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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 * 1.2542||+||0.528 * 0.951||+||0.404 * 0.8696||+||0.892 * 1.4426||+||0.115 * 1.7684|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3024||+||4.679 * -0.0938||-||0.327 * 1.5152|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $2.07 Mil.|
Revenue was 2.073 + 1.461 + 2.306 + 2.009 = $7.85 Mil.
Gross Profit was 1.848 + 1.311 + 1.874 + 1.749 = $6.78 Mil.
Total Current Assets was $32.91 Mil.
Total Assets was $80.11 Mil.
Property, Plant and Equipment(Net PPE) was $8.93 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.50 Mil.
Selling, General & Admin. Expense(SGA) was $35.83 Mil.
Total Current Liabilities was $13.67 Mil.
Long-Term Debt was $0.65 Mil.
Net Income was -17.112 + -13.424 + -13.626 + -9.691 = $-53.85 Mil.
Non Operating Income was -0.107 + 3.907 + -0.573 + 0.225 = $3.45 Mil.
Cash Flow from Operations was -14.313 + -13.947 + -11.561 + -9.967 = $-49.79 Mil.
|Accounts Receivable was $1.14 Mil.
Revenue was 1.264 + 1.879 + 1.191 + 1.107 = $5.44 Mil.
Gross Profit was 1 + 1.656 + 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.
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)|
|=||(2.068 / 7.849)||/||(1.143 / 5.441)|
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)|
|=||(4.471 / 5.441)||/||(6.782 / 7.849)|
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 - (32.907 + 8.932) / 80.114)||/||(1 - (28.544 + 2.865) / 69.703)|
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))|
|=||(8.363 / (8.363 + 2.865))||/||(6.5 / (6.5 + 8.932))|
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)|
|=||(35.826 / 7.849)||/||(19.069 / 5.441)|
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)|
|=||((0.646 + 13.669) / 80.114)||/||((0.017 + 8.203) / 69.703)|
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|
|=||(-53.853 - 3.452||-||-49.788)||/||80.114|
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 -2.50 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