Icad Beneish M Score

ICAD Stock

USD 1.28 0.03 2.40%

This module uses fundamental data of Icad to approximate the value of its Beneish M Score. Icad M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Check out Icad Piotroski F Score and Icad Altman Z Score analysis. For information on how to trade Icad Stock refer to our How to Trade Icad Stock guide.

Icad Debt Current is projected to decrease significantly based on the last few years of reporting. The past year's Debt Current was at 800,100. The current year Debt Non Current is expected to grow to about 245.7 K, whereas Issuance Repayment of Debt Securities is forecasted to decline to (6.8 M). Icad Inventory Turnover is projected to slightly decrease based on the last few years of reporting. The past year's Inventory Turnover was at 2.85. The current year Accounts Payable Turnover is expected to grow to 8.89, whereas Operating Margin is forecasted to decline to (39.58) .

At this time, it appears that Icad Inc is an unlikely manipulator. The earnings manipulation may begin if Icad's top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by Icad executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of Icad's earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.

-3.17

Beneish M Score - Unlikely Manipulator

Elasticity of Receivables

1.0

Focus

Asset Quality

N/A

Focus

Expense Coverage

0.94

Focus

Gross Margin Strengs

1.02

Focus

Accruals Factor

0.94

Focus

Depreciation Resistance

0.98

Focus

Net Sales Growth

0.97

Focus

Financial Leverage Condition

1.37

Focus

Icad Beneish M-Score Indicator Trends

The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if Icad's auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.

Current Value

Last Year

Change From Last Year

10 Year Trend

Selling General and Administrative Expense

26.9 M

29.4 M

Significantly Down

Slightly volatile

Revenues

29.5 M

30.3 M

Fairly Down

Down

Very volatile

Trade and Non Trade Receivables

9.9 M

10.2 M

Fairly Down

Slightly volatile

Property Plant and Equipment Net

1.7 M

Slightly Down

Very volatile

Operating Income

(10.4 M)

(9.7 M)

Significantly Down

Down

Pretty Stable

Net Cash Flow from Operations

(8.7 M)

(8.5 M)

Fairly Down

Down

Slightly volatile

Liabilities Non Current

657.7 K

640.8 K

Fairly Up

Down

Slightly volatile

Current Liabilities

13.9 M

13.5 M

Sufficiently Up

Down

Pretty Stable

Total Liabilities

18 M

14.1 M

Significantly Up

Down

Slightly volatile

Gross Margin

0.85

0.83

Fairly Up

Slightly volatile

Depreciation Amortization and Accretion

514.5 K

501.3 K

Fairly Up

Down

Slightly volatile

Debt Non Current

245.7 K

239.4 K

Fairly Up

Down

Slightly volatile

Debt Current

821.2 K

800.1 K

Fairly Up

Down

Slightly volatile

Total Debt

1.1 M

1 M

Fairly Up

Down

Slightly volatile

Assets Non Current

15 M

10.7 M

Significantly Up

Down

Slightly volatile

Current Assets

47.8 M

57.9 M

Significantly Down

Slightly volatile

Total Assets

51.5 M

56 M

Significantly Down

Down

Pretty Stable

Icad Inc Beneish M-Score Driver Matrix

One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between Icad's different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards Icad in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find Icad's degree of accounting gimmicks and manipulations.

About Icad Beneish M Score

M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.

Depreciation Amortization and Accretion

514,492

Icad Depreciation Amortization and Accretion is projected to decrease significantly based on the last few years of reporting. The past year's Depreciation Amortization and Accretion was at 501,300

Icad Earnings Manipulation Drivers

Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as Icad. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.

