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Beneish M-Score 0.34 higher than -2.22, which implies that it might have manipulated its financial results.
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.
NovaBay Pharmaceuticals Inc has a M-score of 0.34 signals that the company is a manipulator.
During the past 11 years, the highest Beneish M-Score of NovaBay Pharmaceuticals Inc was 454.23. The lowest was -10000000.00. And the median was -2.94.
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 NovaBay Pharmaceuticals 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 * 5.0885||+||0.528 * 1.3097||+||0.404 * 2.2027||+||0.892 * 0.263||+||0.115 * 0.9138|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 3.565||+||4.679 * -0.1136||-||0.327 * 0.8521|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $0.36 Mil.|
Revenue was 0.152 + 0.123 + 0.288 + 0.51 = $1.07 Mil.
Gross Profit was 0.11 + 0.105 + 0.158 + 0.43 = $0.80 Mil.
Total Current Assets was $10.42 Mil.
Total Assets was $11.04 Mil.
Property, Plant and Equipment(Net PPE) was $0.48 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.26 Mil.
Selling, General & Admin. Expense(SGA) was $6.53 Mil.
Total Current Liabilities was $2.35 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -4.219 + -2.942 + -3.565 + -4.137 = $-14.86 Mil.
Non Operating Income was -0.106 + 0.854 + 0.513 + 0.72 = $1.98 Mil.
Cash Flow from Operations was -2.746 + -3.753 + -4.416 + -4.675 = $-15.59 Mil.
|Accounts Receivable was $0.27 Mil.
Revenue was 1.099 + 0.848 + 1.02 + 1.113 = $4.08 Mil.
Gross Profit was 1.056 + 0.832 + 0.998 + 1.113 = $4.00 Mil.
Total Current Assets was $11.48 Mil.
Total Assets was $12.25 Mil.
Property, Plant and Equipment(Net PPE) was $0.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.33 Mil.
Selling, General & Admin. Expense(SGA) was $6.97 Mil.
Total Current Liabilities was $3.06 Mil.
Long-Term Debt was $0.00 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)|
|=||(0.364 / 1.073)||/||(0.272 / 4.08)|
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)|
|=||(0.105 / 4.08)||/||(0.11 / 1.073)|
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 - (10.418 + 0.478) / 11.043)||/||(1 - (11.484 + 0.687) / 12.245)|
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))|
|=||(0.325 / (0.325 + 0.687))||/||(0.259 / (0.259 + 0.478))|
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)|
|=||(6.531 / 1.073)||/||(6.966 / 4.08)|
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 + 2.353) / 11.043)||/||((0 + 3.062) / 12.245)|
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|
|=||(-14.863 - 1.981||-||-15.59)||/||11.043|
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.
NovaBay Pharmaceuticals Inc has a M-score of 0.34 signals that the company is likely to 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
NovaBay Pharmaceuticals Inc Annual Data
NovaBay Pharmaceuticals Inc Quarterly Data