LivaNova Beneish M-Score Historical Data
The historical data trend for LivaNova'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.
LivaNova Beneish M-Score Chart
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LivaNova Annual Data
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Trend |
Apr14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.79 |
-2.86 |
-2.74 |
-2.39 |
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LivaNova Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.75 |
-2.69 |
-2.51 |
-2.39 |
-2.32 |
Competitive Comparison of LivaNova's Beneish M-Score
For the Medical Devices subindustry, LivaNova'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.
LivaNova's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, LivaNova's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LivaNova's Beneish M-Score falls into.
LivaNova 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 LivaNova 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 * 1.0094 | + | 0.528 * 1.0047 | + | 0.404 * 0.9412 | + | 0.892 * 1.134 | + | 0.115 * 1.0556 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9729 | + | 4.679 * 0.01323 | - | 0.327 * 1.0529 |
| = | -2.32 |
* 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 $232 Mil.
Revenue was 294.912 + 310.132 + 286.113 + 293.882 = $1,185 Mil.
Gross Profit was 207.39 + 190.167 + 201.803 + 205.197 = $805 Mil.
Total Current Assets was $1,040 Mil.
Total Assets was $2,460 Mil.
Property, Plant and Equipment(Net PPE) was $202 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General, & Admin. Expense(SGA) was $524 Mil.
Total Current Liabilities was $328 Mil.
Long-Term Debt & Capital Lease Obligation was $648 Mil.
Net Income was -41.943 + 16.339 + -7.318 + 1.155 = $-32 Mil.
Non Operating Income was -41.574 + -86.686 + 2.629 + -2.815 = $-128 Mil.
Cash Flow from Operations was 9.981 + 53.958 + 18.136 + -17.937 = $64 Mil.
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Total Receivables was $203 Mil.
Revenue was 263.418 + 274.874 + 252.605 + 254.151 = $1,045 Mil.
Gross Profit was 174.083 + 183.517 + 170.918 + 184.35 = $713 Mil.
Total Current Assets was $903 Mil.
Total Assets was $2,295 Mil.
Property, Plant and Equipment(Net PPE) was $185 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $475 Mil.
Total Current Liabilities was $316 Mil.
Long-Term Debt & Capital Lease Obligation was $549 Mil.
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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) |
| = | (231.974 / 1185.039) | / | (202.66 / 1045.048) |
| = | 0.195752 | / | 0.193924 |
| | = | 1.0094 |
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) |
| = | (712.868 / 1045.048) | / | (804.557 / 1185.039) |
| = | 0.682139 | / | 0.678929 |
| | = | 1.0047 |
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 - (1040.017 + 202.497) / 2459.602) | / | (1 - (903.017 + 185.399) / 2294.888) |
| = | 0.494831 | / | 0.525722 |
| | = | 0.9412 |
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 |
| = | 1185.039 | / | 1045.048 |
| | = | 1.134 |
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)) |
| = | (58.005 / (58.005 + 185.399)) | / | (59.042 / (59.042 + 202.497)) |
| = | 0.238308 | / | 0.225748 |
| | = | 1.0556 |
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) |
| = | (523.863 / 1185.039) | / | (474.847 / 1045.048) |
| = | 0.442064 | / | 0.454378 |
| | = | 0.9729 |
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) |
| = | ((648.477 + 327.771) / 2459.602) | / | ((548.983 + 316.129) / 2294.888) |
| = | 0.396913 | / | 0.376974 |
| | = | 1.0529 |
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 |
| = | (-31.767 - -128.446 | - | 64.138) | / | 2459.602 |
| | = | 0.01323 |
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.
LivaNova has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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