Conmed (MEX:CNMD) Beneish M-Score : -2.54 (As of Dec. 15, 2024)

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What is Conmed 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:CNMD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.53 Max: -2.23
Current: -2.54

During the past 13 years, the highest Beneish M-Score of Conmed was -2.23. The lowest was -2.90. And the median was -2.53.

Conmed Beneish M-Score Historical Data

The historical data trend for Conmed'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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Conmed Beneish M-Score Chart

Conmed Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.65

-2.67

-2.57

-2.47

-2.37

Conmed Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.35	-2.37	-2.51	-2.58	-2.54

Competitive Comparison of Conmed's Beneish M-Score

For the Medical Devices subindustry, Conmed'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.

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

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

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

Conmed 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 Conmed 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 * 1.0327

0.528 * 0.9614

0.404 * 0.9901

0.892 * 1.0995

0.115 * 1.0655

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8249

4.679 * -0.018422

0.327 * 0.9311

-2.41

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was MXN4,553 Mil.
Revenue was 6235.938 + 6084.051 + 5182.562 + 5551.343 = MXN23,054 Mil.
Gross Profit was 3524.465 + 3365.934 + 2853.975 + 3092.284 = MXN12,837 Mil.
Total Current Assets was MXN12,621 Mil.
Total Assets was MXN45,598 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,312 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN1,286 Mil.
Selling, General, & Admin. Expense(SGA) was MXN8,258 Mil.
Total Current Liabilities was MXN5,559 Mil.
Long-Term Debt & Capital Lease Obligation was MXN18,511 Mil.
Net Income was 964.51 + 549.163 + 327.096 + 561.355 = MXN2,402 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 1008.202 + 793.37 + 483.3 + 957.263 = MXN3,242 Mil.

Total Receivables was MXN4,010 Mil.
Revenue was 5305.413 + 5445.794 + 5325.811 + 4890.903 = MXN20,968 Mil.
Gross Profit was 2927.402 + 2926.292 + 2799.661 + 2570.782 = MXN11,224 Mil.
Total Current Assets was MXN10,898 Mil.
Total Assets was MXN40,511 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,098 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN1,290 Mil.
Selling, General, & Admin. Expense(SGA) was MXN9,105 Mil.
Total Current Liabilities was MXN6,555 Mil.
Long-Term Debt & Capital Lease Obligation was MXN16,411 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)
	=	(4552.968 / 23053.894)	/	(4009.76 / 20967.921)
	=	0.197492	/	0.191233
	=	1.0327

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)
	=	(11224.137 / 20967.921)	/	(12836.658 / 23053.894)
	=	0.5353	/	0.556811
	=	0.9614

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 - (12621.463 + 2311.937) / 45597.694)	/	(1 - (10898.115 + 2097.862) / 40510.693)
	=	0.672497	/	0.679196
	=	0.9901

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
	=	23053.894	/	20967.921
	=	1.0995

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))
	=	(1290.094 / (1290.094 + 2097.862))	/	(1285.658 / (1285.658 + 2311.937))
	=	0.380788	/	0.357366
	=	1.0655

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)
	=	(8257.929 / 23053.894)	/	(9104.7 / 20967.921)
	=	0.358201	/	0.43422
	=	0.8249

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)
	=	((18510.733 + 5558.788) / 45597.694)	/	((16411.493 + 6555.062) / 40510.693)
	=	0.527867	/	0.566926
	=	0.9311

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
	=	(2402.124 - 0	-	3242.135)	/	45597.694
	=	-0.018422

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.

Conmed has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Conmed Beneish M-Score Related Terms

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Conmed Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Conmed Corp (MEX:CNMD) » Definitions » Beneish M-Score

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Traded in Other Exchanges

CNMD:USA EC8:Germany

Address

11311 Concept Boulevard, Largo, FL, USA, 33773

Website

https://www.conmed.com

Conmed Corp is a Utica, New York-based medical equipment company that focuses on sports medicine procedures and general surgeries. The firm currently reports through two reporting units, orthopedic surgery, and general surgery. From a geographic perspective, the firm is U.S.-centric, with maximum domestic sales accounting for revenue, EMEA accounting for second place, APAC at third, and the non-U.S. Americas region driving the remaining revenue.