VANI (Vivani Medical) Beneish M-Score: 0.00 (As of Sep. 09, 2026)

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VANI Vivani Medical Inc VANI
33 GF Score
Price $1.32
! 1 Warning Sign
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What is Vivani Medical Beneish M-Score?

Vivani Medical VANI -2.59% 33 Beneish M-Score is 0.00 as of Sep. 09, 2026. GuruFocus rates VANI with a GF Score™ of 33/100. The stock has 1 warning sign investors should review. Among 832 Biotechnology companies, Vivani Medical ranks worse than 120192.19% on this metric.

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.

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

During the past 6 years, the highest Beneish M-Score of Vivani Medical was 0.00. The lowest was 0.00. And the median was 0.00.

Vivani Medical Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vivani Medical'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.

Vivani Medical Beneish M-Score Chart

Vivani Medical Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

Vivani Medical Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 0.00 0.00 0.00 0.00 0.00

VANI vs BDTX, VTVT, TLSA: Beneish M-Score Comparison

For the Biotechnology subindustry, Vivani Medical'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.

Vivani Medical Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Vivani Medical's Beneish M-Score distribution charts can be found below:

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


VANI
33GF Score
Vivani Medical Inc VANI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Vivani Medical 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 Vivani Medical 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was $0.71 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $21.64 Mil.
Total Assets was $41.64 Mil.
Property, Plant and Equipment(Net PPE) was $19.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.48 Mil.
Selling, General, & Admin. Expense(SGA) was $9.23 Mil.
Total Current Liabilities was $6.66 Mil.
Long-Term Debt & Capital Lease Obligation was $16.01 Mil.
Net Income was -6.37 + -6.78 + -6.633 + -6.53 = $-26.31 Mil.
Non Operating Income was 0.504 + 0.037 + 0.177 + 0.195 = $0.91 Mil.
Cash Flow from Operations was -6.035 + -6.196 + -6.719 + -6.351 = $-25.30 Mil.
 Total Receivables was $0.49 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $8.72 Mil.
Total Assets was $28.91 Mil.
Property, Plant and Equipment(Net PPE) was $18.72 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.41 Mil.
Selling, General, & Admin. Expense(SGA) was $9.31 Mil.
Total Current Liabilities was $6.72 Mil.
Long-Term Debt & Capital Lease Obligation was $17.28 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)
=(0.709 / 0) / (0.494 / 0)
= /
=

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 / 0) / (0 / 0)
= /
=

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 - (21.635 + 19.019) / 41.639) / (1 - (8.715 + 18.723) / 28.905)
=0.023656 / 0.050752
=

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
=0 / 0
=

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))
=(0.405 / (0.405 + 18.723)) / (0.478 / (0.478 + 19.019))
=0.021173 / 0.024517
=

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)
=(9.231 / 0) / (9.306 / 0)
= /
=

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)
=((16.013 + 6.659) / 41.639) / ((17.279 + 6.716) / 28.905)
=0.54449 / 0.830133
=

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
=(-26.313 - 0.913 - -25.301) / 41.639
=-0.046231

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Vivani Medical (VANI) has a Beneish M-Score of 0.00 as of Sep. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vivani Medical and its competitors. According to the industry distribution chart, Vivani Medical ranks #999999 out of 832 companies in the Biotechnology industry.
Is Vivani Medical's Beneish M-Score too high?
Vivani Medical's current Beneish M-Score is 0.00. Based on the distribution chart, Vivani Medical ranks #999999 out of 832 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Vivani Medical has a GF Score™ of 33/100, reflecting its overall financial health beyond just this single metric.
How does Vivani Medical's Beneish M-Score compare to BDTX and VTVT?
According to the Biotechnology industry distribution chart, Vivani Medical ranks #999999 out of 832 companies for Beneish M-Score. This places Vivani Medical in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Biotechnology company?
A good Beneish M-Score depends on the Biotechnology industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vivani Medical and its competitors. Vivani Medical's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vivani Medical stock overvalued right now?
Vivani Medical (VANI) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Vivani Medical's overall GF Score™ is 33/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Vivani Medical (VANI), the current Beneish M-Score is 0.00 as of Sep. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Vivani Medical Business Description

Other Exchanges U5P:Germany
Address 1350 South Loop Road, Alameda, CA, USA, 94502
Vivani Medical Inc is a clinical stage biopharmaceutical company which develops miniature, ultra long-acting subdermal drug implant candidates utilizing its proprietary NanoPortal technology, which is designed to enable reversible, ultra long-acting, near constant-rate delivery of a broad range of medicines to treat chronic diseases. Vivani uses this platform technology to develop, and potentially commercialize, drug implant candidates, alone or in collaboration with pharmaceutical company partners, to address causes of poor clinical outcomes in the treatment of chronic diseases, including medication non-adherence, drug tolerability and administration challenges faced by certain patients. It operates in two segments the Biopharm Division and Neurostimulation Division.
33GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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