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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.
BioTime Inc has a M-score of -2.84 suggests that the company is not a 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 -3.63.
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 * 1||+||0.528 * 0.9991||+||0.404 * 1.3462||+||0.892 * 1.1782||+||0.115 * 0.9531|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1489||+||4.679 * -0.1545||-||0.327 * 0.6989|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $1.19 Mil.|
Revenue was 1.107 + 1.067 + 1.892 + 0.714 = $4.78 Mil.
Gross Profit was 0.855 + 0.935 + 1.67 + 0.507 = $3.97 Mil.
Total Current Assets was $18.65 Mil.
Total Assets was $65.99 Mil.
Property, Plant and Equipment(Net PPE) was $2.98 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.67 Mil.
Selling, General & Admin. Expense(SGA) was $17.06 Mil.
Total Current Liabilities was $5.07 Mil.
Long-Term Debt was $0.06 Mil.
Net Income was -9.52 + -8.099 + -19.612 + -9.003 = $-46.23 Mil.
Non Operating Income was 0.165 + 0.069 + -0.04 + -0.055 = $0.14 Mil.
Cash Flow from Operations was -10.778 + -10.357 + -8.627 + -6.416 = $-36.18 Mil.
|Accounts Receivable was $0.00 Mil.
Revenue was 1.216 + 0.614 + 1.223 + 1.004 = $4.06 Mil.
Gross Profit was 1.036 + 0.432 + 1.062 + 0.834 = $3.36 Mil.
Total Current Assets was $18.13 Mil.
Total Assets was $39.89 Mil.
Property, Plant and Equipment(Net PPE) was $1.84 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.06 Mil.
Selling, General & Admin. Expense(SGA) was $12.60 Mil.
Total Current Liabilities was $4.44 Mil.
Long-Term Debt was $0.00 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)|
|=||(1.191 / 4.78)||/||(0 / 4.057)|
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)|
|=||(0.935 / 4.057)||/||(0.855 / 4.78)|
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 - (18.646 + 2.983) / 65.985)||/||(1 - (18.132 + 1.841) / 39.894)|
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))|
|=||(3.064 / (3.064 + 1.841))||/||(5.673 / (5.673 + 2.983))|
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)|
|=||(17.056 / 4.78)||/||(12.6 / 4.057)|
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)|
|=||((0.058 + 5.069) / 65.985)||/||((0 + 4.435) / 39.894)|
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|
|=||(-46.234 - 0.139||-||-36.178)||/||65.985|
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 -2.84 suggests that the company will not 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