Pro-Dex, Inc.
PDEX Healthcare Medical Instruments & Supplies
Pro-Dex, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $77.5 million, up 16.5% from fiscal 2025. In the quarter to June 2026, revenue grew 16.7%, EPS grew 143.2%, free cash flow fell 79.0% and total debt rose 43.5%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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Pro-Dex, Inc. (PDEX) Beneish M-score
Pro-Dex, Inc.'s Beneish M-score for fiscal 2026 is −1.11; 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) |
|---|---|---|
| FY2026 | −1.11 | 0.58 |
| FY2025 | −1.69 | 1.05 |
| FY2024 | −2.74 | (0.42) |
| FY2023 | −2.33 | (0.83) |
| FY2022 | −1.50 | (0.79) |
| FY2021 | −0.71 | 0.79 |
| FY2020 | −1.50 | 0.85 |
| FY2019 | −2.35 | 0.76 |
| FY2018 | −3.11 | (2.87) |
| FY2017 | −0.24 | 2.19 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.07 | — | 0.99 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 3.04 | — | 1.23 | |
| Sales growth index | 1.16 | — | 1.04 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 1.32 | — | −0.23 | |
| Total accruals to total assets | 0.09 | — | 0.40 | |
| Leverage index | 0.90 | — | −0.30 | |
| Beneish M-score | Flagged by the model | −1.11 | ||
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 |
|---|---|
| SMTI Sanara MedTech Inc. compare | −3.2× |
| EMBC Embecta Corp. compare | −3.1× |
| KRMD KORU Medical Systems, Inc. compare | −2.9× |
| NYXH Nyxoah SA compare | −2.8× |
| OSUR OraSure Technologies, Inc. compare | −2.7× |
| UTMD Utah Medical Products, Inc. compare | −2.7× |
| ZJYL Jin Medical International Ltd. compare | −2.5× |
| STXS Stereotaxis Inc. compare | −1.9× |
| PDEX Pro-Dex, Inc. | −1.1× |
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