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Standard BioTools (Standard BioTools) Beneish M-Score : -2.85 (As of Apr. 24, 2024)


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What is Standard BioTools 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.

Good Sign:

Beneish M-Score -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LAB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48   Med: -2.83   Max: 1.92
Current: -2.85

During the past 13 years, the highest Beneish M-Score of Standard BioTools was 1.92. The lowest was -3.48. And the median was -2.83.


Standard BioTools Beneish M-Score Historical Data

The historical data trend for Standard BioTools'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.

* Premium members only.

Standard BioTools Beneish M-Score Chart

Standard BioTools Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.49 -2.81 -3.10 -2.61 -2.85

Standard BioTools 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.61 -2.58 -2.31 -2.87 -2.85

Competitive Comparison of Standard BioTools's Beneish M-Score

For the Diagnostics & Research subindustry, Standard BioTools'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.


Standard BioTools's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Standard BioTools's Beneish M-Score distribution charts can be found below:

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



Standard BioTools 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 Standard BioTools 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 * 1.0479+0.528 * 0.8007+0.404 * 1.0897+0.892 * 1.0857+0.115 * 0.9298
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7586+4.679 * -0.080234-0.327 * 1.237
=-2.85

* 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 $19.7 Mil.
Revenue was 28.188 + 25.367 + 27.666 + 25.119 = $106.3 Mil.
Gross Profit was 13.357 + 11.154 + 13.602 + 12.124 = $50.2 Mil.
Total Current Assets was $158.2 Mil.
Total Assets was $323.1 Mil.
Property, Plant and Equipment(Net PPE) was $54.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.2 Mil.
Selling, General, & Admin. Expense(SGA) was $88.6 Mil.
Total Current Liabilities was $109.3 Mil.
Long-Term Debt & Capital Lease Obligation was $34.4 Mil.
Net Income was -19.776 + -20.997 + -17.04 + -16.843 = $-74.7 Mil.
Non Operating Income was -3.934 + -2.216 + -0.428 + 1.13 = $-5.4 Mil.
Cash Flow from Operations was -14.061 + -11.412 + -9.329 + -8.485 = $-43.3 Mil.
Total Receivables was $17.3 Mil.
Revenue was 27.021 + 25.646 + 18.777 + 26.504 = $97.9 Mil.
Gross Profit was 11.167 + 9.22 + 4.427 + 12.237 = $37.1 Mil.
Total Current Assets was $208.8 Mil.
Total Assets was $390.3 Mil.
Property, Plant and Equipment(Net PPE) was $59.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.0 Mil.
Selling, General, & Admin. Expense(SGA) was $107.5 Mil.
Total Current Liabilities was $43.4 Mil.
Long-Term Debt & Capital Lease Obligation was $96.9 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)
=(19.66 / 106.34) / (17.28 / 97.948)
=0.184879 / 0.17642
=1.0479

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)
=(37.051 / 97.948) / (50.237 / 106.34)
=0.378272 / 0.472419
=0.8007

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 - (158.215 + 54.85) / 323.067) / (1 - (208.815 + 59.535) / 390.31)
=0.340493 / 0.31247
=1.0897

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
=106.34 / 97.948
=1.0857

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))
=(15.027 / (15.027 + 59.535)) / (15.18 / (15.18 + 54.85))
=0.201537 / 0.216764
=0.9298

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)
=(88.554 / 106.34) / (107.523 / 97.948)
=0.832744 / 1.097756
=0.7586

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)
=((34.357 + 109.327) / 323.067) / ((96.89 + 43.443) / 390.31)
=0.44475 / 0.359542
=1.237

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
=(-74.656 - -5.448 - -43.287) / 323.067
=-0.080234

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.

Standard BioTools has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.


Standard BioTools Beneish M-Score Related Terms

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Standard BioTools (Standard BioTools) Business Description

Traded in Other Exchanges
Address
2 Tower Place, Suite 2000, South San Francisco, CA, USA, 94080
Standard BioTools Inc manufactures life science tools focused on the analysis of single cells and industrial applications of genomics. The company's segments include Proteomics and Genomics. It generates maximum revenue from the Proteomics segment. Geographically, it derives a majority of its revenue from the Americas.
Executives
Martin D Madaus director 290 CONCORD ROAD, BILLERICA MA 01821
Jeffrey G. Black officer: SVP & Chief Financial Officer 4955 DIRECTORS PLACE, SAN DIEGO CA 92121
Eli Casdin director, 10 percent owner 1350 AVENUE OF THE AMERICAS, SUITE 1140, NEW YORK NY 10019
Casdin Partners Master Fund, L.p. director, 10 percent owner WALKER HOUSE, 87 MARY STREET, GEORGE TOWN E9 KY1-9001
Casdin Partners Fo1-msv, Lp director C/O CASDIN PARTNERS GP, LLC, 1350 AVENUE OF THE AMERICAS, SUITE 2600, NEW YORK NY 10019
Casdin Private Growth Equity Fund Ii Gp, Llc director 1350 AVENUE OF THE AMERICAS, SUITE 2600, NEW YORK NY 10019
Casdin Partners Gp, Llc director, 10 percent owner 1350 AVENUE OF THE AMERICAS, SUITE 1140, NEW YORK NY 10019
Casdin Capital, Llc director, 10 percent owner 1350 AVENUE OF THE AMERICAS, SUITE 2600, NEW YORK NY 10019
Casdin Private Growth Equity Fund Ii, L.p. director 1350 AVENUE OF THE AMERICAS, SUITE 2600, NEW YORK NY 10019
Fenel M Eloi director C/O INTERLEUKIN GENETICS INC, 135 BEAVER STREET, WALTHAM MA 02452
Caligan Partners Lp 10 percent owner 515 MADISON AVENUE, 8TH FLOOR, NEW YORK NY 10022
Frank Witney director 940 WINTER STREET, C/O PERKINELMER, WALTHAM MA 02451
Jeremy Steven Davis officer: SVP Chief Commercial Officer C/O FLUIDIGM CORPORATION, 2 TOWER PLACE, SUITE 2000, SOUTH SAN FRANCISCO CA 94080
Hanjoon Alex Kim officer: Chief Operating Officer C/O FLUIDIGM CORPORATION, 2 TOWER PLACE, SUITE 2000, SOUTH SAN FRANCISCO CA 94080
Michael Egholm director, officer: President & CEO 1 FRANKLIN STREET, UNIT 3104, BOSTON MA 02110