GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Tivic Health Systems Inc (NAS:TIVC) » Definitions » Beneish M-Score

Tivic Health Systems (Tivic Health Systems) Beneish M-Score : -1.25 (As of May. 05, 2024)


View and export this data going back to 2021. Start your Free Trial

What is Tivic Health Systems 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 -1.25 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TIVC' s Beneish M-Score Range Over the Past 10 Years
Min: -4.39   Med: -2.82   Max: -1.25
Current: -1.25

During the past 5 years, the highest Beneish M-Score of Tivic Health Systems was -1.25. The lowest was -4.39. And the median was -2.82.


Tivic Health Systems Beneish M-Score Historical Data

The historical data trend for Tivic Health Systems'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.

Tivic Health Systems Beneish M-Score Chart

Tivic Health Systems Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - - -4.39 -1.25

Tivic Health Systems Quarterly Data
Dec19 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 -4.39 -3.93 -2.39 -1.43 -1.25

Competitive Comparison of Tivic Health Systems's Beneish M-Score

For the Medical Devices subindustry, Tivic Health Systems'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.


Tivic Health Systems's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

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

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



Tivic Health Systems 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 Tivic Health Systems 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 * 2.5457+0.528 * 0.6699+0.404 * 1.1393+0.892 * 0.6388+0.115 * 0.8805
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.242+4.679 * 0.051774-0.327 * 0.8003
=-1.25

* 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 $0.17 Mil.
Revenue was 0.357 + 0.282 + 0.161 + 0.376 = $1.18 Mil.
Gross Profit was 0.005 + 0.108 + 0.061 + 0.113 = $0.29 Mil.
Total Current Assets was $4.65 Mil.
Total Assets was $5.16 Mil.
Property, Plant and Equipment(Net PPE) was $0.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.18 Mil.
Selling, General, & Admin. Expense(SGA) was $6.88 Mil.
Total Current Liabilities was $1.40 Mil.
Long-Term Debt & Capital Lease Obligation was $0.18 Mil.
Net Income was -2.243 + -1.76 + -2.125 + -2.116 = $-8.24 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -1.774 + -1.871 + -2.44 + -2.426 = $-8.51 Mil.
Total Receivables was $0.11 Mil.
Revenue was 0.408 + 0.477 + 0.528 + 0.428 = $1.84 Mil.
Gross Profit was 0.043 + 0.063 + 0.125 + 0.07 = $0.30 Mil.
Total Current Assets was $5.31 Mil.
Total Assets was $5.88 Mil.
Property, Plant and Equipment(Net PPE) was $0.54 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.17 Mil.
Selling, General, & Admin. Expense(SGA) was $8.67 Mil.
Total Current Liabilities was $1.88 Mil.
Long-Term Debt & Capital Lease Obligation was $0.37 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)
=(0.174 / 1.176) / (0.107 / 1.841)
=0.147959 / 0.058121
=2.5457

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)
=(0.301 / 1.841) / (0.287 / 1.176)
=0.163498 / 0.244048
=0.6699

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 - (4.652 + 0.471) / 5.157) / (1 - (5.306 + 0.535) / 5.875)
=0.006593 / 0.005787
=1.1393

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
=1.176 / 1.841
=0.6388

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))
=(0.174 / (0.174 + 0.535)) / (0.182 / (0.182 + 0.471))
=0.245416 / 0.278714
=0.8805

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)
=(6.877 / 1.176) / (8.668 / 1.841)
=5.847789 / 4.708311
=1.242

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)
=((0.176 + 1.401) / 5.157) / ((0.367 + 1.878) / 5.875)
=0.305798 / 0.382128
=0.8003

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
=(-8.244 - 0 - -8.511) / 5.157
=0.051774

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.

Tivic Health Systems has a M-score of -1.25 signals that the company is likely to be a manipulator.


Tivic Health Systems Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Tivic Health Systems's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Tivic Health Systems (Tivic Health Systems) Business Description

Traded in Other Exchanges
N/A
Address
25821 Industrial Boulevard, Suite 100, Hayward, CA, USA, 94545
Tivic Health Systems Inc is a health technology company focused on developing and commercializing non-invasive bioelectronic medicine. The company's platform-based technology activates the body's own healing mechanisms and can be programmed to treat various disease conditions. company's products provide a natural alternative to the standard synthetic chemical methods used by the pharmaceutical industry. ClearUP Sinus Relief, is a first commercial product of the company which is a patented handled device that uses ultra-low current electrical waves to relieve sinus pain and congestion symptoms that are prevalent in nasal allergies, sinus infections, chronic sinusitis, cold and flu and other disease conditions.
Executives
Sheryle Bolton director 55 ALMADEN BLVD, SAN JOSE CA 95113
Dean Zikria director C/O INTUITY MEDICAL, INC., 3500 WEST WARREN AVENUE, FREMONT CA 94538
Jennifer Ernst director, officer: Chief Executive Officer 750 MENLO AVENUE, SUITE 200, MENLO PARK CA 94025
Blake Gurfein officer: Chief Scientific Officer 750 MENLO AVENUE, SUITE 200, MENLO PARK CA 94025
Ryan Sabia officer: Chief Operating Officer 750 MENLO AVENUE, SUITE 200, MENLO PARK CA 94025
Kimberly Ann Bambach officer: Interim CFO 25821 INDUSTRIAL BLVD., SUITE 100, HAYWARD CA 94545
Karen Drexler director C/O DIADEXUS, INC., 343 OYSTER POINT BOULEVARD, SOUTH SAN FRANCISCO CA 94080
Veronica Cai officer: Chief Financial Officer C/O CATALYST BIOSCIENCES, INC., 611 GATEWAY BOULEVARD, SUITE 710, SOUTH SAN FRANCISCO CA 94080
John Claude 10 percent owner 750 MENLO AVENUE, SUITE 200, MENLO PARK CA 94025
Briana Benz officer: Chief Financial Officer 750 MENLO AVENUE, SUITE 200, MENLO PARK CA 94025