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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.
Myriad Genetics Inc has a M-score of -2.45 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Myriad Genetics Inc was 9.51. The lowest was -4.50. And the median was -2.42.
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 Myriad Genetics 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 * 0.6749||+||0.528 * 1.0013||+||0.404 * 1.5638||+||0.892 * 1.3349||+||0.115 * 1.0248|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.994||+||4.679 * -0.0301||-||0.327 * 1.2016|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $85.9 Mil.|
Revenue was 182.924 + 204.06 + 202.467 + 174.115 = $763.6 Mil.
Gross Profit was 156.315 + 177.929 + 176.986 + 152.042 = $663.3 Mil.
Total Current Assets was $338.2 Mil.
Total Assets was $816.4 Mil.
Property, Plant and Equipment(Net PPE) was $32.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.5 Mil.
Selling, General & Admin. Expense(SGA) was $314.3 Mil.
Total Current Liabilities was $72.2 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 36.77 + 50.36 + 55.465 + 44.074 = $186.7 Mil.
Non Operating Income was -0.442 + -0.185 + -0.439 + 0.001 = $-1.1 Mil.
Cash Flow from Operations was 11.249 + 47.549 + 90.482 + 63 = $212.3 Mil.
|Accounts Receivable was $95.4 Mil.
Revenue was 156.472 + 149.14 + 133.437 + 132.965 = $572.0 Mil.
Gross Profit was 136.138 + 129.256 + 116.11 + 116.013 = $497.5 Mil.
Total Current Assets was $447.7 Mil.
Total Assets was $729.0 Mil.
Property, Plant and Equipment(Net PPE) was $26.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.0 Mil.
Selling, General & Admin. Expense(SGA) was $236.9 Mil.
Total Current Liabilities was $53.6 Mil.
Long-Term Debt was $0.0 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)|
|=||(85.904 / 763.566)||/||(95.359 / 572.014)|
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)|
|=||(177.929 / 572.014)||/||(156.315 / 763.566)|
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 - (338.164 + 32.665) / 816.426)||/||(1 - (447.705 + 26.875) / 729.028)|
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))|
|=||(8.963 / (8.963 + 26.875))||/||(10.545 / (10.545 + 32.665))|
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)|
|=||(314.295 / 763.566)||/||(236.877 / 572.014)|
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 + 72.156) / 816.426)||/||((0 + 53.621) / 729.028)|
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|
|=||(186.669 - -1.065||-||212.28)||/||816.426|
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.
Myriad Genetics Inc has a M-score of -2.45 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
Myriad Genetics Inc Annual Data
Myriad Genetics Inc Quarterly Data