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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 12 years, the highest Beneish M-Score of NovaBay Pharmaceuticals Inc was 454.23. The lowest was -10000000.00. And the median was -3.01.
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 * 1.2402||+||0.528 * 0.888||+||0.404 * 0||+||0.892 * 4.2653||+||0.115 * 1.0864|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.4711||+||4.679 * -0.4062||-||0.327 * 3.1712|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $1.50 Mil.|
Revenue was 1.719 + 1.635 + 1.2 + 1.008 = $5.56 Mil.
Gross Profit was 1.108 + 1.044 + 0.931 + 0.755 = $3.84 Mil.
Total Current Assets was $4.56 Mil.
Total Assets was $4.93 Mil.
Property, Plant and Equipment(Net PPE) was $0.37 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.16 Mil.
Selling, General & Admin. Expense(SGA) was $19.48 Mil.
Total Current Liabilities was $4.03 Mil.
Long-Term Debt was $3.06 Mil.
Net Income was -5.077 + -4.204 + -5.242 + -4.887 = $-19.41 Mil.
Non Operating Income was -0.453 + 1.944 + 0.108 + -0.022 = $1.58 Mil.
Cash Flow from Operations was -4.932 + -4.489 + -4.138 + -5.425 = $-18.98 Mil.
|Accounts Receivable was $0.28 Mil.
Revenue was 0.538 + 0.491 + 0.152 + 0.123 = $1.30 Mil.
Gross Profit was 0.39 + 0.194 + 0.11 + 0.105 = $0.80 Mil.
Total Current Assets was $7.60 Mil.
Total Assets was $8.16 Mil.
Property, Plant and Equipment(Net PPE) was $0.41 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.20 Mil.
Selling, General & Admin. Expense(SGA) was $9.69 Mil.
Total Current Liabilities was $3.70 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)|
|=||(1.497 / 5.562)||/||(0.283 / 1.304)|
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)|
|=||(0.799 / 1.304)||/||(3.838 / 5.562)|
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 - (4.561 + 0.37) / 4.931)||/||(1 - (7.596 + 0.408) / 8.155)|
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))|
|=||(0.203 / (0.203 + 0.408))||/||(0.163 / (0.163 + 0.37))|
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)|
|=||(19.478 / 5.562)||/||(9.694 / 1.304)|
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)|
|=||((3.063 + 4.028) / 4.931)||/||((0 + 3.698) / 8.155)|
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|
|=||(-19.41 - 1.577||-||-18.984)||/||4.931|
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 -2.32 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
NovaBay Pharmaceuticals Inc Annual Data
NovaBay Pharmaceuticals Inc Quarterly Data