Melodiol Global Health (ASX:ME1DA) Beneish M-Score : -10.66 (As of Apr. 26, 2024)

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What is Melodiol Global Health Beneish M-Score?

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.

Good Sign:

Beneish M-Score -10.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Melodiol Global Health's Beneish M-Score or its related term are showing as below:

ASX:ME1DA' s Beneish M-Score Range Over the Past 10 Years
Min: -10.66 Med: -5 Max: 11.55
Current: -10.66

During the past 8 years, the highest Beneish M-Score of Melodiol Global Health was 11.55. The lowest was -10.66. And the median was -5.00.

Melodiol Global Health Beneish M-Score Historical Data

The historical data trend for Melodiol Global Health'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.

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Melodiol Global Health Beneish M-Score Chart

Melodiol Global Health Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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1.31

-7.66

11.55

-5.45

-10.66

Melodiol Global Health Semi-Annual Data
	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial										11.55	-	-5.45	-	-10.66

Competitive Comparison of Melodiol Global Health's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Melodiol Global Health'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.

Melodiol Global Health's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Melodiol Global Health's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Melodiol Global Health's Beneish M-Score falls into.

Melodiol Global Health Beneish M-Score Calculation

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 Melodiol Global Health for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.5332

0.528 * 0.2676

0.404 * 0.4783

0.892 * 2.1776

0.115 * 1.8915

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3376

4.679 * -1.665196

0.327 * 2.937

-10.66

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was A$2.98 Mil.
Revenue was A$18.92 Mil.
Gross Profit was A$2.34 Mil.
Total Current Assets was A$5.52 Mil.
Total Assets was A$19.04 Mil.
Property, Plant and Equipment(Net PPE) was A$9.66 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.91 Mil.
Selling, General, & Admin. Expense(SGA) was A$5.81 Mil.
Total Current Liabilities was A$23.02 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.08 Mil.
Net Income was A$-52.45 Mil.
Gross Profit was A$-12.59 Mil.
Cash Flow from Operations was A$-8.14 Mil.

Total Receivables was A$2.56 Mil.
Revenue was A$8.69 Mil.
Gross Profit was A$0.29 Mil.
Total Current Assets was A$11.87 Mil.
Total Assets was A$37.98 Mil.
Property, Plant and Equipment(Net PPE) was A$9.98 Mil.
Depreciation, Depletion and Amortization(DDA) was A$1.95 Mil.
Selling, General, & Admin. Expense(SGA) was A$7.90 Mil.
Total Current Liabilities was A$15.69 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 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)
	=	(2.976 / 18.921)	/	(2.563 / 8.689)
	=	0.157286	/	0.294971
	=	0.5332

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)
	=	(0.287 / 8.689)	/	(2.335 / 18.921)
	=	0.03303	/	0.123408
	=	0.2676

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 - (5.52 + 9.655) / 19.044)	/	(1 - (11.87 + 9.978) / 37.982)
	=	0.203161	/	0.42478
	=	0.4783

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
	=	18.921	/	8.689
	=	2.1776

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))
	=	(1.949 / (1.949 + 9.978))	/	(0.913 / (0.913 + 9.655))
	=	0.163411	/	0.086393
	=	1.8915

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)
	=	(5.806 / 18.921)	/	(7.897 / 8.689)
	=	0.306855	/	0.90885
	=	0.3376

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)
	=	((0.084 + 23.018) / 19.044)	/	((0 + 15.688) / 37.982)
	=	1.213085	/	0.413038
	=	2.937

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
	=	(-52.446 - -12.593	-	-8.141)	/	19.044
	=	-1.665196

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.

Melodiol Global Health has a M-score of -10.66 suggests that the company is unlikely to be a manipulator.

Melodiol Global Health Beneish M-Score Related Terms

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Melodiol Global Health (ASX:ME1DA) Business Description

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COPHF:USA

Address

145 Stirling Highway, Suite 5 CPC, Nedlands, WA, AUS, 6009

Website

https://www.cresopharma.com

Melodiol Global Health Ltd is engaged in developing, registering, and commercialization of pharmaceutical-grade cannabis and hemp-based nutraceutical products and treatments for human and animal health. Its brands include Mernova: A licensed producer of cannabis products in Canada for sale under the Ritual brand banner. Sierra Sage Herbs: US-based developer of plant-based, beauty, and personal care brands Green Goo, Southern Butter, and Good Goo. impACTIVE: CBD topical products for athletes. Halucenex: Clinical stage psychedelics research and development operation. Creso Pharma Switzerland: CBD-related research, development, and commercialization.

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