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Bioventus (Bioventus) Beneish M-Score : -2.55 (As of May. 12, 2024)


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What is Bioventus 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BVS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32   Med: -2.44   Max: -1.78
Current: -2.55

During the past 9 years, the highest Beneish M-Score of Bioventus was -1.78. The lowest was -3.32. And the median was -2.44.


Bioventus Beneish M-Score Historical Data

The historical data trend for Bioventus'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.

Bioventus Beneish M-Score Chart

Bioventus Annual Data
Trend Dec13 Dec14 Dec15 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only - -2.70 -1.78 -2.44 -3.25

Bioventus Quarterly Data
Dec18 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 -3.13 -3.24 -3.32 -3.25 -2.55

Competitive Comparison of Bioventus's Beneish M-Score

For the Medical Devices subindustry, Bioventus'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.


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

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

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



Bioventus 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 Bioventus 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 * 1.0411+0.528 * 0.9776+0.404 * 1.0222+0.892 * 1.0172+0.115 * 1.0033
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9065+4.679 * -0.02935-0.327 * 0.9841
=-2.55

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was $125.5 Mil.
Revenue was 129.457 + 135.423 + 120.794 + 137.069 = $522.7 Mil.
Gross Profit was 88.38 + 86.301 + 78.85 + 89.123 = $342.7 Mil.
Total Current Assets was $265.9 Mil.
Total Assets was $794.2 Mil.
Property, Plant and Equipment(Net PPE) was $47.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $52.7 Mil.
Selling, General, & Admin. Expense(SGA) was $301.4 Mil.
Total Current Liabilities was $173.3 Mil.
Long-Term Debt & Capital Lease Obligation was $355.4 Mil.
Net Income was -4.57 + -6.096 + -7.303 + -3.681 = $-21.7 Mil.
Non Operating Income was -0.358 + -0.706 + -1.774 + -2.35 = $-5.2 Mil.
Cash Flow from Operations was -6.005 + 10.374 + -8.315 + 10.795 = $6.8 Mil.
Total Receivables was $118.5 Mil.
Revenue was 119.059 + 125.834 + 128.662 + 140.331 = $513.9 Mil.
Gross Profit was 73.919 + 74.189 + 84.535 + 96.654 = $329.3 Mil.
Total Current Assets was $308.7 Mil.
Total Assets was $887.4 Mil.
Property, Plant and Equipment(Net PPE) was $52.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $59.4 Mil.
Selling, General, & Admin. Expense(SGA) was $326.9 Mil.
Total Current Liabilities was $196.1 Mil.
Long-Term Debt & Capital Lease Obligation was $404.3 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)
=(125.541 / 522.743) / (118.544 / 513.886)
=0.240158 / 0.230682
=1.0411

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)
=(329.297 / 513.886) / (342.654 / 522.743)
=0.640798 / 0.655492
=0.9776

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 - (265.903 + 46.994) / 794.238) / (1 - (308.664 + 52.619) / 887.404)
=0.606041 / 0.592877
=1.0222

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
=522.743 / 513.886
=1.0172

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))
=(59.392 / (59.392 + 52.619)) / (52.677 / (52.677 + 46.994))
=0.530234 / 0.528509
=1.0033

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)
=(301.427 / 522.743) / (326.868 / 513.886)
=0.576626 / 0.636071
=0.9065

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)
=((355.43 + 173.321) / 794.238) / ((404.265 + 196.063) / 887.404)
=0.665734 / 0.676499
=0.9841

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
=(-21.65 - -5.188 - 6.849) / 794.238
=-0.02935

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.

Bioventus has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.


Bioventus Beneish M-Score Related Terms

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Bioventus (Bioventus) Business Description

Traded in Other Exchanges
N/A
Address
4721 Emperor Boulevard, Suite 100, Durham, NC, USA, 27703
Bioventus Inc is a medical technology company. The company is engaged in developing and commercializing clinically differentiated treatments that engage and enhance the body's natural healing process. It offers a diverse portfolio of products to serve physicians spanning the orthopedic continuum, including sports medicine, total joint reconstruction, hand and upper extremities, foot and ankle, podiatric surgery, trauma, spine and neurosurgery. Its portfolio of products is grouped into three verticals based on clinical use: Pain Treatments, Surgical Solutions, and Restorative Therapies. Geographical presence is in U.S and International markets.
Executives
Bihl Anthony P Iii director, officer: Interim CEO 807 SMITH RIDGE ROAD, NEW CANAAN CT 06840
John A. Bartholdson director, 10 percent owner C/O STONINGTON PARTNERS, INC., 540 MADISON AVENUE, 25TH FLOOR, NEW YORK NY 10022
Juniper Investment Company, Llc 10 percent owner 555 MADISON AVENUE, 24TH FLOOR, NEW YORK NY 10022-3315
Katrina J Church officer: SVP & Chief Compliance Officer 3290 WEST BAYSHORE ROAD, PALO ALTO CA 94303
Alexis P Michas 10 percent owner 940 WINTER STREET, C/O PERKINELMER, WALTHAM MA 02451
Juniper Targeted Opportunities, Lp 10 percent owner 555 MADISON AVENUE, 24TH FL, NEW YORK NY 10022
Juniper Targeted Opportunity Fund, L.p. 10 percent owner 555 MADISON AVENUE, 24TH FLOOR, NEW YORK NY 10022
William A Hawkins director MEDTRONIC INC, 710 MEDTRONIC PKWY, MS LC310, MINNEAPOLIS MN 55432-5604
Mark Leonard Singleton officer: SEE REMARKS C/O BIOVENTUS INC., 4721 EMPEROR BOULEVARD, SUITE 100, DURHAM NC 27703
Anthony D'adamio officer: SVP & General Counsel C/O BIOVENTUS INC., 4721 EMPEROR BOULEVARD, SUITE 400, DURHAM NC 27703
Kenneth Michael Reali director, officer: Chief Executive Officer 5213 ATHERTON BRIDGE ROAD, RALEIGH NC 27613
John Nosenzo officer: Chief Commercial Officer C/O BIOVENTUS INC., 4721 EMPEROR BOULEVARD, SUITE 400, DURHAM NC 27703
Alessandra Pavesio officer: SVP & Chief Science Officer C/O BIOVENTUS INC., 4721 EMPEROR BOULEVARD, SUITE 400, DURHAM NC 27703
Gregory O. Anglum officer: SVP and CFO C/O BIOVENTUS INC., 4721 EMPEROR BOULEVARD, SUITE 100, DURHAM NC 27703
Michelle Mcmurry-heath director C/O BIOVENTUS INC., 4721 EMPEROR BOULEVARD, SUITE 100, DURHAM NC 27703

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