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PAVmed (PAVmed) Beneish M-Score : 3.77 (As of May. 01, 2024)


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What is PAVmed 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.

Warning Sign:

Beneish M-Score 3.77 higher than -1.78, which implies that the company might have manipulated its financial results.

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

PAVM' s Beneish M-Score Range Over the Past 10 Years
Min: -6.92   Med: -1.58   Max: 3.77
Current: 3.77

During the past 10 years, the highest Beneish M-Score of PAVmed was 3.77. The lowest was -6.92. And the median was -1.58.


PAVmed Beneish M-Score Historical Data

The historical data trend for PAVmed'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.

* Premium members only.

PAVmed Beneish M-Score Chart

PAVmed Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - -6.92 3.77

PAVmed 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -6.92 -5.00 -3.68 -2.29 3.77

Competitive Comparison of PAVmed's Beneish M-Score

For the Medical Devices subindustry, PAVmed'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.


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

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

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



PAVmed 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 PAVmed 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 * 0.5517+0.528 * 5.3028+0.404 * 0.9177+0.892 * 6.504+0.115 * 0.9474
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1223+4.679 * -0.052991-0.327 * 2.1634
=3.77

* 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 $0.06 Mil.
Revenue was 1.049 + 0.791 + 0.166 + 0.446 = $2.45 Mil.
Gross Profit was -0.562 + -0.988 + -1.519 + -0.9 = $-3.97 Mil.
Total Current Assets was $24.50 Mil.
Total Assets was $33.12 Mil.
Property, Plant and Equipment(Net PPE) was $6.05 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.93 Mil.
Selling, General, & Admin. Expense(SGA) was $48.14 Mil.
Total Current Liabilities was $54.18 Mil.
Long-Term Debt & Capital Lease Obligation was $2.96 Mil.
Net Income was -14.036 + -17.671 + -14.537 + -17.931 = $-64.18 Mil.
Non Operating Income was -1.103 + -6.187 + -1.343 + -1.751 = $-10.38 Mil.
Cash Flow from Operations was -11.874 + -11.089 + -12.786 + -16.287 = $-52.04 Mil.
Total Receivables was $0.02 Mil.
Revenue was 0.112 + 0.076 + 0 + 0.189 = $0.38 Mil.
Gross Profit was -1.506 + -1.55 + 0 + -0.18 = $-3.24 Mil.
Total Current Assets was $43.93 Mil.
Total Assets was $53.98 Mil.
Property, Plant and Equipment(Net PPE) was $5.49 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.46 Mil.
Selling, General, & Admin. Expense(SGA) was $60.52 Mil.
Total Current Liabilities was $41.20 Mil.
Long-Term Debt & Capital Lease Obligation was $1.85 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)
=(0.061 / 2.452) / (0.017 / 0.377)
=0.024878 / 0.045093
=0.5517

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)
=(-3.236 / 0.377) / (-3.969 / 2.452)
=-8.583554 / -1.618679
=5.3028

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 - (24.498 + 6.05) / 33.119) / (1 - (43.926 + 5.488) / 53.98)
=0.077629 / 0.084587
=0.9177

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
=2.452 / 0.377
=6.504

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))
=(2.457 / (2.457 + 5.488)) / (2.932 / (2.932 + 6.05))
=0.309251 / 0.326431
=0.9474

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)
=(48.143 / 2.452) / (60.519 / 0.377)
=19.634176 / 160.527851
=0.1223

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)
=((2.96 + 54.177) / 33.119) / ((1.846 + 41.2) / 53.98)
=1.725203 / 0.797443
=2.1634

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
=(-64.175 - -10.384 - -52.036) / 33.119
=-0.052991

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.

PAVmed has a M-score of 3.77 signals that the company is likely to be a manipulator.


PAVmed (PAVmed) Business Description

Traded in Other Exchanges
N/A
Address
360 Madison Avenue, 25th Floor, New York, NY, USA, 10017
PAVmed Inc is a multi-product, commercial-stage medical technology company organized to advance a broad pipeline of medical technologies from concept to commercialization. The Company operates in a single segment as a medical technology company, with the following lines of business: Diagnostics, Medical Devices, and Digital Health. Its products are EsoGuard and the Veris Cancer Care Platform.
Executives
Michael J Glennon director 420 LEXINGTON AVENUE, SUITE 300, NEW YORK NY 10170
Michael Adam Gordon officer: General Counsel ONE GRAND CENTRAL PLACE, SUITE 4600, NEW YORK NY 10165
Shaun O'neil officer: Chief Operating Officer ONE GRAND CENTRAL PLACE, SUITE 4600, NEW YORK NY 10165
James L Cox director 420 LEXINGTON AVENUE, SUITE 300, NEW YORK NY 10170
Debra White director C/O PAVMED INC., ONE GRAND CENTRAL PLACE, SUITE 4600, NEW YORK NY 10165
Ronald M Sparks director 420 LEXINGTON AVENUE, SUITE 300, NEW YORK NY 10170
Brian J. Deguzman officer: Chief Medical Officer 420 LEXINGTON AVENUE, SUITE 300, NEW YORK NY 10170
Dennis M Mcgrath officer: President & CFO C/O PAVMED INC., ONE GRAND CENTRAL PLACE, STE. 4600, NEW YORK NY 10165
Lishan Aklog director, 10 percent owner, officer: Chairman and CEO 420 LEXINGTON AVENUE, SUITE 300, NEW YORK NY 10171
Joan B Harvey director ONE GRAND CENTRAL PLACE, SUITE 4600, NEW YORK NY 10165
Timothy E Baxter director ONE GRAND CENTRAL PLACE, SUITE 4600, NEW YORK NY 10165
Matthew Sirovich 10 percent owner C/O SCOPIA MANAGEMENT INC, 450 SEVENTH AVENUE, 43RD FLOOR, NEW YORK NY 10123
Ira Scott Greenspan director 888 SEVENTH AVENUE, 9TH FLOOR, NEW YORK NY 10106
David S. Battleman director C/O TRUENORTH LIFESCIENCES, 348 WEST 57TH STREET, #226, NEW YORK NY 10019
Joshua R Lamstein director 420 LEXINGTON AVENUE, SUITE 300, NEW YORK NY 10170