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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 13 years, the highest Beneish M-Score of Omnicell Inc was -1.37. The lowest was -3.83. And the median was -2.26.
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 Omnicell 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 * 1.468||+||0.528 * 1.0726||+||0.404 * 1.4697||+||0.892 * 1.1844||+||0.115 * 0.8538|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9867||+||4.679 * -0.0195||-||0.327 * 2.3822|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $153.2 Mil.|
Revenue was 171.004 + 130.316 + 125.234 + 112.788 = $539.3 Mil.
Gross Profit was 79.945 + 65.08 + 63.703 + 57.462 = $266.2 Mil.
Total Current Assets was $310.3 Mil.
Total Assets was $923.8 Mil.
Property, Plant and Equipment(Net PPE) was $42.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.4 Mil.
Selling, General & Admin. Expense(SGA) was $188.5 Mil.
Total Current Liabilities was $199.6 Mil.
Long-Term Debt was $219.0 Mil.
Net Income was -0.378 + 7.655 + 8.036 + 8.751 = $24.1 Mil.
Non Operating Income was -2.171 + 0 + 0 + 0 = $-2.2 Mil.
Cash Flow from Operations was 21.787 + 27.83 + -4.258 + -1.124 = $44.2 Mil.
|Accounts Receivable was $88.1 Mil.
Revenue was 116.221 + 121.541 + 112.543 + 105.052 = $455.4 Mil.
Gross Profit was 61.685 + 63.779 + 59.546 + 56.04 = $241.1 Mil.
Total Current Assets was $296.3 Mil.
Total Assets was $570.9 Mil.
Property, Plant and Equipment(Net PPE) was $34.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.4 Mil.
Selling, General & Admin. Expense(SGA) was $161.3 Mil.
Total Current Liabilities was $108.6 Mil.
Long-Term Debt was $0.0 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)|
|=||(153.199 / 539.342)||/||(88.107 / 455.357)|
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)|
|=||(241.05 / 455.357)||/||(266.19 / 539.342)|
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 - (310.308 + 42.208) / 923.772)||/||(1 - (296.322 + 34.373) / 570.926)|
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))|
|=||(21.371 / (21.371 + 34.373))||/||(34.401 / (34.401 + 42.208))|
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)|
|=||(188.549 / 539.342)||/||(161.342 / 455.357)|
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)|
|=||((219.046 + 199.646) / 923.772)||/||((0 + 108.624) / 570.926)|
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|
|=||(24.064 - -2.171||-||44.235)||/||923.772|
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.
Omnicell Inc has a M-score of -2.21 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
Omnicell Inc Annual Data
Omnicell Inc Quarterly Data