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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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ekso Bionics Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Ekso Bionics Holdings was 14.44. The lowest was -4.01. And the median was -2.52.
The historical data trend for Ekso Bionics Holdings'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.
Ekso Bionics Holdings Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-3.97 | -2.58 | 14.44 | -2.78 | -2.36 |
Ekso Bionics Holdings 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 | -2.73 | -2.41 | -2.60 | -2.36 |
For the Medical Instruments & Supplies subindustry, Ekso Bionics Holdings'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, Ekso Bionics Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ekso Bionics Holdings'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 Ekso Bionics Holdings 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 * 1.3075 | + | 0.528 * 0.9361 | + | 0.404 * 1.0334 | + | 0.892 * 0.9806 | + | 0.115 * 0.8942 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8564 | + | 4.679 * -0.033131 | - | 0.327 * 0.9399 | |||||||
= | -2.36 |
* 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 $7.24 Mil. Revenue was 5.09 + 4.129 + 4.95 + 3.756 = $17.93 Mil. Gross Profit was 2.714 + 2.209 + 2.637 + 1.951 = $9.51 Mil. Total Current Assets was $18.84 Mil. Total Assets was $26.65 Mil. Property, Plant and Equipment(Net PPE) was $2.37 Mil. Depreciation, Depletion and Amortization(DDA) was $1.61 Mil. Selling, General, & Admin. Expense(SGA) was $16.10 Mil. Total Current Liabilities was $7.54 Mil. Long-Term Debt & Capital Lease Obligation was $4.31 Mil. Net Income was -3.413 + -2.072 + -2.416 + -3.429 = $-11.33 Mil. Non Operating Income was -1.124 + 0.646 + -0.007 + -0.116 = $-0.60 Mil. Cash Flow from Operations was -1.433 + -2.277 + -2.67 + -3.466 = $-9.85 Mil. |
Total Receivables was $5.65 Mil. Revenue was 4.847 + 4.607 + 4.703 + 4.122 = $18.28 Mil. Gross Profit was 2.369 + 2.456 + 2.254 + 2 = $9.08 Mil. Total Current Assets was $20.21 Mil. Total Assets was $28.92 Mil. Property, Plant and Equipment(Net PPE) was $2.99 Mil. Depreciation, Depletion and Amortization(DDA) was $1.70 Mil. Selling, General, & Admin. Expense(SGA) was $19.17 Mil. Total Current Liabilities was $8.12 Mil. Long-Term Debt & Capital Lease Obligation was $5.56 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) |
= | (7.238 / 17.925) | / | (5.645 / 18.279) | |
= | 0.403794 | / | 0.308824 | |
= | 1.3075 |
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) | |
= | (9.079 / 18.279) | / | (9.511 / 17.925) | |
= | 0.49669 | / | 0.5306 | |
= | 0.9361 |
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 - (18.843 + 2.365) / 26.652) | / | (1 - (20.208 + 2.994) / 28.918) | |
= | 0.204262 | / | 0.197662 | |
= | 1.0334 |
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 | |
= | 17.925 | / | 18.279 | |
= | 0.9806 |
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)) |
= | (1.698 / (1.698 + 2.994)) | / | (1.608 / (1.608 + 2.365)) | |
= | 0.361893 | / | 0.404732 | |
= | 0.8942 |
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) |
= | (16.097 / 17.925) | / | (19.167 / 18.279) | |
= | 0.89802 | / | 1.04858 | |
= | 0.8564 |
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) |
= | ((4.306 + 7.537) / 26.652) | / | ((5.555 + 8.117) / 28.918) | |
= | 0.444357 | / | 0.472785 | |
= | 0.9399 |
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 | |
= | (-11.33 - -0.601 | - | -9.846) | / | 26.652 | |
= | -0.033131 |
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.
Ekso Bionics Holdings has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Ekso Bionics Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Lathan Corinna | director | 140 KENDRICK STREET, NEEDHAM MA 02494 |
Jerome Wong | officer: Interim CFO | C/O EKSO BIONICS HOLDINGS, INC., 1414 HARBOUR WAY SOUTH, SUITE 1201, RICHMOND CA 94804 |
Scott G. Davis | officer: President & COO | C/O EKSO BIONICS HOLDINGS, INC., 1414 HARBOUR WAY SOUTH, SUITE 1201, RICHMOND CA 94804 |
Steven Sherman | director | |
Jason C Jones | officer: VP of Product Development | EKSO BIONICS HOLDINGS, INC., 1414 HARBOUR WAY SOUTH, SUITE 1201, RICHMOND CA 94804 |
John Glenn | officer: Chief Financial Officer | 7900 HOPYARD ROAD, APT 210, PLEASANTON CA 94577 |
William R Shaw | officer: See Remarks | 1414 HARBOUR WAY SOUTH, SUITE 1201, C/O EKSO BIONICS HOLDINGS, INC., RICHMOND CA 94804 |
Rhonda A. Wallen | director | C/O EKSO BIONICS HOLDINGS, INC., 1414 HARBOUR WAY SOUTH, SUITE 1201, RICHMOND CA 94804 |
Mary Ann Cloyd | director | 184 LIBERTY CORNER ROAD, SUITE 302, WARREN NJ 07059 |
Combest Development (hong Kong) Ltd | 10 percent owner | ROOM 2210, CC WU BUILDING 302, HENNESSY ROAD, WAN CHAI, HONG KONG K3 999077 |
Jack Peurach | director, officer: Chief Executive Officer | 1414 HARBOUR WAY SOUTH, SUITE 1201, RICHMOND CA 94804 |
Thomas A Schreck | director | 10240 BUBB RD, CUPERTINO CA 95014 |
Puissance Capital Management (gp) Llc | 10 percent owner | 950 THIRD AVENUE, 25TH FLOOR, NEW YORK NY 10022 |
Theodore T Wang | director, 10 percent owner | C/O PUISSANCE CAPITAL MANAGEMENT LP, 950 THIRD AVENUE, 25TH FLOOR, NEW YORK NY 10022 |
Christian Babini | officer: VP of Sales, Americas | C/O EKSO BIONICS HOLDINGS, INC., 1414 HARBOUR WAY SOUTH, SUITE 1, RICHMOND CA 94804 |
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