Lombard Medical Technologies (LSE:LMT) Beneish M-Score : 0.00 (As of Jun. 06, 2024)

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What is Lombard Medical Technologies 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.

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

During the past 10 years, the highest Beneish M-Score of Lombard Medical Technologies was 2.94. The lowest was -3.33. And the median was -2.14.

Lombard Medical Technologies Beneish M-Score Historical Data

The historical data trend for Lombard Medical Technologies'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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Lombard Medical Technologies Beneish M-Score Chart

Lombard Medical Technologies Annual Data

Trend

Sep02

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Beneish M-Score

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-2.27

-2.94

-0.98

-2.39

-3.13

Lombard Medical Technologies Semi-Annual Data
	Sep02	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12
Beneish M-Score	Get a 7-Day Free Trial					-2.27	-2.94	-0.98	-2.39	-3.13

Competitive Comparison of Lombard Medical Technologies's Beneish M-Score

For the Medical Instruments & Supplies subindustry, Lombard Medical Technologies'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.

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

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

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

Lombard Medical Technologies 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 Lombard Medical Technologies 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 * 0.8698

0.528 * 1.3688

0.404 * 1.6336

0.892 * 0.9727

0.115 * 0.7686

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7971

4.679 * -0.082567

0.327 * 2.8438

-3.33

This Year (Dec12) TTM:

Last Year (Dec11) TTM:

Total Receivables was £0.90 Mil.
Revenue was £3.89 Mil.
Gross Profit was £1.40 Mil.
Total Current Assets was £6.42 Mil.
Total Assets was £9.24 Mil.
Property, Plant and Equipment(Net PPE) was £0.59 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.20 Mil.
Selling, General, & Admin. Expense(SGA) was £5.05 Mil.
Total Current Liabilities was £5.09 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-8.29 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-7.53 Mil.

Total Receivables was £1.06 Mil.
Revenue was £4.00 Mil.
Gross Profit was £1.97 Mil.
Total Current Assets was £12.43 Mil.
Total Assets was £15.31 Mil.
Property, Plant and Equipment(Net PPE) was £0.61 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.14 Mil.
Selling, General, & Admin. Expense(SGA) was £2.89 Mil.
Total Current Liabilities was £2.96 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 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)
	=	(0.896 / 3.89)	/	(1.059 / 3.999)
	=	0.230334	/	0.264816
	=	0.8698

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)
	=	(1.97 / 3.999)	/	(1.4 / 3.89)
	=	0.492623	/	0.359897
	=	1.3688

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 - (6.415 + 0.59) / 9.241)	/	(1 - (12.432 + 0.606) / 15.305)
	=	0.241965	/	0.148122
	=	1.6336

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
	=	3.89	/	3.999
	=	0.9727

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))
	=	(0.143 / (0.143 + 0.606))	/	(0.195 / (0.195 + 0.59))
	=	0.190921	/	0.248408
	=	0.7686

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)
	=	(5.045 / 3.89)	/	(2.886 / 3.999)
	=	1.296915	/	0.72168
	=	1.7971

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)
	=	((0 + 5.086) / 9.241)	/	((0 + 2.962) / 15.305)
	=	0.550373	/	0.193532
	=	2.8438

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
	=	(-8.293 - 0	-	-7.53)	/	9.241
	=	-0.082567

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.

Lombard Medical Technologies has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.

Lombard Medical Technologies Beneish M-Score Related Terms

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Lombard Medical Technologies (LSE:LMT) Business Description

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GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Lombard Medical Technologies PLC (LSE:LMT) » Definitions » Beneish M-Score

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Website

http://www.lombardmedical.com

Lombard Medical Technologies PLC is engaged in the design and development of endovascular stent grafts, their manufacture, and commercialization either directly through the group's own sales force or through a network of local distributors supported by clinical specialists from Lombard Medical. The principal product, the AorfixT AAA stent graft has European CE mark approval for use in patients with high-angle-neck aneurysms of up to 90 degrees. The group has operations in United Kingdom and United States of America.