Evome Medical Technologies (Evome Medical Technologies) Beneish M-Score : -3.24 (As of Apr. 30, 2024)

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What is Evome Medical Technologies 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 -3.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LNDZF' s Beneish M-Score Range Over the Past 10 Years
Min: -8.4 Med: -3.71 Max: -3.24
Current: -3.24

During the past 11 years, the highest Beneish M-Score of Evome Medical Technologies was -3.24. The lowest was -8.40. And the median was -3.71.

Evome Medical Technologies Beneish M-Score Historical Data

The historical data trend for Evome Medical Technologies'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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Evome Medical Technologies Beneish M-Score Chart

Evome Medical Technologies Annual Data

Trend

Dec14

Feb15

Feb16

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Dec23

Beneish M-Score

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-3.24

Evome Medical Technologies Quarterly Data
	Feb19	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.99	-2.25	-2.69	-2.66	-3.24

Competitive Comparison of Evome Medical Technologies's Beneish M-Score

For the Medical Devices subindustry, Evome Medical Technologies'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.

Evome Medical Technologies's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

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

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

Evome Medical Technologies 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 Evome Medical Technologies 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 * 0.7714

0.528 * 0.9286

0.404 * 0.695

0.892 * 1.5464

0.115 * 0.9734

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2956

4.679 * -0.152877

0.327 * 1.4026

-3.26

This Year (Dec23) TTM:

Last Year (Nov22) TTM:

Total Receivables was $7.34 Mil.
Revenue was 11.719 + 14.52 + 12.476 + 7.807 = $46.52 Mil.
Gross Profit was 4.127 + 5.371 + 4.239 + 2.993 = $16.73 Mil.
Total Current Assets was $15.66 Mil.
Total Assets was $35.97 Mil.
Property, Plant and Equipment(Net PPE) was $9.74 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.84 Mil.
Selling, General, & Admin. Expense(SGA) was $17.56 Mil.
Total Current Liabilities was $28.00 Mil.
Long-Term Debt & Capital Lease Obligation was $4.98 Mil.
Net Income was -11.787 + 2.208 + -0.84 + -1.215 = $-11.63 Mil.
Non Operating Income was -9.849 + 3.493 + 1.378 + -0.477 = $-5.46 Mil.
Cash Flow from Operations was 0.826 + -0.078 + -0.826 + -0.602 = $-0.68 Mil.

Total Receivables was $6.15 Mil.
Revenue was 7.838 + 7.776 + 7.815 + 6.656 = $30.09 Mil.
Gross Profit was 2.597 + 2.345 + 2.832 + 2.272 = $10.05 Mil.
Total Current Assets was $14.87 Mil.
Total Assets was $39.88 Mil.
Property, Plant and Equipment(Net PPE) was $8.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.49 Mil.
Selling, General, & Admin. Expense(SGA) was $8.76 Mil.
Total Current Liabilities was $21.16 Mil.
Long-Term Debt & Capital Lease Obligation was $4.92 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)
	=	(7.336 / 46.522)	/	(6.15 / 30.085)
	=	0.157689	/	0.204421
	=	0.7714

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)
	=	(10.046 / 30.085)	/	(16.73 / 46.522)
	=	0.333921	/	0.359615
	=	0.9286

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 - (15.655 + 9.735) / 35.97)	/	(1 - (14.866 + 8.135) / 39.876)
	=	0.294134	/	0.423187
	=	0.695

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
	=	46.522	/	30.085
	=	1.5464

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))
	=	(1.49 / (1.49 + 8.135))	/	(1.841 / (1.841 + 9.735))
	=	0.154805	/	0.159036
	=	0.9734

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)
	=	(17.556 / 46.522)	/	(8.763 / 30.085)
	=	0.37737	/	0.291275
	=	1.2956

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)
	=	((4.982 + 28.004) / 35.97)	/	((4.915 + 21.157) / 39.876)
	=	0.917042	/	0.653827
	=	1.4026

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
	=	(-11.634 - -5.455	-	-0.68)	/	35.97
	=	-0.152877

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.

Evome Medical Technologies has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.

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