NuVasive Beneish M-Score Historical Data
The historical data trend for NuVasive'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.
NuVasive Beneish M-Score Chart
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NuVasive Annual Data
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Dec13 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.85 |
-2.95 |
-3.03 |
-2.46 |
-2.67 |
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NuVasive Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
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Sep20 |
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Mar21 |
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Jun23 |
| Beneish M-Score |
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-2.74 |
-2.58 |
-2.67 |
-2.76 |
-2.67 |
Competitive Comparison of NuVasive's Beneish M-Score
For the Medical Devices subindustry, NuVasive'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.
NuVasive's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, NuVasive's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NuVasive's Beneish M-Score falls into.
NuVasive 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 NuVasive 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 * 1.095 | + | 0.528 * 0.9949 | + | 0.404 * 1.0212 | + | 0.892 * 1.0444 | + | 0.115 * 1.0971 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9963 | + | 4.679 * -0.040101 | - | 0.327 * 0.9382 |
| = | -2.50 |
* 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.
| This Year (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $267 Mil.
Revenue was 317.786 + 307.711 + 305.449 + 295.28 = $1,226 Mil.
Gross Profit was 228.311 + 221.341 + 214.669 + 214.408 = $879 Mil.
Total Current Assets was $728 Mil.
Total Assets was $2,090 Mil.
Property, Plant and Equipment(Net PPE) was $453 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $653 Mil.
Total Current Liabilities was $583 Mil.
Long-Term Debt & Capital Lease Obligation was $545 Mil.
Net Income was 7.364 + -1.013 + 24.076 + -1.977 = $28 Mil.
Non Operating Income was -10.638 + -9.05 + 16.283 + -23.864 = $-27 Mil.
Cash Flow from Operations was 36.517 + 1.97 + 46.771 + 54.255 = $140 Mil.
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Total Receivables was $234 Mil.
Revenue was 310.451 + 290.762 + 302.075 + 270.836 = $1,174 Mil.
Gross Profit was 224.693 + 211.665 + 218.54 + 182.184 = $837 Mil.
Total Current Assets was $823 Mil.
Total Assets was $2,174 Mil.
Property, Plant and Equipment(Net PPE) was $425 Mil.
Depreciation, Depletion and Amortization(DDA) was $149 Mil.
Selling, General, & Admin. Expense(SGA) was $628 Mil.
Total Current Liabilities was $701 Mil.
Long-Term Debt & Capital Lease Obligation was $550 Mil.
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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) |
| = | (267.105 / 1226.226) | / | (233.573 / 1174.124) |
| = | 0.217827 | / | 0.198934 |
| | = | 1.095 |
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) |
| = | (837.082 / 1174.124) | / | (878.729 / 1226.226) |
| = | 0.712942 | / | 0.716613 |
| | = | 0.9949 |
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 - (728.254 + 452.593) / 2089.55) | / | (1 - (823.31 + 425.031) / 2174.188) |
| = | 0.43488 | / | 0.425836 |
| | = | 1.0212 |
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 |
| = | 1226.226 | / | 1174.124 |
| | = | 1.0444 |
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)) |
| = | (148.855 / (148.855 + 425.031)) | / | (140.133 / (140.133 + 452.593)) |
| = | 0.259381 | / | 0.236421 |
| | = | 1.0971 |
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) |
| = | (653.169 / 1226.226) | / | (627.711 / 1174.124) |
| = | 0.532666 | / | 0.534621 |
| | = | 0.9963 |
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) |
| = | ((545.363 + 582.577) / 2089.55) | / | ((549.549 + 701.358) / 2174.188) |
| = | 0.5398 | / | 0.575344 |
| | = | 0.9382 |
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 |
| = | (28.45 - -27.269 | - | 139.513) | / | 2089.55 |
| | = | -0.040101 |
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.
NuVasive has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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