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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of BioTime Inc was 10000000.00. The lowest was -38.13. And the median was -3.43.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of BioTime Inc for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 2.0683||+||0.528 * 0.9987||+||0.404 * 0.602||+||0.892 * 1.4185||+||0.115 * 1.2808|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.98||+||4.679 * -0.0421||-||0.327 * 1.3162|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $2.98 Mil.|
Revenue was 2.306 + 2.009 + 1.264 + 1.878 = $7.46 Mil.
Gross Profit was 1.874 + 1.749 + 1 + 1.655 = $6.28 Mil.
Total Current Assets was $34.37 Mil.
Total Assets was $76.86 Mil.
Property, Plant and Equipment(Net PPE) was $6.78 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.23 Mil.
Selling, General & Admin. Expense(SGA) was $23.70 Mil.
Total Current Liabilities was $10.34 Mil.
Long-Term Debt was $0.27 Mil.
Net Income was -13.626 + -9.691 + -10.167 + -10.584 = $-44.07 Mil.
Non Operating Income was -0.573 + 0.225 + -0.239 + -0.541 = $-1.13 Mil.
Cash Flow from Operations was -11.561 + -9.967 + -9.069 + -9.11 = $-39.71 Mil.
|Accounts Receivable was $1.01 Mil.
Revenue was 1.191 + 1.107 + 1.067 + 1.892 = $5.26 Mil.
Gross Profit was 0.96 + 0.855 + 0.935 + 1.67 = $4.42 Mil.
Total Current Assets was $9.94 Mil.
Total Assets was $55.66 Mil.
Property, Plant and Equipment(Net PPE) was $2.76 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.50 Mil.
Selling, General & Admin. Expense(SGA) was $17.05 Mil.
Total Current Liabilities was $5.79 Mil.
Long-Term Debt was $0.05 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(2.975 / 7.457)||/||(1.014 / 5.257)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(1.749 / 5.257)||/||(1.874 / 7.457)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (34.365 + 6.781) / 76.859)||/||(1 - (9.939 + 2.758) / 55.655)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(6.503 / (6.503 + 2.758))||/||(8.23 / (8.23 + 6.781))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(23.702 / 7.457)||/||(17.05 / 5.257)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((0.268 + 10.336) / 76.859)||/||((0.045 + 5.789) / 55.655)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-44.068 - -1.128||-||-39.707)||/||76.859|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
BioTime Inc has a M-score of -1.55 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
BioTime Inc Annual Data
BioTime Inc Quarterly Data