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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 -5.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for KORU Medical Systems's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of KORU Medical Systems was -0.32. The lowest was -5.24. And the median was -2.16.
The historical data trend for KORU Medical Systems'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.
KORU Medical Systems Annual Data | |||||||||||||||||||||
Trend | Feb14 | Feb15 | Feb16 | Feb17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -0.32 | -2.54 | -1.41 | -2.52 | -4.41 |
KORU Medical Systems Quarterly Data | ||||||||||||||||||||
Jun19 | 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 | -1.89 | -2.49 | -2.81 | -4.41 | -5.24 |
For the Medical Instruments & Supplies subindustry, KORU Medical Systems'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, KORU Medical Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KORU Medical Systems'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 KORU Medical Systems 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 * 0.8953 | + | 0.528 * 0.9084 | + | 0.404 * 0.2148 | + | 0.892 * 1.0096 | + | 0.115 * 0.7564 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9788 | + | 4.679 * -0.460601 | - | 0.327 * 1.3788 | |||||||
= | -5.24 |
* 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 $4.68 Mil. Revenue was 8.198 + 7.186 + 7.003 + 6.936 = $29.32 Mil. Gross Profit was 5.103 + 4.331 + 4.342 + 3.888 = $17.66 Mil. Total Current Assets was $19.48 Mil. Total Assets was $27.50 Mil. Property, Plant and Equipment(Net PPE) was $7.18 Mil. Depreciation, Depletion and Amortization(DDA) was $0.89 Mil. Selling, General, & Admin. Expense(SGA) was $20.30 Mil. Total Current Liabilities was $4.85 Mil. Long-Term Debt & Capital Lease Obligation was $3.53 Mil. Net Income was -1.936 + -7.466 + -1.368 + -2.496 = $-13.27 Mil. Non Operating Income was -0.012 + 0.007 + -0.013 + -0.002 = $-0.02 Mil. Cash Flow from Operations was -0.347 + 1.097 + -1.175 + -0.154 = $-0.58 Mil. |
Total Receivables was $5.18 Mil. Revenue was 7.393 + 7.345 + 7.76 + 6.547 = $29.05 Mil. Gross Profit was 4.147 + 4.078 + 4.322 + 3.346 = $15.89 Mil. Total Current Assets was $25.22 Mil. Total Assets was $38.25 Mil. Property, Plant and Equipment(Net PPE) was $7.61 Mil. Depreciation, Depletion and Amortization(DDA) was $0.69 Mil. Selling, General, & Admin. Expense(SGA) was $20.54 Mil. Total Current Liabilities was $4.52 Mil. Long-Term Debt & Capital Lease Obligation was $3.93 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) |
= | (4.681 / 29.323) | / | (5.179 / 29.045) | |
= | 0.159636 | / | 0.17831 | |
= | 0.8953 |
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) | |
= | (15.893 / 29.045) | / | (17.664 / 29.323) | |
= | 0.547185 | / | 0.602394 | |
= | 0.9084 |
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 - (19.479 + 7.184) / 27.501) | / | (1 - (25.215 + 7.613) / 38.254) | |
= | 0.030472 | / | 0.141841 | |
= | 0.2148 |
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 | |
= | 29.323 | / | 29.045 | |
= | 1.0096 |
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)) |
= | (0.691 / (0.691 + 7.613)) | / | (0.888 / (0.888 + 7.184)) | |
= | 0.083213 | / | 0.11001 | |
= | 0.7564 |
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) |
= | (20.298 / 29.323) | / | (20.541 / 29.045) | |
= | 0.692221 | / | 0.707213 | |
= | 0.9788 |
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) |
= | ((3.53 + 4.853) / 27.501) | / | ((3.933 + 4.524) / 38.254) | |
= | 0.304825 | / | 0.221075 | |
= | 1.3788 |
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 | |
= | (-13.266 - -0.02 | - | -0.579) | / | 27.501 | |
= | -0.460601 |
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.
KORU Medical Systems has a M-score of -5.24 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of KORU Medical Systems's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Manko Joseph M. Jr. | 10 percent owner | 1717 ARCH STREET, 37TH FLOOR, PHILADELPHIA PA 19103 |
Kenneth E Miller | officer: Chief Commercial Officer | 26 MOUNTAINVIEW RD, WARREN NJ 07059 |
Edward Wholihan | director | C/O ALLENA PHARMACEUTICALS, INC., ONE NEWTOWN EXECUTIVE PARK SUITE 202, NEWTON MA 02462 |
Linda M Tharby | officer: President and CEO | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Robert Cascella | director | C/O HOLOGIC, INC., BEDFORD MA 01730 |
Lafrence Andrew D.c. | officer: Chief Financial Officer | C/O VYANT BIO, INC., 201 ROUTE 17 NORTH, 2ND FLOOR, RUTHERFORD NJ 07070 |
Thomas Edward Adams | officer: Interim CFO | 524 WOODLAND AVENUE, BRIELLE NJ 08730 |
Brian Case | officer: Chief Technology Officer | 424 CYPRUS CIR, LAKE VILLA IL 60046-8629 |
Shahriar Matin | director | 96 TALAMINE COURT, COLORADO SPRINGS CO 80907 |
Donna French | director | 25 SEARSVILLE COURT, HILLSBOROUGH CA 94010 |
Donald B Pettigrew | officer: Pres./Chief Commercial Officer | 7871 ENGEN LOOP, PARK CITY UT 84098 |
Karen Fisher | officer: CFO | 24 CARPENTER ROAD, CHESTER NY 10918 |
Daniel S Goldberger | director | 24 CARPENTER ROAD, CHESTER NY 10918 |
R John Fletcher | director | C/O VYANT BIO, INC., 201 ROUTE 17 NORTH, 2ND FLOOR, RUTHERFORD NJ 07070 |
Horton Freedom, L.p. | 10 percent owner | 1717 ARCH STREET, 37TH FLOOR, PHILADELPHIA PA 19103 |
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