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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 -3.49.
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 * 0.6195||+||0.528 * 0.9812||+||0.404 * 0.6905||+||0.892 * 1.3268||+||0.115 * 1.1022|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9023||+||4.679 * -0.0161||-||0.327 * 1.4865|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $0.98 Mil.|
Revenue was 2.009 + 1.264 + 1.878 + 1.191 = $6.34 Mil.
Gross Profit was 1.749 + 1 + 1.655 + 0.96 = $5.36 Mil.
Total Current Assets was $37.00 Mil.
Total Assets was $79.61 Mil.
Property, Plant and Equipment(Net PPE) was $5.65 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.29 Mil.
Selling, General & Admin. Expense(SGA) was $20.42 Mil.
Total Current Liabilities was $9.19 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -9.691 + -10.167 + -10.584 + -8.268 = $-38.71 Mil.
Non Operating Income was 0.225 + -0.239 + -0.54 + -0.119 = $-0.67 Mil.
Cash Flow from Operations was -9.967 + -9.069 + -9.11 + -8.609 = $-36.76 Mil.
|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.
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)|
|=||(0.979 / 6.342)||/||(1.191 / 4.78)|
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 / 4.78)||/||(1.749 / 6.342)|
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 - (37.004 + 5.652) / 79.61)||/||(1 - (18.646 + 2.983) / 65.985)|
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))|
|=||(5.673 / (5.673 + 2.983))||/||(8.291 / (8.291 + 5.652))|
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)|
|=||(20.418 / 6.342)||/||(17.056 / 4.78)|
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)|
|=||((0.003 + 9.192) / 79.61)||/||((0.058 + 5.069) / 65.985)|
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|
|=||(-38.71 - -0.673||-||-36.755)||/||79.61|
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 -2.88 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