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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
The historical rank and industry rank for Vascular Solutions's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Vascular Solutions was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Vascular Solutions's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Vascular Solutions Annual Data | |||||||||||||||||||||
Trend | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.73 | -2.79 | -2.84 | -2.48 | -2.75 |
Vascular Solutions Quarterly Data | ||||||||||||||||||||
Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.53 | -2.75 | -2.29 | -2.41 | -2.21 |
For the Medical Devices subindustry, Vascular Solutions's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Medical Devices & Instruments industry and Healthcare sector, Vascular Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vascular Solutions's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Vascular Solutions 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 * 1.0759 | + | 0.528 * 1.018 | + | 0.404 * 1.0526 | + | 0.892 * 1.1242 | + | 0.115 * 1.0895 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0859 | + | 4.679 * -0.005836 | - | 0.327 * 0.7311 | |||||||
= | -2.21 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $23.0 Mil. Revenue was 41.773 + 41.187 + 39.378 + 38.085 = $160.4 Mil. Gross Profit was 26.917 + 26.876 + 25.78 + 25.245 = $104.8 Mil. Total Current Assets was $89.9 Mil. Total Assets was $156.6 Mil. Property, Plant and Equipment(Net PPE) was $41.8 Mil. Depreciation, Depletion and Amortization(DDA) was $6.6 Mil. Selling, General, & Admin. Expense(SGA) was $68.6 Mil. Total Current Liabilities was $14.1 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Net Income was 5.44 + 5.403 + -0.255 + 1.557 = $12.1 Mil. Non Operating Income was 0.022 + 0.032 + 0.016 + -0.045 = $0.0 Mil. Cash Flow from Operations was 7.555 + 7.234 + -4.335 + 2.58 = $13.0 Mil. |
Total Receivables was $19.0 Mil. Revenue was 36.954 + 37.55 + 34.611 + 33.586 = $142.7 Mil. Gross Profit was 24.806 + 24.844 + 23.261 + 22.005 = $94.9 Mil. Total Current Assets was $88.5 Mil. Total Assets was $143.1 Mil. Property, Plant and Equipment(Net PPE) was $33.1 Mil. Depreciation, Depletion and Amortization(DDA) was $5.8 Mil. Selling, General, & Admin. Expense(SGA) was $56.2 Mil. Total Current Liabilities was $17.7 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total 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) |
= | (22.961 / 160.423) | / | (18.983 / 142.701) | |
= | 0.143128 | / | 0.133026 | |
= | 1.0759 |
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) | |
= | (94.916 / 142.701) | / | (104.818 / 160.423) | |
= | 0.665139 | / | 0.653385 | |
= | 1.018 |
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 Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (89.911 + 41.816) / 156.603) | / | (1 - (88.469 + 33.068) / 143.138) | |
= | 0.158848 | / | 0.15091 | |
= | 1.0526 |
4. SGI = Sales Growth Index
Ratio of Revenue 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 | |
= | 160.423 | / | 142.701 | |
= | 1.1242 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (5.761 / (5.761 + 33.068)) | / | (6.592 / (6.592 + 41.816)) | |
= | 0.148368 | / | 0.136176 | |
= | 1.0895 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (68.626 / 160.423) | / | (56.216 / 142.701) | |
= | 0.427782 | / | 0.393943 | |
= | 1.0859 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((0 + 14.121) / 156.603) | / | ((0 + 17.653) / 143.138) | |
= | 0.090171 | / | 0.123329 | |
= | 0.7311 |
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 | |
= | (12.145 - 0.025 | - | 13.034) | / | 156.603 | |
= | -0.005836 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Vascular Solutions has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Vascular Solutions's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
John L Erb | director | C/O VASCULAR SOLUTIONS, INC., 6464 SYCAMORE COURT N., MINNEAPOLIS, MN 55369 |
Richard Nigon | director | CEDAR POINT CAPITAL, 150 SOUTH 5TH STREET, MINNEAPOLIS MN 55402 |
Richard W Kramp | director | 174 STONEBRIDGE ROAD, ST. PAUL MN 55118 |
Stephens Group Inc | 10 percent owner | 111 CENTER ST, STE 2300, LITTLE ROCK AR 72201 |
Paulson J Robert Jr | director | |
Gregg S Sutton | officer: VP R&D | 6464 SYCAMORE COURT NORTH, MINNEAPOLIS MN 55369 |
Michael Nagel | officer: VP of Sales | C/O VASCULAR SOLUTIONS INC, 6464 SYCAMORE COURT NORTH, MINNEAPOLIS MN 55369 |
Steve Patterson | 10 percent owner | 111 CENTER STREET STE 2300, LITTLE ROCK AR 72201 |
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