Utah Medical Products (Utah Medical Products) Beneish M-Score : -3.18 (As of Apr. 25, 2024)

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What is Utah Medical Products 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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

UTMD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.73 Max: -2.27
Current: -3.18

During the past 13 years, the highest Beneish M-Score of Utah Medical Products was -2.27. The lowest was -3.18. And the median was -2.73.

Utah Medical Products Beneish M-Score Historical Data

The historical data trend for Utah Medical Products'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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Utah Medical Products Beneish M-Score Chart

Utah Medical Products Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.27

-3.08

-2.60

-2.86

-3.18

Utah Medical Products Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.86	-3.14	-3.14	-3.17	-3.18

Competitive Comparison of Utah Medical Products's Beneish M-Score

For the Medical Instruments & Supplies subindustry, Utah Medical Products'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.

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

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

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

Utah Medical Products 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 Utah Medical Products 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 * 0.6372

0.528 * 1.0297

0.404 * 0.7182

0.892 * 0.9607

0.115 * 1.0873

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1097

4.679 * -0.066131

0.327 * 0.7264

-3.18

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $3.39 Mil.
Revenue was 12.333 + 12.505 + 12.866 + 12.52 = $50.22 Mil.
Gross Profit was 7.098 + 7.359 + 7.739 + 7.843 = $30.04 Mil.
Total Current Assets was $106.27 Mil.
Total Assets was $135.46 Mil.
Property, Plant and Equipment(Net PPE) was $10.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.37 Mil.
Selling, General, & Admin. Expense(SGA) was $12.70 Mil.
Total Current Liabilities was $4.71 Mil.
Long-Term Debt & Capital Lease Obligation was $0.30 Mil.
Net Income was 4.286 + 3.935 + 4.2 + 4.214 = $16.64 Mil.
Non Operating Income was 1.073 + 0.812 + 0.747 + 0.68 = $3.31 Mil.
Cash Flow from Operations was 5.332 + 5.121 + 4.913 + 6.915 = $22.28 Mil.

Total Receivables was $5.54 Mil.
Revenue was 13.574 + 12.955 + 13.428 + 12.323 = $52.28 Mil.
Gross Profit was 8.327 + 8.186 + 8.151 + 7.533 = $32.20 Mil.
Total Current Assets was $89.92 Mil.
Total Assets was $123.87 Mil.
Property, Plant and Equipment(Net PPE) was $10.22 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.08 Mil.
Selling, General, & Admin. Expense(SGA) was $11.91 Mil.
Total Current Liabilities was $5.96 Mil.
Long-Term Debt & Capital Lease Obligation was $0.34 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)
	=	(3.39 / 50.224)	/	(5.538 / 52.28)
	=	0.067498	/	0.10593
	=	0.6372

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)
	=	(32.197 / 52.28)	/	(30.039 / 50.224)
	=	0.615857	/	0.598101
	=	1.0297

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 - (106.269 + 10.551) / 135.458)	/	(1 - (89.919 + 10.224) / 123.874)
	=	0.137592	/	0.191574
	=	0.7182

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
	=	50.224	/	52.28
	=	0.9607

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))
	=	(7.082 / (7.082 + 10.224))	/	(6.368 / (6.368 + 10.551))
	=	0.409222	/	0.376382
	=	1.0873

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)
	=	(12.701 / 50.224)	/	(11.914 / 52.28)
	=	0.252887	/	0.227888
	=	1.1097

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)
	=	((0.295 + 4.71) / 135.458)	/	((0.341 + 5.96) / 123.874)
	=	0.036949	/	0.050866
	=	0.7264

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
	=	(16.635 - 3.312	-	22.281)	/	135.458
	=	-0.066131

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.

Utah Medical Products has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.

Utah Medical Products Beneish M-Score Related Terms

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Utah Medical Products (Utah Medical Products) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Utah Medical Products Inc (NAS:UTMD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

UTM:Germany

Address

7043 South 300 West, Midvale, UT, USA, 84047

Website

http://www.utahmed.com

Utah Medical Products Inc is involved in the business of developing, manufacturing, and distributing medical devices that are mainly proprietary, disposable and for hospital use. The firm produces its products for Blood pressure monitoring, Blood collection, Electrosurgery, Gynecology, Neonatal critical care, perinatology, and Urology. The company's product portfolio includes Electrosurgical pens, Tenacula, Endoscopic bulb irrigators, Blood bag spikes. Its products are used mainly in critical care areas, labor and delivery departments of hospitals as well as outpatient clinics and physicians offices.

Executives

Paul O Richins	director, officer: VP, Treasurer, Asst. Secretary	7043 SOUTH 300 WEST, MIDVALE UT 84047
Barbara A Payne	director
Ernst G Hoyer	director
Kevin L Cornwell	director, officer: Chairman, CEO, Secretary
Brian Koopman	officer: Principal Financial Officer	108 E 1700 S, BOUNTIFUL UT 84010
James H Beeson	director	7043 SOUTH 300 WEST, MIDVALE UT 84047
Greg A Leclaire	officer: Chief Financial Officer	5225 WILEY POST WAY, SUITE 500, SALT LAKE CITY UT 84116
Stephen W Bennett	director