Elutia Inc.
ELUT Healthcare Medical Devices
In the quarter to June 2026, revenue fell 11.7%, EPS grew 26.1% and free cash flow fell 2.52%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Elutia Inc. (ELUT) Beneish M-score
Elutia Inc.'s Beneish M-score for fiscal 2025 is 0.81; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 0.81 | 5.82 |
| FY2024 | −5.01 | 0.21 |
| FY2023 | −5.22 | (5.15) |
| FY2022 | −0.07 | 3.08 |
| FY2021 | −3.15 | (0.06) |
| FY2020 | −3.08 | 0.09 |
| FY2019 | −3.18 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.44 | — | 2.24 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 0.25 | — | 0.10 | |
| Sales growth index | 0.85 | — | 0.76 | |
| Depreciation index | 1.59 | — | 0.18 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | 0.46 | — | 2.17 | |
| Leverage index | 0.24 | — | −0.08 | |
| Beneish M-score | Flagged by the model | 0.81 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RPID Rapid Micro Biosystems, Inc. compare | −5.1× |
| ITOC iTonic Holdings Ltd. compare | −3.7× |
| XTNT Xtant Medical Holdings, Inc. compare | −3.1× |
| CVRX CVRx, Inc. compare | −3.0× |
| NSYS Nortech Systems Incorporated compare | −2.6× |
| SNWV Sanuwave Health Inc. compare | −0.9× |
| ELUT Elutia Inc. | 0.8× |
| QTI QT Imaging Holdings, Inc. compare | 17.4× |
| NNOX Nano-X Imaging Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI