HBIO has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
HBIO has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Harvard Bioscience's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Harvard Bioscience was -2.28. The lowest was -3.24. And the median was -2.85.
The historical data trend for Harvard Bioscience's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Harvard Bioscience Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.82 | -3.07 | -2.33 | -3.04 | -3.09 |
Harvard Bioscience Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.04 | -2.98 | -2.94 | -3.02 | -3.09 |
For the Medical Instruments & Supplies subindustry, Harvard Bioscience's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Medical Devices & Instruments industry and Healthcare sector, Harvard Bioscience's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Harvard Bioscience's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Harvard Bioscience 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 * 0.973 | + | 0.528 * 0.9117 | + | 0.404 * 0.99 | + | 0.892 * 0.9904 | + | 0.115 * 1.0175 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9557 | + | 4.679 * -0.120729 | - | 0.327 * 0.9176 | |||||||
= | -3.09 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $16.1 Mil. Revenue was 28.153 + 25.363 + 28.759 + 29.975 = $112.3 Mil. Gross Profit was 16.325 + 14.727 + 16.673 + 18.346 = $66.1 Mil. Total Current Assets was $49.0 Mil. Total Assets was $137.4 Mil. Property, Plant and Equipment(Net PPE) was $8.8 Mil. Depreciation, Depletion and Amortization(DDA) was $7.0 Mil. Selling, General, & Admin. Expense(SGA) was $46.9 Mil. Total Current Liabilities was $26.5 Mil. Long-Term Debt & Capital Lease Obligation was $35.5 Mil. Net Income was -1.818 + -1.239 + -0.98 + 0.622 = $-3.4 Mil. Non Operating Income was -0.591 + 1.253 + -1.953 + 0.432 = $-0.9 Mil. Cash Flow from Operations was 4.303 + 4.361 + 3.552 + 1.812 = $14.0 Mil. |
Total Receivables was $16.7 Mil. Revenue was 28.427 + 26.922 + 29.208 + 28.778 = $113.3 Mil. Gross Profit was 15.833 + 12.172 + 16.637 + 16.177 = $60.8 Mil. Total Current Assets was $51.1 Mil. Total Assets was $145.4 Mil. Property, Plant and Equipment(Net PPE) was $9.2 Mil. Depreciation, Depletion and Amortization(DDA) was $7.6 Mil. Selling, General, & Admin. Expense(SGA) was $49.5 Mil. Total Current Liabilities was $23.2 Mil. Long-Term Debt & Capital Lease Obligation was $48.3 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (16.099 / 112.25) | / | (16.705 / 113.335) | |
= | 0.143421 | / | 0.147395 | |
= | 0.973 |
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.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (60.819 / 113.335) | / | (66.071 / 112.25) | |
= | 0.53663 | / | 0.588606 | |
= | 0.9117 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (49.038 + 8.754) / 137.366) | / | (1 - (51.124 + 9.182) / 145.36) | |
= | 0.579285 | / | 0.585127 | |
= | 0.99 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 112.25 | / | 113.335 | |
= | 0.9904 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (7.575 / (7.575 + 9.182)) | / | (6.998 / (6.998 + 8.754)) | |
= | 0.45205 | / | 0.444261 | |
= | 1.0175 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (46.888 / 112.25) | / | (49.534 / 113.335) | |
= | 0.41771 | / | 0.437058 | |
= | 0.9557 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((35.498 + 26.542) / 137.366) | / | ((48.295 + 23.249) / 145.36) | |
= | 0.45164 | / | 0.492185 | |
= | 0.9176 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (-3.415 - -0.859 | - | 14.028) | / | 137.366 | |
= | -0.120729 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Harvard Bioscience has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Harvard Bioscience's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
James W Green | director, officer: Chief Executive Officer | 12525 CHADRON AVENUE, HAWTHORNE CA 90250 |
Alan I Edrick | director | 20200 SUNBURST STREET, CHATSWORTH CA 91311 |
Jennifer Cote | officer: Interim CFO | C/O HARVARD BIOSCIENCE, INC., 84 OCTOBER HILL ROAD, HOLLISTON MA 01746 |
Bertrand Loy | director | C/O ENTEGRIS, INC., 129 CONCORD RD, BILLERICA MA 01821 |
Thomas W Loewald | director | 81 WYMAN STREET, WALTHAM MA 02451 |
John F Kennedy | director | C/O NET PERCEPTIONS INC, 7700 FRANCE AVE. SOUTH, EDINA MN 55435 |
Katherine A. Eade | director | C/O HARVARD BIOSCIENCE, INC., 84 OCTOBER HILL ROAD #10, HOLLISTON MA 01746 |
Susan M. Steele | director | C/O HILL INTERNATIONAL, INC., 2005 MARKET ST., 17TH FLOOR, PHILADELPHIA PA 19103 |
Kenneth Fletcher Olson | officer: Chief Operating Officer | C/O HARVARD BIOSCIENCE, INC., 84 OCTOBER HILL ROAD #10, HOLLISTON MA 01746 |
Michael A. Rossi | officer: Chief Financial Officer | C/O HARVARD BIOSCIENCE, INC., 84 OCTOBER HILL ROAD #10, HOLLISTON MA 01746 |
Yash Singh | officer: Executive Vice President | C/O HARVARD BIOSCIENCE, INC., 84 OCTOBER HILL ROAD #10, HOLLISTON MA 01746 |
Jeffrey Duchemin | officer: Chief Executive Officer | 14 EASTLAND TERRACE, HAVERHILL MA 01830 |
Kamalam Unninayar | officer: Chief Financial Officer | C/O TETRAPHASE PHARMACEUTICALS, INC., 480 ARSENAL STREET, SUITE 110, WATERTOWN MA 02472 |
Robert E. Gagnon | officer: Chief Financial Officer | C/O BIOGEN IDEC INC., 133 BOSTON POST ROAD, WESTON MA 02493 |
George Uveges | director | C/O MFIC CORPORATION, 30 OSSIPEE ROAD, NEWTON MA 02464 |
From GuruFocus
By Marketwired • 11-06-2023
By Marketwired Marketwired • 02-19-2021
By GF Value GF Value • 05-01-2021
By Marketwired Marketwired • 12-23-2020
By sperokesalga sperokesalga • 02-28-2023
By GuruFocusNews GuruFocusNews • 04-26-2022
By GlobeNewswire GlobeNewswire • 03-16-2023
By Marketwired • 07-27-2023
By PurpleRose PurpleRose • 07-26-2022
By Value_Insider Value_Insider • 11-02-2022
Disclaimers: GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.