Instituto de Diagnostico (XSGO:INDISA) Beneish M-Score : -2.68 (As of Apr. 18, 2025)

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What is Instituto de Diagnostico 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:INDISA' s Beneish M-Score Range Over the Past 10 Years
Min: -5.38 Med: -2.42 Max: -2.08
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Instituto de Diagnostico was -2.08. The lowest was -5.38. And the median was -2.42.

Instituto de Diagnostico Beneish M-Score Historical Data

The historical data trend for Instituto de Diagnostico'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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Instituto de Diagnostico Beneish M-Score Chart

Instituto de Diagnostico Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.50

-2.08

-2.44

-2.61

-2.68

Instituto de Diagnostico Quarterly Data
	Mar20	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															-2.61	-2.80	-2.73	-2.77	-2.68

Competitive Comparison of Instituto de Diagnostico's Beneish M-Score

For the Medical Care Facilities subindustry, Instituto de Diagnostico'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.

Instituto de Diagnostico's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Instituto de Diagnostico's Beneish M-Score distribution charts can be found below:

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

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Instituto de Diagnostico 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 Instituto de Diagnostico 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 * 0.9368

0.528 * 0.8435

0.404 * 1.1131

0.892 * 1.092

0.115 * 1.1281

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0314

4.679 * -0.044108

0.327 * 0.9663

-2.68

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was CLP82,575 Mil.
Revenue was 61841.294 + 60600.131 + 61490.924 + 55138.699 = CLP239,071 Mil.
Gross Profit was 14368.763 + 15483.723 + 15932.246 + 12328.47 = CLP58,113 Mil.
Total Current Assets was CLP98,836 Mil.
Total Assets was CLP272,436 Mil.
Property, Plant and Equipment(Net PPE) was CLP148,156 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP919 Mil.
Selling, General, & Admin. Expense(SGA) was CLP23,831 Mil.
Total Current Liabilities was CLP83,347 Mil.
Long-Term Debt & Capital Lease Obligation was CLP79,651 Mil.
Net Income was 1954.487 + 1960.691 + 2764.589 + 596.159 = CLP7,276 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was -351.716 + 5880.884 + 4536.286 + 9227.036 = CLP19,292 Mil.

Total Receivables was CLP80,725 Mil.
Revenue was 58084.976 + 55923.055 + 56479.892 + 48445.966 = CLP218,934 Mil.
Gross Profit was 13518.329 + 12227.094 + 12255.552 + 6886.521 = CLP44,887 Mil.
Total Current Assets was CLP99,634 Mil.
Total Assets was CLP276,575 Mil.
Property, Plant and Equipment(Net PPE) was CLP153,735 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP1,077 Mil.
Selling, General, & Admin. Expense(SGA) was CLP21,160 Mil.
Total Current Liabilities was CLP88,743 Mil.
Long-Term Debt & Capital Lease Obligation was CLP82,507 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)
	=	(82575.277 / 239071.048)	/	(80724.613 / 218933.889)
	=	0.345401	/	0.368717
	=	0.9368

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)
	=	(44887.496 / 218933.889)	/	(58113.202 / 239071.048)
	=	0.205028	/	0.243079
	=	0.8435

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 - (98835.935 + 148155.642) / 272435.941)	/	(1 - (99633.557 + 153735.31) / 276574.934)
	=	0.093396	/	0.083905
	=	1.1131

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
	=	239071.048	/	218933.889
	=	1.092

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))
	=	(1076.816 / (1076.816 + 153735.31))	/	(919.125 / (919.125 + 148155.642))
	=	0.006956	/	0.006166
	=	1.1281

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)
	=	(23830.754 / 239071.048)	/	(21159.651 / 218933.889)
	=	0.099681	/	0.096649
	=	1.0314

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)
	=	((79650.837 + 83346.707) / 272435.941)	/	((82507.206 + 88743.225) / 276574.934)
	=	0.598297	/	0.619183
	=	0.9663

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
	=	(7275.926 - 0	-	19292.49)	/	272435.941
	=	-0.044108

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.

Instituto de Diagnostico has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.

Instituto de Diagnostico Beneish M-Score Related Terms

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Instituto de Diagnostico Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » Instituto de Diagnostico SA (XSGO:INDISA) » Definitions » Beneish M-Score

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Address

Avenida Santa Maria 1810, Providencia, Santiago, CHL

Website

https://www.indisa.cl

Instituto de Diagnostico SA, through Clinica Indisa, provides medical and healthcare services. It offers clinical services in the areas of general surgery, traumatology, urology, maternity, dialysis, cardiovascular, odontology, gynecology and obstetrics, blood bank facility, maternity facility, critical patient unit, and various other medical-related services and facilities. Along with its subsidiaries, the company operates in the following segments; Hospitalization which generates maximum revenue and corresponds to services provided to patients who are hospitalized and spend days in bed; Outpatient corresponds to services that do not involve occupation of bed days; and Others corresponds to the parking rental and services category maintenance.

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