Abiomed Beneish M-Score Historical Data
The historical data trend for Abiomed'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.
Abiomed Beneish M-Score Chart
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Abiomed Annual Data
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Trend |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
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-2.65 |
-2.33 |
-2.82 |
-2.60 |
-2.53 |
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Abiomed Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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-2.51 |
-2.70 |
-2.53 |
-2.69 |
-2.34 |
Competitive Comparison of Abiomed's Beneish M-Score
For the Medical Devices subindustry, Abiomed'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.
Abiomed's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Abiomed's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Abiomed's Beneish M-Score falls into.
Abiomed 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 Abiomed 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 * 1.0127 | + | 0.528 * 1.007 | + | 0.404 * 0.852 | + | 0.892 * 1.2376 | + | 0.115 * 1.031 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0445 | + | 4.679 * 0.039132 | - | 0.327 * 1.0603 |
| = | -2.15 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was €95 Mil.
Revenue was 268.58 + 262.183 + 245.024 + 231.141 = €1,007 Mil.
Gross Profit was 219.211 + 212.399 + 198.301 + 188.991 = €819 Mil.
Total Current Assets was €1,073 Mil.
Total Assets was €1,714 Mil.
Property, Plant and Equipment(Net PPE) was €205 Mil.
Depreciation, Depletion and Amortization(DDA) was €26 Mil.
Selling, General, & Admin. Expense(SGA) was €425 Mil.
Total Current Liabilities was €135 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 107.194 + 51.608 + 54.775 + 40.491 = €254 Mil.
Non Operating Income was 0 + 0 + -36.394 + -6.359 = €-43 Mil.
Cash Flow from Operations was 13.555 + 64.425 + 71.707 + 80.081 = €230 Mil.
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Total Receivables was €76 Mil.
Revenue was 210.921 + 209.646 + 202.646 + 190.427 = €814 Mil.
Gross Profit was 173.618 + 172.14 + 163.94 + 156.635 = €666 Mil.
Total Current Assets was €741 Mil.
Total Assets was €1,301 Mil.
Property, Plant and Equipment(Net PPE) was €172 Mil.
Depreciation, Depletion and Amortization(DDA) was €22 Mil.
Selling, General, & Admin. Expense(SGA) was €328 Mil.
Total Current Liabilities was €97 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
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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) |
| = | (95.42 / 1006.928) | / | (76.133 / 813.64) |
| = | 0.094763 | / | 0.093571 |
| | = | 1.0127 |
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) |
| = | (666.333 / 813.64) | / | (818.902 / 1006.928) |
| = | 0.818953 | / | 0.813268 |
| | = | 1.007 |
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 - (1073.426 + 204.734) / 1713.509) | / | (1 - (740.764 + 171.941) / 1300.529) |
| = | 0.254069 | / | 0.298205 |
| | = | 0.852 |
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 |
| = | 1006.928 | / | 813.64 |
| | = | 1.2376 |
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)) |
| = | (22.43 / (22.43 + 171.941)) | / | (25.803 / (25.803 + 204.734)) |
| = | 0.115398 | / | 0.111926 |
| | = | 1.031 |
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) |
| = | (424.515 / 1006.928) | / | (328.423 / 813.64) |
| = | 0.421594 | / | 0.403647 |
| | = | 1.0445 |
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 + 135.401) / 1713.509) | / | ((0 + 96.919) / 1300.529) |
| = | 0.07902 | / | 0.074523 |
| | = | 1.0603 |
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 |
| = | (254.068 - -42.753 | - | 229.768) | / | 1713.509 |
| | = | 0.039132 |
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.
Abiomed has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.
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