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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 -3.55.
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 * 0.9514||+||0.528 * 1.0325||+||0.404 * 0.696||+||0.892 * 1.1127||+||0.115 * 0.832|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0817||+||4.679 * -0.0034||-||0.327 * 1.2158|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $0.87 Mil.|
Revenue was 1.264 + 1.878 + 1.191 + 1.107 = $5.44 Mil.
Gross Profit was 1 + 1.655 + 0.96 + 0.855 = $4.47 Mil.
Total Current Assets was $28.54 Mil.
Total Assets was $69.70 Mil.
Property, Plant and Equipment(Net PPE) was $2.87 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.36 Mil.
Selling, General & Admin. Expense(SGA) was $19.07 Mil.
Total Current Liabilities was $8.20 Mil.
Long-Term Debt was $0.02 Mil.
Net Income was -10.167 + -10.584 + -8.268 + -9.52 = $-38.54 Mil.
Non Operating Income was -0.239 + -0.54 + -0.119 + 0.165 = $-0.73 Mil.
Cash Flow from Operations was -9.069 + -9.11 + -8.609 + -10.778 = $-37.57 Mil.
|Accounts Receivable was $0.82 Mil.
Revenue was 1.067 + 1.892 + 0.714 + 1.216 = $4.89 Mil.
Gross Profit was 0.935 + 1.67 + 0.507 + 1.036 = $4.15 Mil.
Total Current Assets was $9.25 Mil.
Total Assets was $57.95 Mil.
Property, Plant and Equipment(Net PPE) was $2.96 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.82 Mil.
Selling, General & Admin. Expense(SGA) was $15.84 Mil.
Total Current Liabilities was $5.62 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)|
|=||(0.866 / 5.44)||/||(0.818 / 4.889)|
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)|
|=||(1.655 / 4.889)||/||(1 / 5.44)|
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 - (28.544 + 2.865) / 69.703)||/||(1 - (9.247 + 2.959) / 57.95)|
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))|
|=||(4.821 / (4.821 + 2.959))||/||(8.363 / (8.363 + 2.865))|
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)|
|=||(19.068 / 5.44)||/||(15.842 / 4.889)|
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)|
|=||((0.017 + 8.203) / 69.703)||/||((0 + 5.621) / 57.95)|
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|
|=||(-38.539 - -0.733||-||-37.566)||/||69.703|
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 -2.65 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