FocalTherics
FOCL Healthcare Medical Distribution
FocalTherics' revenue for fiscal 2025 (year ended December 2025) was $70.5 million, up 1.63% from fiscal 2024. In the quarter to June 2026, revenue grew 38.9%, EPS fell 129.4%, free cash flow grew 21.5% and total debt rose 366.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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FocalTherics (FOCL) Beneish M-score
FocalTherics's Beneish M-score for fiscal 2025 is −3.14; 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 | −3.14 | (0.35) |
| FY2024 | −2.80 | (0.21) |
| FY2023 | −2.59 | (0.15) |
| FY2022 | −2.44 | 0.26 |
| FY2021 | −2.70 | 0.19 |
| FY2020 | −2.88 | (0.31) |
| FY2019 | −2.57 | (0.17) |
| FY2018 | −2.40 | (0.49) |
| FY2017 | −1.91 | 0.44 |
| FY2016 | −2.34 | 0.51 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.48 | — | 0.60 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.16) | — | −0.76 | |
| Leverage index | 1.44 | — | −0.47 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.14 | ||
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 |
|---|---|
| SNYRQ Synergy CHC Corp. compare | −8.0× |
| YI 111, Inc. Sponsored ADR compare | −3.3× |
| COSM Cosmos Health Inc. compare | −3.3× |
| FOCL FocalTherics | −3.1× |
| ACH Accendra Health, Inc. compare | −2.9× |
| CAH Cardinal Health, Inc. compare | −2.7× |
| HSIC Henry Schein, Inc. compare | −2.5× |
| HKPD Cellyan Biotechnology Co., Ltd compare | −0.8× |
| AHG Akso Health Group Sponsored ADR 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