CNVIF (Conavi Medical) Beneish M-Score: 44.69 (As of Jul. 02, 2026) — Near Median


CNVIF Conavi Medical Corp CNVIF
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! 5 Warning Signs
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What is Conavi Medical Beneish M-Score?

Conavi Medical CNVIF 4 Beneish M-Score is 44.69 as of Jul. 02, 2026, which is at its 10-year median of 44.69. GuruFocus rates CNVIF with a GF Score™ of 4/100. The stock has 5 warning signs investors should review. Among 763 Medical Devices & Instruments companies, Conavi Medical ranks worse than 99.48% on this metric.

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.

Warning Sign:

Beneish M-Score 44.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

CNVIF' s Beneish M-Score Range Over the Past 10 Years
Min: 44.69   Med: 44.69   Max: 44.69
Current: 44.69

During the past 2 years, the highest Beneish M-Score of Conavi Medical was 44.69. The lowest was 44.69. And the median was 44.69.

Conavi Medical Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Conavi Medical'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.

Conavi Medical Beneish M-Score Chart

Conavi Medical Annual Data
Trend Sep24 Sep25
Beneish M-Score
0.00 0.00

Conavi Medical Quarterly Data
Sep23 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 44.69

CNVIF vs ABT, SYK, MDT: Beneish M-Score Comparison

For the Medical Devices subindustry, Conavi Medical'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.

Conavi Medical Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Conavi Medical's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Conavi Medical's Beneish M-Score falls into.


CNVIF
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Conavi Medical Corp CNVIF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Conavi Medical 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 Conavi Medical 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 * 54.6329+0.528 * 0.8282+0.404 * 0.4837+0.892 * 0.0882+0.115 * 0.9232
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 10.5816+4.679 * 0.251054-0.327 * 0.4
=45.46

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $3.85 Mil.
Revenue was 0.095 + 0.158 + 0.265 + 0.046 = $0.56 Mil.
Gross Profit was 0.095 + 0.158 + 0.241 + 0.045 = $0.54 Mil.
Total Current Assets was $7.52 Mil.
Total Assets was $10.43 Mil.
Property, Plant and Equipment(Net PPE) was $1.27 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.56 Mil.
Selling, General, & Admin. Expense(SGA) was $5.46 Mil.
Total Current Liabilities was $5.37 Mil.
Long-Term Debt & Capital Lease Obligation was $12.33 Mil.
Net Income was -3.49 + -1.961 + -4.912 + -2.605 = $-12.97 Mil.
Non Operating Income was 0.07 + 1.975 + -1.39 + 0.996 = $1.65 Mil.
Cash Flow from Operations was -4.89 + -3.074 + -3.599 + -5.675 = $-17.24 Mil.
 Total Receivables was $0.80 Mil.
Revenue was 0.04 + 6.06 + 0 + 0.293 = $6.39 Mil.
Gross Profit was 0.101 + 4.974 + 0.027 + -0.042 = $5.06 Mil.
Total Current Assets was $1.62 Mil.
Total Assets was $4.75 Mil.
Property, Plant and Equipment(Net PPE) was $1.59 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.63 Mil.
Selling, General, & Admin. Expense(SGA) was $5.85 Mil.
Total Current Liabilities was $6.92 Mil.
Long-Term Debt & Capital Lease Obligation was $13.22 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)
=(3.851 / 0.564) / (0.799 / 6.393)
=6.828014 / 0.12498
=54.6329

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)
=(5.06 / 6.393) / (0.539 / 0.564)
=0.791491 / 0.955674
=0.8282

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 - (7.52 + 1.269) / 10.432) / (1 - (1.616 + 1.586) / 4.748)
=0.157496 / 0.325611
=0.4837

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
=0.564 / 6.393
=0.0882

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))
=(0.626 / (0.626 + 1.586)) / (0.561 / (0.561 + 1.269))
=0.283002 / 0.306557
=0.9232

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)
=(5.463 / 0.564) / (5.852 / 6.393)
=9.68617 / 0.915376
=10.5816

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)
=((12.327 + 5.374) / 10.432) / ((13.222 + 6.917) / 4.748)
=1.696798 / 4.241575
=0.4

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
=(-12.968 - 1.651 - -17.238) / 10.432
=0.251054

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.

Conavi Medical has a M-score of 45.46 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 44.69 mean?
Conavi Medical (CNVIF) has a Beneish M-Score of 44.69 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Conavi Medical and its competitors. This is near median its historical median of 44.69. Over the past decade, Conavi Medical's Beneish M-Score has ranged from 44.69 to 44.69. According to the industry distribution chart, Conavi Medical ranks #759 out of 763 companies in the Medical Devices & Instruments industry, placing it in the top 99.5%.
Is Conavi Medical's Beneish M-Score too high?
Conavi Medical's current Beneish M-Score of 44.69 is near median its 10-year median of 44.69. Over the past 10 years, this metric has ranged from a low of 44.69 to a high of 44.69. Based on the distribution chart, Conavi Medical ranks #759 out of 763 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Conavi Medical has a GF Score™ of 4/100, reflecting its overall financial health beyond just this single metric.
How does Conavi Medical's Beneish M-Score compare to ABT and SYK?
According to the Medical Devices & Instruments industry distribution chart, Conavi Medical ranks #759 out of 763 companies for Beneish M-Score. This places Conavi Medical in the lower half of its industry. Historically, Conavi Medical's own Beneish M-Score has ranged from 44.69 to 44.69 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Conavi Medical and its competitors. Conavi Medical's current Beneish M-Score is 44.69, which is near median its own 10-year median of 44.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Conavi Medical stock overvalued right now?
Conavi Medical (CNVIF) has a current Beneish M-Score of 44.69. The current Beneish M-Score is 44.69, which is near median its 10-year median of 44.69. Conavi Medical's overall GF Score™ is 4/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Conavi Medical (CNVIF), the current Beneish M-Score is 44.69 as of Jul. 02, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Conavi Medical Business Description

Other Exchanges CNVI:Canada
Address 293 Lesmill Road, Toronto, ON, CAN, M3B 2V1
Conavi Medical Corp is focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures. Its Novasight Hybrid System is the first system to combine both intravascular ultrasound (IVUS) and optical coherence tomography (OCT) to enable simultaneous and co-registered imaging of coronary arteries.
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