Optiscan Imaging (ASX:OIL) Beneish M-Score : 0.85 (As of May. 14, 2024)

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What is Optiscan Imaging Beneish M-Score?

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.

Warning Sign:

Beneish M-Score 0.85 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Optiscan Imaging's Beneish M-Score or its related term are showing as below:

ASX:OIL' s Beneish M-Score Range Over the Past 10 Years
Min: -7.16 Med: -3.43 Max: 0.85
Current: 0.85

During the past 13 years, the highest Beneish M-Score of Optiscan Imaging was 0.85. The lowest was -7.16. And the median was -3.43.

Optiscan Imaging Beneish M-Score Historical Data

The historical data trend for Optiscan Imaging'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.

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Optiscan Imaging Beneish M-Score Chart

Optiscan Imaging Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-5.08

-3.61

-2.43

-3.25

0.85

Optiscan Imaging Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-3.25	-	0.85	-

Competitive Comparison of Optiscan Imaging's Beneish M-Score

For the Scientific & Technical Instruments subindustry, Optiscan Imaging'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.

Optiscan Imaging's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Optiscan Imaging's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Optiscan Imaging's Beneish M-Score falls into.

Optiscan Imaging Beneish M-Score Calculation

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 Optiscan Imaging for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.4165

0.528 * 1.4907

0.404 * 14.7886

0.892 * 1.6584

0.115 * 0.7144

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3188

4.679 * -0.45762

0.327 * 1.9964

0.85

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was A$0.98 Mil.
Revenue was A$1.68 Mil.
Gross Profit was A$1.13 Mil.
Total Current Assets was A$3.65 Mil.
Total Assets was A$4.67 Mil.
Property, Plant and Equipment(Net PPE) was A$0.58 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.38 Mil.
Selling, General, & Admin. Expense(SGA) was A$3.60 Mil.
Total Current Liabilities was A$1.42 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.18 Mil.
Net Income was A$-4.35 Mil.
Gross Profit was A$0.94 Mil.
Cash Flow from Operations was A$-3.15 Mil.

Total Receivables was A$1.41 Mil.
Revenue was A$1.01 Mil.
Gross Profit was A$1.01 Mil.
Total Current Assets was A$7.32 Mil.
Total Assets was A$7.98 Mil.
Property, Plant and Equipment(Net PPE) was A$0.61 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.24 Mil.
Selling, General, & Admin. Expense(SGA) was A$1.65 Mil.
Total Current Liabilities was A$1.00 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.37 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)
	=	(0.976 / 1.68)	/	(1.413 / 1.013)
	=	0.580952	/	1.394867
	=	0.4165

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)
	=	(1.013 / 1.013)	/	(1.127 / 1.68)
	=	1	/	0.670833
	=	1.4907

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 - (3.646 + 0.576) / 4.672)	/	(1 - (7.323 + 0.609) / 7.984)
	=	0.096318	/	0.006513
	=	14.7886

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
	=	1.68	/	1.013
	=	1.6584

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))
	=	(0.241 / (0.241 + 0.609))	/	(0.379 / (0.379 + 0.576))
	=	0.283529	/	0.396859
	=	0.7144

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)
	=	(3.6 / 1.68)	/	(1.646 / 1.013)
	=	2.142857	/	1.624877
	=	1.3188

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)
	=	((0.181 + 1.423) / 4.672)	/	((0.373 + 1) / 7.984)
	=	0.343322	/	0.171969
	=	1.9964

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
	=	(-4.352 - 0.938	-	-3.152)	/	4.672
	=	-0.45762

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.

Optiscan Imaging has a M-score of 0.85 signals that the company is likely to be a manipulator.

Optiscan Imaging Beneish M-Score Related Terms

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Optiscan Imaging (ASX:OIL) Business Description

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Address

16 Miles Street, Mulgrave, Melbourne, VIC, AUS, 3170

Website

https://www.optiscan.com

Optiscan Imaging Ltd is engaged in the development, manufacture, and commercialization of endomicroscopic digital imaging technology solutions for medical, translational, and pre-clinical applications. Its technology offers real-time, 3D, in vivo imaging at the single-cell level, in a non-destructive manner that enables clinicians to make immediate informed decisions. Its products include InVivage, ViewnVivo, and Customisation.