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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.
Haemonetics Corp has a M-score of -2.89 suggests that the company is not a 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 -2.76.
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 * 0.9492||+||0.528 * 1.0168||+||0.404 * 0.9616||+||0.892 * 0.9818||+||0.115 * 1.0514|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9945||+||4.679 * -0.0756||-||0.327 * 0.965|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $151.1 Mil.|
Revenue was 227.58 + 224.488 + 241.091 + 242.12 = $935.3 Mil.
Gross Profit was 108.114 + 106.278 + 115.441 + 121.629 = $451.5 Mil.
Total Current Assets was $557.0 Mil.
Total Assets was $1,474.5 Mil.
Property, Plant and Equipment(Net PPE) was $312.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $85.1 Mil.
Selling, General & Admin. Expense(SGA) was $354.1 Mil.
Total Current Liabilities was $165.1 Mil.
Long-Term Debt was $428.3 Mil.
Net Income was 7.487 + -3.649 + 10.184 + 16.29 = $30.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 31.242 + 13.738 + 51.471 + 45.291 = $141.7 Mil.
|Accounts Receivable was $162.1 Mil.
Revenue was 235.755 + 219.543 + 249.942 + 247.395 = $952.6 Mil.
Gross Profit was 119.884 + 111.412 + 123.141 + 113.115 = $467.6 Mil.
Total Current Assets was $592.1 Mil.
Total Assets was $1,484.2 Mil.
Property, Plant and Equipment(Net PPE) was $258.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $75.1 Mil.
Selling, General & Admin. Expense(SGA) was $362.7 Mil.
Total Current Liabilities was $198.2 Mil.
Long-Term Debt was $420.7 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)|
|=||(151.055 / 935.279)||/||(162.084 / 952.635)|
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)|
|=||(106.278 / 952.635)||/||(108.114 / 935.279)|
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 - (556.959 + 311.999) / 1474.545)||/||(1 - (592.081 + 258.267) / 1484.246)|
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))|
|=||(75.127 / (75.127 + 258.267))||/||(85.109 / (85.109 + 311.999))|
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)|
|=||(354.139 / 935.279)||/||(362.714 / 952.635)|
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)|
|=||((428.253 + 165.056) / 1474.545)||/||((420.711 + 198.188) / 1484.246)|
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|
|=||(30.312 - 0||-||141.742)||/||1474.545|
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 -2.89 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