Audientes AS (XSAT:AUDNTS) Beneish M-Score : -0.26 (As of May. 25, 2024)

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What is Audientes AS 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 -0.26 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XSAT:AUDNTS' s Beneish M-Score Range Over the Past 10 Years
Min: -1.74 Med: -1 Max: -0.26
Current: -0.26

During the past 6 years, the highest Beneish M-Score of Audientes AS was -0.26. The lowest was -1.74. And the median was -1.00.

Audientes AS Beneish M-Score Historical Data

The historical data trend for Audientes AS'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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Audientes AS Beneish M-Score Chart

Audientes AS Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.74

-0.26

Audientes AS Quarterly Data
	Dec18	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													-1.74	-3.78	-6.08	-	-0.26

Competitive Comparison of Audientes AS's Beneish M-Score

For the Medical Instruments & Supplies subindustry, Audientes AS'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.

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

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

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

Audientes AS 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 Audientes AS 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 * 0.3169

0.528 * 6.2873

0.404 * 1.4532

0.892 * 2.6477

0.115 * 0.9794

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.1504

4.679 * -0.342156

0.327 * 1.4129

-0.26

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was kr0.52 Mil.
Revenue was 0.22 + 0.222 + 1.042 + 0.425 = kr1.91 Mil.
Gross Profit was 0.051 + -1.188 + -0.224 + -0.521 = kr-1.88 Mil.
Total Current Assets was kr5.19 Mil.
Total Assets was kr14.39 Mil.
Property, Plant and Equipment(Net PPE) was kr0.39 Mil.
Depreciation, Depletion and Amortization(DDA) was kr4.91 Mil.
Selling, General, & Admin. Expense(SGA) was kr-1.61 Mil.
Total Current Liabilities was kr10.31 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was -2.364 + -3.716 + -3.603 + -3.722 = kr-13.41 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -0.293 + -1.722 + -1.292 + -5.173 = kr-8.48 Mil.

Total Receivables was kr0.62 Mil.
Revenue was -2.939 + 2.438 + 0.987 + 0.235 = kr0.72 Mil.
Gross Profit was -2.836 + 0.578 + -1.04 + -1.171 = kr-4.47 Mil.
Total Current Assets was kr14.39 Mil.
Total Assets was kr26.60 Mil.
Property, Plant and Equipment(Net PPE) was kr1.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr9.76 Mil.
Selling, General, & Admin. Expense(SGA) was kr-4.05 Mil.
Total Current Liabilities was kr13.49 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
	=	(0.521 / 1.909)	/	(0.621 / 0.721)
	=	0.272918	/	0.861304
	=	0.3169

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)
	=	(-4.469 / 0.721)	/	(-1.882 / 1.909)
	=	-6.198336	/	-0.985856
	=	6.2873

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 - (5.19 + 0.393) / 14.394)	/	(1 - (14.394 + 1.002) / 26.601)
	=	0.61213	/	0.421225
	=	1.4532

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
	=	1.909	/	0.721
	=	2.6477

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))
	=	(9.759 / (9.759 + 1.002))	/	(4.914 / (4.914 + 0.393))
	=	0.906886	/	0.925947
	=	0.9794

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)
	=	(-1.614 / 1.909)	/	(-4.053 / 0.721)
	=	-0.845469	/	-5.621359
	=	0.1504

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 + 10.311) / 14.394)	/	((0 + 13.487) / 26.601)
	=	0.71634	/	0.507011
	=	1.4129

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
	=	(-13.405 - 0	-	-8.48)	/	14.394
	=	-0.342156

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.

Audientes AS has a M-score of -0.26 signals that the company is likely to be a manipulator.

Audientes AS Beneish M-Score Related Terms

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Audientes AS (XSAT:AUDNTS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Audientes AS (XSAT:AUDNTS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Teknikerbyen 5, Virum, DNK, 2830

Website

https://www.audientes.com

Audientes AS is a technology company specializing in smart, self-fitting, and affordable hearing aids. Audientes' hearing aid solution ''Ven'', is available for purchase in the Indian market, online, and in retail, and will be introduced to the U.S over-the-counter market and other markets. The company's mission is to help the approximately 500 million people globally suffering from disabling hearing loss who either cannot afford to buy one of the very expensive hearing aids on the market.

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