Nemaura Medical (Nemaura Medical) Beneish M-Score

: 0.00 (As of Today)

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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.

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

During the past 10 years, the highest Beneish M-Score of Nemaura Medical was 8.60. The lowest was -53.94. And the median was -1.62.

Nemaura Medical Beneish M-Score Historical Data

The historical data trend for Nemaura Medical'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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Nemaura Medical Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.47

Nemaura Medical 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															-0.77	-2.47	8.60	-53.94	-

Competitive Comparison

For the Medical Devices subindustry, Nemaura Medical'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.

Nemaura Medical Beneish M-Score Distribution

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

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

Nemaura Medical 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 Nemaura Medical 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $0.42 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + -1.478 = $-1.48 Mil.
Total Current Assets was $4.37 Mil.
Total Assets was $5.17 Mil.
Property, Plant and Equipment(Net PPE) was $0.56 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.49 Mil.
Selling, General, & Admin. Expense(SGA) was $8.41 Mil.
Total Current Liabilities was $23.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -2.161 + -1.203 + -2.603 + -4.683 = $-10.65 Mil.
Non Operating Income was 1.305 + 1.672 + 0.112 + 3.704 = $6.79 Mil.
Cash Flow from Operations was -1.48 + -3.203 + -2.521 + -2.362 = $-9.57 Mil.

Total Receivables was $1.24 Mil.
Revenue was 0.003 + 0.074 + 0 + 0.32 = $0.40 Mil.
Gross Profit was 0 + 0.002 + 0 + 0.148 = $0.15 Mil.
Total Current Assets was $10.94 Mil.
Total Assets was $12.96 Mil.
Property, Plant and Equipment(Net PPE) was $0.58 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.36 Mil.
Selling, General, & Admin. Expense(SGA) was $5.89 Mil.
Total Current Liabilities was $13.22 Mil.
Long-Term Debt & Capital Lease Obligation was $8.56 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)
	=	(0.417 / 0)	/	(1.243 / 0.397)
	=		/	3.130982
	=

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)
	=	(0.15 / 0.397)	/	(-1.478 / 0)
	=	0.377834	/
	=

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 - (4.372 + 0.559) / 5.169)	/	(1 - (10.936 + 0.582) / 12.962)
	=	0.046044	/	0.111403
	=

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
	=	0	/	0.397
	=

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))
	=	(0.359 / (0.359 + 0.582))	/	(0.485 / (0.485 + 0.559))
	=	0.381509	/	0.464559
	=

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)
	=	(8.408 / 0)	/	(5.888 / 0.397)
	=		/	14.831234
	=

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 + 22.996) / 5.169)	/	((8.558 + 13.22) / 12.962)
	=	4.44883	/	1.680142
	=

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
	=	(-10.65 - 6.793	-	-9.566)	/	5.169
	=	-1.523892

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.

Nemaura Medical Beneish M-Score Related Terms

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Nemaura Medical (Nemaura Medical) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Nemaura Medical Inc (OTCPK:NMRD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

57 West 57th Street, New York, NY, USA, 10019

Website

https://www.nemauramedical.com

Nemaura Medical Inc is a medical technology company developing sugarBEAT as a non-invasive, affordable, and flexible Continuous Glucose Monitor (CGM) designed for people with diabetes and pre-diabetics to manage their glucose levels. Insulin users can adjunctively use sugarBEAT when calibrated with a finger-stick glucose reading. SugarBEAT consists of a daily disposable adhesive skin patch connected to a rechargeable transmitter with an app displaying glucose readings at five-minute intervals for periods up to 24 hours.

Executives

Bashir Timol	director, 10 percent owner, officer: Chief Business Officer	C/O ONE E GROUP LIMITED, UNIT 3A, SPRINGFIELD COURT, SUMMERFIELD ROAD, BOLTON X0 BL32NT
Chowdhury Dewan Fazlul Hoque	director, 10 percent owner, officer: CEO & President	CHAMWOOD BUILDING, HOLYWELL PARK, ASHBURY ROAD, LOUGHBOROUGH LEICS X0 LE113AQ
Salim Natha	director	LOUGHBOROUGHUNIVERSITYSCIENCE&ENTERPRISE, PARKS, 5 OAKWOOD DRIVE, LOUGHBOROUGH, LEICESTERSHIRE X0 LE113QF
Justin James Mclarney	officer: Chief Financial Officer	C/O NEMAURA MEDICAL INC., 57 WEST 57TH STREET, MANHATTAN NY 10019
Sufyan Ismail	10 percent owner	C/O ONE E GROUP LIMITED, UNIT 3A, SPRINGFIELD COURT, SUMMERFIELD ROAD, BOLTON X0 BL32NT
Thomas Peter Moore	director	C/O NEMAURA MEDICAL, INC., 57 WEST 57TH STREET, MANHATTAN NY 10019
Timothy Christopher Johnson	director	C/O NEMAURA MEDICAL INC., 57 WEST 57TH STREET, MANHATTAN NY 10019
Iain Anderson	officer: CFO	LOUGHBOROUGHUNIVERSITYSCIENCE&ENTERPRISE, PARKS, 5 OAKWOOD DRIVE, LOUGHBOROUGH, LEICESTERSHIRE X0 LE113QF
Kathryn Farrar	officer: Director of Finance	C/O ONE E GROUP LIMITED, UNIT 3A, SPRINGFIELD COURT, SUMMERFIELD ROAD, BOLTON X0 BL32NT
Julie Pomeroy	officer: Director of Finance	C/O ONE E GROUP LIMITED, UNIT 3A, SPRINGFIELD COURT, SUMMERFIELD ROAD, BOLTON X0 BL32NT
Richard Toon	officer: Technical & Bus. Dev. Manager	C/O ONE E GROUP LIMITED, UNIT 3A, SPRINGFIELD COURT, SUMMERFIELD ROAD, BOLTON X0 BL32NT