Myriad Genetics Beneish M-Score Historical Data
The historical data trend for Myriad Genetics'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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Myriad Genetics Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.87 |
-3.69 |
- |
-2.22 |
-2.59 |
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Myriad Genetics Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.22 |
-2.53 |
-3.56 |
-3.43 |
-2.59 |
Competitive Comparison
For the Diagnostics & Research subindustry, Myriad Genetics'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.
Myriad Genetics Beneish M-Score Distribution
For the Medical Diagnostics & Research industry and Healthcare sector, Myriad Genetics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Myriad Genetics's Beneish M-Score falls into.
Myriad Genetics 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 Myriad Genetics 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 * 1.0133 | + | 0.528 * 1.0231 | + | 0.404 * 0.9256 | + | 0.892 * 1.1103 | + | 0.115 * 0.8602 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0025 | + | 4.679 * -0.030702 | - | 0.327 * 1.138 |
| = | -2.59 |
* 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 $114.3 Mil.
Revenue was 196.6 + 191.9 + 183.5 + 181.2 = $753.2 Mil.
Gross Profit was 135 + 134.3 + 125.7 + 122 = $517.0 Mil.
Total Current Assets was $313.6 Mil.
Total Assets was $1,146.5 Mil.
Property, Plant and Equipment(Net PPE) was $180.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $61.9 Mil.
Selling, General, & Admin. Expense(SGA) was $572.9 Mil.
Total Current Liabilities was $155.9 Mil.
Long-Term Debt & Capital Lease Obligation was $135.9 Mil.
Net Income was -31.2 + -61.3 + -116.1 + -54.7 = $-263.3 Mil.
Non Operating Income was -113.5 + -0.7 + -2.4 + -0.6 = $-117.2 Mil.
Cash Flow from Operations was -54.7 + -22.1 + -0.9 + -33.2 = $-110.9 Mil.
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Total Receivables was $101.6 Mil.
Revenue was 177.8 + 156.4 + 179.3 + 164.9 = $678.4 Mil.
Gross Profit was 123.9 + 106 + 129.6 + 116.9 = $476.4 Mil.
Total Current Assets was $274.6 Mil.
Total Assets was $1,198.7 Mil.
Property, Plant and Equipment(Net PPE) was $187.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $52.7 Mil.
Selling, General, & Admin. Expense(SGA) was $514.7 Mil.
Total Current Liabilities was $137.2 Mil.
Long-Term Debt & Capital Lease Obligation was $130.9 Mil.
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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) |
| = | (114.3 / 753.2) | / | (101.6 / 678.4) |
| = | 0.151753 | / | 0.149764 |
| | = | 1.0133 |
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) |
| = | (476.4 / 678.4) | / | (517 / 753.2) |
| = | 0.702241 | / | 0.686405 |
| | = | 1.0231 |
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 - (313.6 + 180.6) / 1146.5) | / | (1 - (274.6 + 187.3) / 1198.7) |
| = | 0.568949 | / | 0.614666 |
| | = | 0.9256 |
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 |
| = | 753.2 | / | 678.4 |
| | = | 1.1103 |
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)) |
| = | (52.7 / (52.7 + 187.3)) | / | (61.9 / (61.9 + 180.6)) |
| = | 0.219583 | / | 0.255258 |
| | = | 0.8602 |
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) |
| = | (572.9 / 753.2) | / | (514.7 / 678.4) |
| = | 0.760621 | / | 0.758697 |
| | = | 1.0025 |
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) |
| = | ((135.9 + 155.9) / 1146.5) | / | ((130.9 + 137.2) / 1198.7) |
| = | 0.254514 | / | 0.223659 |
| | = | 1.138 |
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 |
| = | (-263.3 - -117.2 | - | -110.9) | / | 1146.5 |
| | = | -0.030702 |
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.
Myriad Genetics has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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