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Omnicell Inc (NAS:OMCL)
Beneish M-Score
-2.47 (As of Today)

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.

Omnicell Inc has a M-score of -2.47 suggests that the company is not a manipulator.

OMCL' s 10-Year Beneish M-Score Range
Min: -3.51   Max: -1.38
Current: -2.47

-3.51
-1.38

During the past 13 years, the highest Beneish M-Score of Omnicell Inc was -1.38. The lowest was -3.51. And the median was -2.31.


Definition

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 * 1.2192+0.528 * 1.0076+0.404 * 0.9467+0.892 * 1.1585+0.115 * 0.9538
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9718+4.679 * -0.0618-0.327 * 1.0687
=-2.47

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Dec14) TTM:Last Year (Dec13) TTM:
Accounts Receivable was $82.8 Mil.
Revenue was 121.541 + 112.543 + 105.052 + 101.764 = $440.9 Mil.
Gross Profit was 63.779 + 59.546 + 56.04 + 54.495 = $233.9 Mil.
Total Current Assets was $283.4 Mil.
Total Assets was $560.2 Mil.
Property, Plant and Equipment(Net PPE) was $36.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.3 Mil.
Selling, General & Admin. Expense(SGA) was $156.5 Mil.
Total Current Liabilities was $112.3 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 9.236 + 7.3 + 7.789 + 6.194 = $30.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 30.848 + 8.894 + 24.304 + 1.117 = $65.2 Mil.
Accounts Receivable was $58.6 Mil.
Revenue was 105.75 + 94.039 + 93.686 + 87.11 = $380.6 Mil.
Gross Profit was 56.624 + 52.04 + 49.368 + 45.367 = $203.4 Mil.
Total Current Assets was $233.8 Mil.
Total Assets was $492.5 Mil.
Property, Plant and Equipment(Net PPE) was $35.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.4 Mil.
Selling, General & Admin. Expense(SGA) was $139.0 Mil.
Total Current Liabilities was $92.4 Mil.
Long-Term Debt was $0.0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in 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)
=(82.763 / 440.9) / (58.597 / 380.585)
=0.18771377 / 0.15396561
=1.2192

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)
=(59.546 / 380.585) / (63.779 / 440.9)
=0.53443777 / 0.53041506
=1.0076

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 plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (283.384 + 36.178) / 560.214) / (1 - (233.778 + 35.254) / 492.501)
=0.42957156 / 0.45374324
=0.9467

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=440.9 / 380.585
=1.1585

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))
=(18.365 / (18.365 + 35.254)) / (20.272 / (20.272 + 36.178))
=0.34250919 / 0.35911426
=0.9538

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)
=(156.475 / 440.9) / (138.994 / 380.585)
=0.35489907 / 0.36521145
=0.9718

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 + 112.33) / 560.214) / ((0 + 92.404) / 492.501)
=0.20051266 / 0.18762195
=1.0687

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
=(30.519 - 0 - 65.163) / 560.214
=-0.0618

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 -2.47 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Omnicell Inc Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 1.36760.90720.80081.30720.83091.00460.81951.11470.87721.2192
GMI 1.05210.99761.03951.04121.03610.92970.95871.0181.01641.0076
AQI 0.88840.97321.44071.08570.82861.03460.92432.9690.88330.9467
SGI 0.98051.27311.37731.1820.84751.04191.1041.2791.21191.1585
DEPI 0.89111.13181.33540.87370.85541.111.18871.12370.82020.9538
SGAI 1.1690.85580.89340.98411.08580.9661.02440.960.95780.9718
LVGI 0.76740.99170.50831.05590.97740.93270.98331.12840.99781.0687
TATA -0.0027-0.05970.0186-0.001-0.1416-0.0458-0.0573-0.0525-0.0635-0.0618
M-score -2.15-2.57-1.82-2.01-3.51-2.64-2.85-1.59-2.75-2.47

Omnicell Inc Quarterly Data

Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15
DSRI 1.11471.26331.03380.94680.87720.97971.131.27681.21921.013
GMI 1.0181.03591.0181.01931.01640.99450.9931.00771.00761.0158
AQI 2.9692.83680.87550.8390.88330.89130.87610.99290.94670.9571
SGI 1.2791.33451.33121.27271.21191.17281.14441.16471.15851.1521
DEPI 1.12371.07370.73710.75390.82020.89431.01121.02370.95381.1013
SGAI 0.960.98020.92560.95710.95780.96521.00650.97510.97180.9714
LVGI 1.12841.12351.03611.05180.99780.9641.02531.04111.06871.0544
TATA -0.0525-0.0416-0.0424-0.0592-0.0635-0.0499-0.0575-0.0379-0.0618-0.0585
M-score -1.59-1.40-2.42-2.66-2.75-2.62-2.56-2.26-2.47-2.62
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