IDEXX Laboratories Beneish M-Score Historical Data
The historical data trend for IDEXX Laboratories'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.
IDEXX Laboratories Beneish M-Score Chart
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IDEXX Laboratories Annual Data
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.43 |
-2.26 |
-2.16 |
-2.43 |
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IDEXX Laboratories Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Mar21 |
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Sep23 |
Dec23 |
| Beneish M-Score |
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-2.16 |
-2.21 |
-2.24 |
-2.30 |
-2.43 |
Competitive Comparison of IDEXX Laboratories's Beneish M-Score
For the Diagnostics & Research subindustry, IDEXX Laboratories'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.
IDEXX Laboratories's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, IDEXX Laboratories's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IDEXX Laboratories's Beneish M-Score falls into.
IDEXX Laboratories 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 IDEXX Laboratories 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 * 0.9922 | + | 0.528 * 0.995 | + | 0.404 * 0.9096 | + | 0.892 * 1.0872 | + | 0.115 * 1.032 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9751 | + | 4.679 * -0.018856 | - | 0.327 * 0.6944 |
| = | -2.43 |
* 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 $530 Mil.
Revenue was 901.601 + 915.527 + 943.63 + 900.195 = $3,661 Mil.
Gross Profit was 526.167 + 547.982 + 572.85 + 542.971 = $2,190 Mil.
Total Current Assets was $1,495 Mil.
Total Assets was $3,260 Mil.
Property, Plant and Equipment(Net PPE) was $818 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $902 Mil.
Total Current Liabilities was $952 Mil.
Long-Term Debt & Capital Lease Obligation was $723 Mil.
Net Income was 194.521 + 212.231 + 224.236 + 214.054 = $845 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 249.851 + 272.433 + 200.314 + 183.912 = $907 Mil.
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Total Receivables was $491 Mil.
Revenue was 828.568 + 841.661 + 860.546 + 836.549 = $3,367 Mil.
Gross Profit was 484.927 + 506.626 + 514.032 + 498.753 = $2,004 Mil.
Total Current Assets was $1,101 Mil.
Total Assets was $2,747 Mil.
Property, Plant and Equipment(Net PPE) was $768 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General, & Admin. Expense(SGA) was $851 Mil.
Total Current Liabilities was $1,236 Mil.
Long-Term Debt & Capital Lease Obligation was $796 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) |
| = | (529.528 / 3660.953) | / | (490.903 / 3367.324) |
| = | 0.144642 | / | 0.145784 |
| | = | 0.9922 |
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) |
| = | (2004.338 / 3367.324) | / | (2189.97 / 3660.953) |
| = | 0.595232 | / | 0.598197 |
| | = | 0.995 |
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 - (1495.254 + 817.676) / 3259.925) | / | (1 - (1101.477 + 768.092) / 2746.765) |
| = | 0.290496 | / | 0.319356 |
| | = | 0.9096 |
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 |
| = | 3660.953 | / | 3367.324 |
| | = | 1.0872 |
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)) |
| = | (111.9 / (111.9 + 768.092)) | / | (114.908 / (114.908 + 817.676)) |
| = | 0.12716 | / | 0.123215 |
| | = | 1.032 |
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) |
| = | (901.891 / 3660.953) | / | (850.753 / 3367.324) |
| = | 0.246354 | / | 0.25265 |
| | = | 0.9751 |
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) |
| = | ((722.554 + 951.547) / 3259.925) | / | ((795.626 + 1235.803) / 2746.765) |
| = | 0.51354 | / | 0.739571 |
| | = | 0.6944 |
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 |
| = | (845.042 - 0 | - | 906.51) | / | 3259.925 |
| | = | -0.018856 |
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.
IDEXX Laboratories has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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