ThermoGenesis Holdings, Inc.
THMO Healthcare Medical Devices
ThermoGenesis Holdings, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $9.4 million, down 9.90% from fiscal 2022. Operating cash flow growth for three consecutive years.
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ThermoGenesis Holdings, Inc. (THMO) Beneish M-score
ThermoGenesis Holdings, Inc.'s Beneish M-score for fiscal 2023 is −9.50; 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) |
|---|---|---|
| FY2023 | −9.50 | (7.85) |
| FY2022 | −1.65 | 2.88 |
| FY2021 | −4.53 | (2.87) |
| FY2020 | −1.66 | 3.32 |
| FY2019 | −4.98 | 9.28 |
| FY2018 | −14.26 | (10.63) |
| FY2016 | −3.63 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.56 | — | 0.52 | |
| Gross margin index | 1.26 | — | 0.67 | |
| Asset quality index | 0.83 | — | 0.33 | |
| Sales growth index | 0.90 | — | 0.80 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.11 | — | −0.19 | |
| Total accruals to total assets | (1.35) | — | −6.33 | |
| Leverage index | 1.76 | — | −0.58 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −9.50 | ||
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 |
|---|---|
| THMO ThermoGenesis Holdings, Inc. | −9.5× |
| NUWE Nuwellis, Inc. compare | −7.7× |
| DYNTQ Dynatronics Corporation compare | −6.5× |
| VJET Flyte Aviation, Inc. compare | −4.9× |
| DHAI DIH Holding US, Inc. compare | −3.9× |
| SSKN Strata Skin Sciences, Inc. compare | −3.3× |
| AFIB Acutus Medical, Inc. compare | −2.5× |
| FEED ENvue Medical, Inc. compare | 6.6× |
| PFSA PROFUSA, 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