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NAOV (NanoVibronix) Beneish M-Score : 5.73 (As of Mar. 18, 2025)


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What is NanoVibronix 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.

Warning Sign:

Beneish M-Score 5.73 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NAOV' s Beneish M-Score Range Over the Past 10 Years
Min: -20.86   Med: -3.71   Max: 5.73
Current: 5.73

During the past 13 years, the highest Beneish M-Score of NanoVibronix was 5.73. The lowest was -20.86. And the median was -3.71.


NanoVibronix Beneish M-Score Historical Data

The historical data trend for NanoVibronix'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.

* Premium members only.

NanoVibronix Beneish M-Score Chart

NanoVibronix Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -5.42 -2.49 -1.37 -1.53 -0.76

NanoVibronix 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.27 -0.76 -1.39 0.62 5.73

Competitive Comparison of NanoVibronix's Beneish M-Score

For the Medical Devices subindustry, NanoVibronix'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.


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

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

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



NanoVibronix 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 NanoVibronix 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 * 7.8365+0.528 * 0.8353+0.404 * 1.6004+0.892 * 3.2779+0.115 * 5.037
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2756+4.679 * -0.134131-0.327 * 1.7076
=5.73

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $0.82 Mil.
Revenue was 0.376 + 0.817 + 0.921 + 1.177 = $3.29 Mil.
Gross Profit was 0.133 + 0.428 + 0.664 + 0.737 = $1.96 Mil.
Total Current Assets was $4.38 Mil.
Total Assets was $4.68 Mil.
Property, Plant and Equipment(Net PPE) was $0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $4.26 Mil.
Total Current Liabilities was $2.52 Mil.
Long-Term Debt & Capital Lease Obligation was $0.08 Mil.
Net Income was -0.998 + -0.688 + -0.588 + -0.813 = $-3.09 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.836 + -0.553 + -0.579 + -0.491 = $-2.46 Mil.
Total Receivables was $0.03 Mil.
Revenue was 0.458 + 0.294 + 0.354 + -0.102 = $1.00 Mil.
Gross Profit was 0.349 + 0.216 + 0.235 + -0.3 = $0.50 Mil.
Total Current Assets was $7.17 Mil.
Total Assets was $7.36 Mil.
Property, Plant and Equipment(Net PPE) was $0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $4.71 Mil.
Total Current Liabilities was $2.39 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(0.822 / 3.291) / (0.032 / 1.004)
=0.249772 / 0.031873
=7.8365

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)
=(0.5 / 1.004) / (1.962 / 3.291)
=0.498008 / 0.596171
=0.8353

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 - (4.377 + 0.135) / 4.682) / (1 - (7.168 + 0.026) / 7.361)
=0.036309 / 0.022687
=1.6004

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
=3.291 / 1.004
=3.2779

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))
=(0.001 / (0.001 + 0.026)) / (0.001 / (0.001 + 0.135))
=0.037037 / 0.007353
=5.037

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)
=(4.257 / 3.291) / (4.712 / 1.004)
=1.293528 / 4.693227
=0.2756

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)
=((0.077 + 2.521) / 4.682) / ((0 + 2.392) / 7.361)
=0.554891 / 0.324956
=1.7076

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
=(-3.087 - 0 - -2.459) / 4.682
=-0.134131

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.

NanoVibronix has a M-score of 5.73 signals that the company is likely to be a manipulator.


NanoVibronix Beneish M-Score Related Terms

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NanoVibronix Business Description

Traded in Other Exchanges
N/A
Address
969 Pruitt Avenue, Tyler, TX, USA, 77569
NanoVibronix Inc manufactures noninvasive biological response-activating devices that target biofilm prevention, pain therapy, and wound healing and can be administered at home, without the assistance of medical professionals. Its primary products are UroShield; PainShield; and WoundShield. Each of its UroShield, PainShield, and WoundShield products employs a small, disposable transducer that transmits low-frequency, low-intensity ultrasound acoustic waves that seek to repair and regenerate tissue, musculoskeletal and vascular structures, and decrease biofilm formation on urinary catheters and associated urinary tract infections. The company derives revenues from selling its products directly to patients as well as through distributor agreements.
Executives
Christopher M Fashek director 8023 VANTAGE DR, SAN ANTONIO TX 78230
Stephen Russell Brown officer: Chief Financial Officer 18-B NEIL COURT, OCEANSIDE NY 11572
Aurora Cassirer director C/O NANOVIBRONIX, INC.,, 525 EXECUTIVE BOULEVARD, ELMSFORD NY 10523
Maria Schroeder director C/O NANOVIBRONIX, INC.,, 525 EXECUTIVE BOULEVARD, ELMSFORD NY 10523
Brian M Murphy director, officer: Chief Executive Officer 525 EXECUTIVE BOULEVARD, ELMSFORD NY 10523
Michael Ferguson director 525 EXECUTIVE BOULEVARD, ELMSFORD NY 10523
Thomas Mika director TEGAL CORP, 2201 SOUTH MCDOWELL BLVD, PETALUMA CA 94954
Ira A Greenstein director IDT CORP, 520 BROAD STREET, NEWARK NJ 07102
Harold Jacob director, officer: Chief Medical Officer HAADMUR MEBUYON 26, HARNOT, JERUSALEM L3 95403
Martin M Goldstein director C/O NANOVIBRONIX, INC., 525 EXECUTIVE BOULEVARD, ELMSFORD NY 10523
William Stern director, officer: Chief Executive Officer 525 EXECUTIVE BOULEVARD, ELMSFORD NY 10523
Jona Zumeris director, officer: VP of Technology 105 MAXESS ROAD, SUITE S124, MELVILLE NY 11747
Miriam W Kelly 10 percent owner P.O. BOX 1443, BROOKLANDVILLE MD 21022