MedAvail Holdings, Inc.
MDVLQ Healthcare Pharmaceutical Retailers
Revenue growth for five consecutive years.
Follow MDVLQ
MedAvail Holdings, Inc. (MDVLQ) Beneish M-score
MedAvail Holdings, Inc.'s Beneish M-score for fiscal 2022 is −2.09; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −2.09 | (13.42) |
| FY2021 | 11.34 | 11.28 |
| FY2020 | 0.05 | (4.30) |
| FY2019 | 4.35 | (17.21) |
| FY2018 | 21.56 | 24.73 |
| FY2017 | −3.17 | 84.36 |
| FY2016 | −87.53 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.95 | — | 0.88 | |
| Gross margin index | 0.24 | — | 0.13 | |
| Asset quality index | 0.62 | — | 0.25 | |
| Sales growth index | 1.95 | — | 1.74 | |
| Depreciation index | 0.75 | — | 0.09 | |
| SG&A index | 0.56 | — | −0.10 | |
| Total accruals to total assets | 0.00 | — | 0.01 | |
| Leverage index | 0.73 | — | −0.24 | |
| Beneish M-score | Elevated | −2.09 | ||
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 |
|---|---|
| BIMI BIMI Holdings Inc. compare | −5.0× |
| PETS PetMed Express, Inc. compare | −4.8× |
| SCNX Scienture Holdings, Inc. compare | −3.2× |
| HITI High Tide Inc. compare | −3.0× |
| RDGT Ridgetech Inc. compare | −2.3× |
| MDVLQ MedAvail Holdings, Inc. | −2.1× |
| POM Pomdoctor Limited - Sponsored ADR compare | 0.8× |
| MEDS DataMeds AI, Inc 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