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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.
Good Sign:
Beneish M-Score -3.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CVRx's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of CVRx was -1.44. The lowest was -3.33. And the median was -2.53.
The historical data trend for CVRx'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.
CVRx Annual Data | |||||||||||||||
Trend | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | -1.44 | -2.27 | -2.78 | -3.33 |
CVRx Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.78 | -3.05 | -3.49 | -3.46 | -3.33 |
For the Medical Devices subindustry, CVRx'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, CVRx's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CVRx'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 CVRx 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 * 0.9403 | + | 0.528 * 1.0039 | + | 0.404 * 0.8632 | + | 0.892 * 1.3053 | + | 0.115 * 0.973 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0845 | + | 4.679 * -0.185873 | - | 0.327 * 1.3756 | |||||||
= | -3.33 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $9.27 Mil. Revenue was 15.342 + 13.373 + 11.807 + 10.77 = $51.29 Mil. Gross Profit was 12.771 + 11.125 + 9.907 + 9.155 = $42.96 Mil. Total Current Assets was $129.81 Mil. Total Assets was $133.41 Mil. Property, Plant and Equipment(Net PPE) was $3.57 Mil. Depreciation, Depletion and Amortization(DDA) was $0.62 Mil. Selling, General, & Admin. Expense(SGA) was $91.32 Mil. Total Current Liabilities was $10.76 Mil. Long-Term Debt & Capital Lease Obligation was $50.15 Mil. Net Income was -10.651 + -13.099 + -14.029 + -22.186 = $-59.97 Mil. Non Operating Income was 1.072 + 0.917 + 0.944 + 1.044 = $3.98 Mil. Cash Flow from Operations was -8.008 + -10.41 + -9.83 + -10.896 = $-39.14 Mil. |
Total Receivables was $7.55 Mil. Revenue was 11.305 + 10.511 + 9.5 + 7.979 = $39.30 Mil. Gross Profit was 9.585 + 8.82 + 7.983 + 6.651 = $33.04 Mil. Total Current Assets was $112.09 Mil. Total Assets was $115.23 Mil. Property, Plant and Equipment(Net PPE) was $3.11 Mil. Depreciation, Depletion and Amortization(DDA) was $0.52 Mil. Selling, General, & Admin. Expense(SGA) was $64.51 Mil. Total Current Liabilities was $7.86 Mil. Long-Term Debt & Capital Lease Obligation was $30.38 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) |
= | (9.268 / 51.292) | / | (7.551 / 39.295) | |
= | 0.180691 | / | 0.192162 | |
= | 0.9403 |
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) | |
= | (33.039 / 39.295) | / | (42.958 / 51.292) | |
= | 0.840794 | / | 0.837519 | |
= | 1.0039 |
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 - (129.813 + 3.574) / 133.414) | / | (1 - (112.09 + 3.112) / 115.229) | |
= | 0.000202 | / | 0.000234 | |
= | 0.8632 |
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 | |
= | 51.292 | / | 39.295 | |
= | 1.3053 |
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)) |
= | (0.522 / (0.522 + 3.112)) | / | (0.619 / (0.619 + 3.574)) | |
= | 0.143643 | / | 0.147627 | |
= | 0.973 |
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) |
= | (91.317 / 51.292) | / | (64.509 / 39.295) | |
= | 1.780336 | / | 1.641659 | |
= | 1.0845 |
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) |
= | ((50.15 + 10.762) / 133.414) | / | ((30.382 + 7.864) / 115.229) | |
= | 0.456564 | / | 0.331913 | |
= | 1.3756 |
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 | |
= | (-59.965 - 3.977 | - | -39.144) | / | 133.414 | |
= | -0.185873 |
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.
CVRx has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
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