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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.
NovaBay Pharmaceuticals, Inc. has a M-score of -2.68 suggests that the company is not a manipulator.
During the past 11 years, the highest Beneish M-Score of NovaBay Pharmaceuticals, Inc. was 454.23. The lowest was -5.22. And the median was -2.68.
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 * 1.6609||+||0.528 * 1.0473||+||0.404 * 2.7508||+||0.892 * 0.5006||+||0.115 * 0.9097|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.1375||+||4.679 * -0.161||-||0.327 * 1.4049|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $0.78 Mil.|
Revenue was 0.51 + 1.099 + 0.848 + 1.02 = $3.48 Mil.
Gross Profit was 0.43 + 1.056 + 0.832 + 0.998 = $3.32 Mil.
Total Current Assets was $14.79 Mil.
Total Assets was $15.65 Mil.
Property, Plant and Equipment(Net PPE) was $0.72 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.31 Mil.
Selling, General & Admin. Expense(SGA) was $6.39 Mil.
Total Current Liabilities was $3.63 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -4.137 + -3.848 + -4.048 + -4.009 = $-16.04 Mil.
Non Operating Income was 0.72 + -0.863 + 0.109 + -0.52 = $-0.55 Mil.
Cash Flow from Operations was -4.675 + -2.406 + -2.196 + -3.692 = $-12.97 Mil.
|Accounts Receivable was $0.94 Mil.
Revenue was 1.113 + 3.642 + 0.871 + 1.32 = $6.95 Mil.
Gross Profit was 1.105 + 3.642 + 0.871 + 1.32 = $6.94 Mil.
Total Current Assets was $18.28 Mil.
Total Assets was $19.24 Mil.
Property, Plant and Equipment(Net PPE) was $0.89 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.34 Mil.
Selling, General & Admin. Expense(SGA) was $5.97 Mil.
Total Current Liabilities was $3.17 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)|
|=||(0.784 / 3.477)||/||(0.943 / 6.946)|
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)|
|=||(1.056 / 6.946)||/||(0.43 / 3.477)|
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 - (14.791 + 0.718) / 15.65)||/||(1 - (18.281 + 0.891) / 19.235)|
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))|
|=||(0.341 / (0.341 + 0.891))||/||(0.314 / (0.314 + 0.718))|
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)|
|=||(6.389 / 3.477)||/||(5.971 / 6.946)|
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 + 3.627) / 15.65)||/||((0 + 3.173) / 19.235)|
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|
|=||(-16.042 - -0.554||-||-12.969)||/||15.65|
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 -2.68 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