LivaNova Beneish M-Score Historical Data
The historical data trend for LivaNova'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.
LivaNova Beneish M-Score Chart
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LivaNova Annual Data
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Trend |
Apr14 |
Apr15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.79 |
-2.86 |
-2.74 |
-2.39 |
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LivaNova Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-2.75 |
-2.69 |
-2.51 |
-2.39 |
Competitive Comparison of LivaNova's Beneish M-Score
For the Medical Devices subindustry, LivaNova'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.
LivaNova's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, LivaNova's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LivaNova's Beneish M-Score falls into.
LivaNova 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 LivaNova 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 * 0.9699 | + | 0.528 * 1.0352 | + | 0.404 * 0.9528 | + | 0.892 * 1.1289 | + | 0.115 * 1.0486 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9781 | + | 4.679 * 0.003496 | - | 0.327 * 1.0607 |
| = | -2.39 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $235 Mil.
Revenue was 310.132 + 286.113 + 293.882 + 263.418 = $1,154 Mil.
Gross Profit was 190.167 + 201.803 + 205.197 + 174.083 = $771 Mil.
Total Current Assets was $988 Mil.
Total Assets was $2,430 Mil.
Property, Plant and Equipment(Net PPE) was $205 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $518 Mil.
Total Current Liabilities was $335 Mil.
Long-Term Debt & Capital Lease Obligation was $614 Mil.
Net Income was 16.339 + -7.318 + 1.155 + 7.37 = $18 Mil.
Non Operating Income was -86.686 + 2.629 + -2.815 + 21.011 = $-66 Mil.
Cash Flow from Operations was 53.958 + 18.136 + -17.937 + 20.757 = $75 Mil.
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Total Receivables was $215 Mil.
Revenue was 274.874 + 252.605 + 254.151 + 240.175 = $1,022 Mil.
Gross Profit was 183.517 + 170.918 + 184.35 + 168.443 = $707 Mil.
Total Current Assets was $886 Mil.
Total Assets was $2,295 Mil.
Property, Plant and Equipment(Net PPE) was $183 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $469 Mil.
Total Current Liabilities was $297 Mil.
Long-Term Debt & Capital Lease Obligation was $548 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) |
| = | (235.217 / 1153.545) | / | (214.818 / 1021.805) |
| = | 0.203908 | / | 0.210234 |
| | = | 0.9699 |
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) |
| = | (707.228 / 1021.805) | / | (771.25 / 1153.545) |
| = | 0.692136 | / | 0.668591 |
| | = | 1.0352 |
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 - (988.158 + 205.026) / 2429.563) | / | (1 - (886.136 + 183.017) / 2294.773) |
| = | 0.508889 | / | 0.534092 |
| | = | 0.9528 |
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 |
| = | 1153.545 | / | 1021.805 |
| | = | 1.1289 |
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)) |
| = | (57.796 / (57.796 + 183.017)) | / | (60.856 / (60.856 + 205.026)) |
| = | 0.240004 | / | 0.228883 |
| | = | 1.0486 |
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) |
| = | (518.129 / 1153.545) | / | (469.243 / 1021.805) |
| = | 0.449162 | / | 0.45923 |
| | = | 0.9781 |
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) |
| = | ((613.931 + 334.983) / 2429.563) | / | ((547.615 + 297.398) / 2294.773) |
| = | 0.39057 | / | 0.368234 |
| | = | 1.0607 |
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 |
| = | (17.546 - -65.861 | - | 74.914) | / | 2429.563 |
| | = | 0.003496 |
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.
LivaNova has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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