ENDRA Life Sciences Inc.
NDRA Healthcare Diagnostics & Research
In the quarter to June 2026, EPS grew 107.0% and free cash flow grew 15.0%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
Follow NDRA
ENDRA Life Sciences Inc. (NDRA) Beneish M-score
ENDRA Life Sciences Inc.'s Beneish M-score for fiscal 2018 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2018’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 0.51 | — | 0.27 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 0.02 | — | 0.02 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 79.23 | — | −13.63 | |
| Total accruals to total assets | (0.29) | — | −1.36 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
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 |
|---|---|
| XWEL XWELL, Inc. compare | −6.4× |
| BIAF bioAffinity Technologies, Inc. compare | −5.5× |
| PMD Psychemedics Corporation compare | −4.4× |
| DMTKQ DermTech, Inc. compare | −2.9× |
| NOTVQ Inotiv, Inc. compare | −2.8× |
| ISPC iSpecimen Inc. compare | 10.1× |
| ADVB Advanced Biomed Inc. compare | — |
| TTOO T2 Biosystems, Inc. compare | — |
| NDRA ENDRA Life Sciences Inc. | — |
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