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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.
Warning Sign:
Beneish M-Score 12.23 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Rewalk Robotics's Beneish M-Score or its related term are showing as below:
During the past 12 years, the highest Beneish M-Score of Rewalk Robotics was 12.23. The lowest was -4.74. And the median was -2.54.
The historical data trend for Rewalk Robotics'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.
Rewalk Robotics Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.38 | -2.48 | -2.59 | -1.88 | 12.23 |
Rewalk Robotics 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 | -1.88 | -2.78 | -2.98 | 10.05 | 12.23 |
For the Medical Devices subindustry, Rewalk Robotics'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, Rewalk Robotics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rewalk Robotics'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 Rewalk Robotics 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 * 1.198 | + | 0.528 * 1.0754 | + | 0.404 * 35.2871 | + | 0.892 * 2.5139 | + | 0.115 * 0.4405 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.5604 | + | 4.679 * -0.025304 | - | 0.327 * 2.8484 | |||||||
= | 12.23 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $3.12 Mil. Revenue was 6.884 + 4.403 + 1.337 + 1.23 = $13.85 Mil. Gross Profit was 2.443 + 0.863 + 0.576 + 0.571 = $4.45 Mil. Total Current Assets was $39.22 Mil. Total Assets was $63.19 Mil. Property, Plant and Equipment(Net PPE) was $3.12 Mil. Depreciation, Depletion and Amortization(DDA) was $1.85 Mil. Selling, General, & Admin. Expense(SGA) was $23.92 Mil. Total Current Liabilities was $11.80 Mil. Long-Term Debt & Capital Lease Obligation was $0.61 Mil. Net Income was -5.639 + -7.531 + -4.642 + -4.321 = $-22.13 Mil. Non Operating Income was 0.094 + 0.017 + 0.009 + 0.013 = $0.13 Mil. Cash Flow from Operations was -4.484 + -7.444 + -3.506 + -5.233 = $-20.67 Mil. |
Total Receivables was $1.04 Mil. Revenue was 2.179 + 0.886 + 1.57 + 0.876 = $5.51 Mil. Gross Profit was 0.673 + 0.221 + 0.746 + 0.265 = $1.91 Mil. Total Current Assets was $72.51 Mil. Total Assets was $74.24 Mil. Property, Plant and Equipment(Net PPE) was $1.03 Mil. Depreciation, Depletion and Amortization(DDA) was $0.20 Mil. Selling, General, & Admin. Expense(SGA) was $16.98 Mil. Total Current Liabilities was $4.78 Mil. Long-Term Debt & Capital Lease Obligation was $0.33 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) |
= | (3.12 / 13.854) | / | (1.036 / 5.511) | |
= | 0.225206 | / | 0.187988 | |
= | 1.198 |
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) | |
= | (1.905 / 5.511) | / | (4.453 / 13.854) | |
= | 0.345672 | / | 0.321423 | |
= | 1.0754 |
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 - (39.222 + 3.123) / 63.192) | / | (1 - (72.51 + 1.032) / 74.236) | |
= | 0.329899 | / | 0.009349 | |
= | 35.2871 |
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 | |
= | 13.854 | / | 5.511 | |
= | 2.5139 |
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)) |
= | (0.202 / (0.202 + 1.032)) | / | (1.847 / (1.847 + 3.123)) | |
= | 0.163695 | / | 0.37163 | |
= | 0.4405 |
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) |
= | (23.917 / 13.854) | / | (16.976 / 5.511) | |
= | 1.726361 | / | 3.080385 | |
= | 0.5604 |
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) |
= | ((0.607 + 11.795) / 63.192) | / | ((0.333 + 4.782) / 74.236) | |
= | 0.196259 | / | 0.068902 | |
= | 2.8484 |
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 | |
= | (-22.133 - 0.133 | - | -20.667) | / | 63.192 | |
= | -0.025304 |
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.
Rewalk Robotics has a M-score of 12.23 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Rewalk Robotics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Lind Global Fund Ii Lp | 10 percent owner | 444 MADISON AVENUE, 41ST FLOOR, NEW YORK NY 10022 |
Lind Global Macro Fund Lp | 10 percent owner | 444 MADISON AVE, FLOOR 41, NEW YORK NY 10022 |
Turk Joseph E Jr | director | NXSTAGE MEDICAL INC, 439 SOUTH UNION STREET 5TH FLOOR, LAWRENCE MA 01843 |
Jeannine Lynch | officer: VP of Market Access & Strategy | C/O REWALK ROBOTICS LTD., 3 HATNUFA ST., P.O. BOX 161, YOKNEAM ILIT L3 20692203 |
Michael A Lawless | officer: Chief Financial Officer | C/O REWALK ROBOTICS LTD., 3 HATNUFA ST., FLOOR 6, YOKNEAM ILIT L3 2069203 |
Jeff Dykan | director | KOCHAV YOKNEAM BUILDING, FLOOR 6, P.O. BOX 161, YOKNEAM ILIT L3 20692 |
Aryeh Dan | director | KOCHAV YOKNEAM BUILDING, FLOOR 6, P.O. BOX 161, YOKNEAM ILIT L3 20692 |
Charles Remsberg | officer: Chief Sales Officer | C/O REWALK ROBOTICS LTD., 3 HATNUFA ST., FLOOR 6, YOKNEAM ILIT L3 2069203 |
Lawrence J Jasinski | director, officer: Chief Executive Officer | SOTEIRA INC., 14 TECH CIRCLE, NATICK MA 01760 |
Randel Richner | director | C/O REWALK ROBOTICS, LTD., 3 HATNUFA ST. 6TH FL. P.O. BOX 161, YOKNEAM L3 2069203 |
Hadar Levy | director | C/O REWALK ROBOTICS LTD., 3 HATNUFA ST., FLOOR 6, YOKNEAM ILIT L3 2069203 |
Poduska John William Sr | director | 295 MEADOWBROOK RD, WESTON MA 02493 |
Yasushi Ichiki | director | KOCHAV YOKNEAM BUILDING, FLOOR 6, P.O. BOX 161, YOKNEAM ILIT L3 20692 |
Yohanan Engelhardt | director | 3 HATNUFA ST., FLOOR 6, YOKNEAM ILIT L3 2069203 |
Wayne Weisman | director | 490 LAPP ROAD, MALVERN PA 19355 |
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