	2018	2019	2020	2021	2022	2023 (projected)
Revenues	25.62 M	31.34 M	29.7 M	33.64 M	30.27 M	29.47 M
Total Assets	31.74 M	41.75 M	55.58 M	62.19 M	55.97 M	51.5 M
Current Assets	21.22 M	29.2 M	42.3 M	50.31 M	57.85 M	47.82 M
Assets Non Current	10.52 M	12.55 M	13.28 M	11.88 M	10.7 M	15.03 M
Total Liabilities	24.84 M	36.68 M	25.06 M	15.67 M	14.11 M	17.97 M
Current Liabilities	13.24 M	18.84 M	16.75 M	14.96 M	13.47 M	13.91 M
Total Debt	13.1 M	22.49 M	8.76 M	1.16 M	1.04 M	1.07 M
Debt Current	1.87 M	5.01 M	726 K	889 K	800.1 K	821.15 K
Debt Non Current	11.23 M	17.48 M	8.04 M	266 K	239.4 K	245.7 K
Operating Income	(8.13 M)	(6.4 M)	(9.39 M)	(10.73 M)	(9.66 M)	(10.42 M)
Gross Margin	0.65	0.76	0.77	0.72	0.83	0.85

About Icad Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Icad Inc's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Icad using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Icad Inc based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.

Please read more on our fundamental analysis page.

iCAD, Inc. provides image analysis, workflow solutions, and radiation therapy for the treatment of cancer in the United States. The company was formerly known as Howtek, Inc. and changed its name to iCAD, Inc. in June 2002. iCAD, Inc. was incorporated in 1984 and is headquartered in Nashua, New Hampshire. Icad operates under Medical Devices classification in the United States and is traded on NASDAQ Exchange. It employs 136 people.

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Our tools can tell you how much better you can do entering a position in Icad without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Check out Icad Piotroski F Score and Icad Altman Z Score analysis. For information on how to trade Icad Stock refer to our How to Trade Icad Stock guide. Note that the Icad Inc information on this page should be used as a complementary analysis to other Icad's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.

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When running Icad Inc price analysis, check to measure Icad's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Icad is operating at the current time. Most of Icad's value examination focuses on studying past and present price action to predict the probability of Icad's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Icad's price. Additionally, you may evaluate how the addition of Icad to your portfolios can decrease your overall portfolio volatility.

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Is Icad's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Icad. If investors know Icad will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Icad listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.

Earnings Share

(0.58)

Revenue Per Share

1.163

Quarterly Revenue Growth

(0.32)

Return On Assets

(0.15)

Return On Equity

(0.34)

The market value of Icad Inc is measured differently than its book value, which is the value of Icad that is recorded on the company's balance sheet. Investors also form their own opinion of Icad's value that differs from its market value or its book value, called intrinsic value, which is Icad's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Icad's market value can be influenced by many factors that don't directly affect Icad's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.

Please note, there is a significant difference between Icad's value and its price as these two are different measures arrived at by different means. Investors typically determine Icad value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Icad's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.

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	Trade and Non Trade Receivables	Revenues	Total Assets	Current Assets	Assets Non Current	Property Plant and Equipment Net	Depreciation Amortization and Accretion	Selling General and Administrative Expense	Total Liabilities
Trade and Non Trade Receivables		0.38	0.15	0.78	-0.44	0.49	-0.56	0.76	-0.22
Revenues	0.38		0.63	0.34	0.35	0.78	0.45	0.19	0.03
Total Assets	0.15	0.63		0.42	0.72	0.72	0.45	0.12	0.33
Current Assets	0.78	0.34	0.42		-0.29	0.46	-0.48	0.93	-0.4
Assets Non Current	-0.44	0.35	0.72	-0.29		0.35	0.84	-0.53	0.63
Property Plant and Equipment Net	0.49	0.78	0.72	0.46	0.35		0.23	0.26	0.26
Depreciation Amortization and Accretion	-0.56	0.45	0.45	-0.48	0.84	0.23		-0.61	0.33
Selling General and Administrative Expense	0.76	0.19	0.12	0.93	-0.53	0.26	-0.61		-0.57
Total Liabilities	-0.22	0.03	0.33	-0.4	0.63	0.26	0.33	-0.57

Icad Beneish M Score

Icad Beneish M-Score Indicator Trends

Icad Inc Beneish M-Score Driver Matrix

About Icad Beneish M Score

Depreciation Amortization and Accretion

514,492

Icad Earnings Manipulation Drivers

About Icad Fundamental Analysis

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