * 1.0528||+||0.404 * 0.9711||+||0.892 * 0.9764||+||0.115 * 1.0907|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9733||+||4.679 * -0.0633||-||0.327 * 0.9922|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $143.6 Mil.|
Revenue was 231.827 + 227.58 + 224.488 + 241.091 = $925.0 Mil.
Gross Profit was 111.661 + 108.114 + 106.278 + 115.441 = $441.5 Mil.
Total Current Assets was $549.8 Mil.
Total Assets was $1,474.1 Mil.
Property, Plant and Equipment(Net PPE) was $323.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $86.6 Mil.
Selling, General & Admin. Expense(SGA) was $347.3 Mil.
Total Current Liabilities was $164.3 Mil.
Long-Term Debt was $421.0 Mil.
Net Income was 15.988 + 7.487 + -3.649 + 10.184 = $30.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 26.893 + 31.242 + 13.738 + 51.471 = $123.3 Mil.
|Accounts Receivable was $149.6 Mil.
Revenue was 242.12 + 235.755 + 219.543 + 249.942 = $947.4 Mil.
Gross Profit was 121.629 + 119.884 + 111.412 + 123.141 = $476.1 Mil.
Total Current Assets was $603.3 Mil.
Total Assets was $1,487.9 Mil.
Property, Plant and Equipment(Net PPE) was $260.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $77.8 Mil.
Selling, General & Admin. Expense(SGA) was $365.5 Mil.
Total Current Liabilities was $189.0 Mil.
Long-Term Debt was $406.4 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)|
|=||(143.635 / 924.986)||/||(149.585 / 947.36)|
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)|
|=||(108.114 / 947.36)||/||(111.661 / 924.986)|
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 - (549.831 + 323.491) / 1474.145)||/||(1 - (603.332 + 260.105) / 1487.893)|
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))|
|=||(77.803 / (77.803 + 260.105))||/||(86.568 / (86.568 + 323.491))|
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)|
|=||(347.337 / 924.986)||/||(365.494 / 947.36)|
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)|
|=||((421.006 + 164.34) / 1474.145)||/||((406.418 + 189.008) / 1487.893)|
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|
|=||(30.01 - 0||-||123.344)||/||1474.145|
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.
Haemonetics Corp has a M-score of -2.78 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
Haemonetics Corp Annual Data
Haemonetics Corp Quarterly Data