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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 -1.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PROCEPT BioRobotics's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of PROCEPT BioRobotics was -0.58. The lowest was -1.82. And the median was -1.03.
The historical data trend for PROCEPT BioRobotics'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.
PROCEPT BioRobotics Annual Data | |||||||||||||||
Trend | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | -0.58 | -1.03 | -1.82 |
PROCEPT BioRobotics Quarterly Data | ||||||||||||||||||||
Dec19 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-1.03 | -1.27 | -1.97 | -1.83 | -1.82 |
For the Medical Devices subindustry, PROCEPT BioRobotics'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.
For the Medical Devices & Instruments industry and Healthcare sector, PROCEPT BioRobotics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PROCEPT BioRobotics's Beneish M-Score falls into.
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 PROCEPT BioRobotics 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 * 1.0471 | + | 0.528 * 0.8543 | + | 0.404 * 0.9582 | + | 0.892 * 1.6484 | + | 0.115 * 0.701 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7892 | + | 4.679 * 0.014606 | - | 0.327 * 0.8071 | |||||||
= | -1.82 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $83.5 Mil. Revenue was 68.236 + 58.37 + 53.353 + 44.539 = $224.5 Mil. Gross Profit was 43.672 + 36.911 + 31.482 + 25.034 = $137.1 Mil. Total Current Assets was $481.8 Mil. Total Assets was $534.0 Mil. Property, Plant and Equipment(Net PPE) was $45.7 Mil. Depreciation, Depletion and Amortization(DDA) was $5.2 Mil. Selling, General, & Admin. Expense(SGA) was $171.4 Mil. Total Current Liabilities was $53.1 Mil. Long-Term Debt & Capital Lease Obligation was $78.3 Mil. Net Income was -18.856 + -20.974 + -25.626 + -25.957 = $-91.4 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil. Cash Flow from Operations was -32.391 + -18.8 + -15.736 + -32.286 = $-99.2 Mil. |
Total Receivables was $48.4 Mil. Revenue was 43.581 + 35.102 + 33.104 + 24.404 = $136.2 Mil. Gross Profit was 21.255 + 18.874 + 18.429 + 12.491 = $71.0 Mil. Total Current Assets was $350.6 Mil. Total Assets was $404.7 Mil. Property, Plant and Equipment(Net PPE) was $49.0 Mil. Depreciation, Depletion and Amortization(DDA) was $3.8 Mil. Selling, General, & Admin. Expense(SGA) was $131.8 Mil. Total Current Liabilities was $45.9 Mil. Long-Term Debt & Capital Lease Obligation was $77.5 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) |
= | (83.496 / 224.498) | / | (48.376 / 136.191) | |
= | 0.371923 | / | 0.355207 | |
= | 1.0471 |
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) | |
= | (71.049 / 136.191) | / | (137.099 / 224.498) | |
= | 0.521686 | / | 0.610691 | |
= | 0.8543 |
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 - (481.842 + 45.65) / 534.017) | / | (1 - (350.567 + 48.989) / 404.717) | |
= | 0.012219 | / | 0.012752 | |
= | 0.9582 |
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 | |
= | 224.498 | / | 136.191 | |
= | 1.6484 |
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)) |
= | (3.807 / (3.807 + 48.989)) | / | (5.234 / (5.234 + 45.65)) | |
= | 0.072108 | / | 0.102861 | |
= | 0.701 |
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) |
= | (171.415 / 224.498) | / | (131.771 / 136.191) | |
= | 0.763548 | / | 0.967546 | |
= | 0.7892 |
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) |
= | ((78.34 + 53.133) / 534.017) | / | ((77.521 + 45.927) / 404.717) | |
= | 0.246196 | / | 0.305023 | |
= | 0.8071 |
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 | |
= | (-91.413 - 0 | - | -99.213) | / | 534.017 | |
= | 0.014606 |
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.
PROCEPT BioRobotics has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of PROCEPT BioRobotics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Alaleh Nouri | officer: SVP, GEN COUNSEL, CORP. SEC. | 1310 CHESAPEAKE TERRACE, SUNNYVALE CA 94089 |
Reza Zadno | director, officer: President, CEO | 2710 SAND HILL ROAD, SUITE 200, MENLO PARK CA 94025 |
Antal Rohit Desai | director, 10 percent owner | C/O PROCEPT BIOROBOTICS CORPORATION, 900 ISLAND DRIVE, REDWOOD CITY CA 94065 |
Kevin Waters | officer: Senior VP, CFO | 1310 CHESAPEAKE TERRACE, SUNNYVALE CA 94089 |
Hisham Shiblaq | officer: SVP, Commercial Operations | C/O PROCEPT BIOROBOTICS CORPORATION, 900 ISLAND DRIVE, REDWOOD CITY CA 94065 |
Thomas M Krummel | director | C/O CALIFORNIA WATER SERVICE GROUP, 1720 N. FIRST STREET, SAN JOSE CA 95118 |
Frederic H Moll | director | C/O INTUITIVE SURGICAL INC, 950 KIFER ROAD, SUNNYVALE CA 94086 |
Wood Morgan Colby | director | C/O PROCEPT BIOROBOTICS CORPORATION, 900 ISLAND DRIVE, REDWOOD CA 94065 |
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