NeoGenomics Beneish M-Score Historical Data
The historical data trend for NeoGenomics'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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NeoGenomics Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.37 |
-2.64 |
-2.64 |
-2.66 |
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NeoGenomics 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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-2.64 |
-2.62 |
-2.62 |
-2.55 |
-2.66 |
Competitive Comparison
For the Diagnostics & Research subindustry, NeoGenomics'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.
NeoGenomics Beneish M-Score Distribution
For the Medical Diagnostics & Research industry and Healthcare sector, NeoGenomics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NeoGenomics's Beneish M-Score falls into.
NeoGenomics 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 NeoGenomics 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 * 0.9444 | + | 0.528 * 0.8916 | + | 0.404 * 0.9957 | + | 0.892 * 1.1607 | + | 0.115 * 0.9149 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8706 | + | 4.679 * -0.04495 | - | 0.327 * 1.0472 |
| = | -2.66 |
* 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 $131.2 Mil.
Revenue was 155.552 + 151.954 + 146.917 + 137.22 = $591.6 Mil.
Gross Profit was 67.588 + 62.311 + 59.891 + 54.814 = $244.6 Mil.
Total Current Assets was $596.8 Mil.
Total Assets was $1,681.2 Mil.
Property, Plant and Equipment(Net PPE) was $183.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $72.6 Mil.
Selling, General, & Admin. Expense(SGA) was $313.9 Mil.
Total Current Liabilities was $96.3 Mil.
Long-Term Debt & Capital Lease Obligation was $606.1 Mil.
Net Income was -14.326 + -18.516 + -24.331 + -30.795 = $-88.0 Mil.
Non Operating Income was -1.081 + -2.221 + -2.344 + -4.798 = $-10.4 Mil.
Cash Flow from Operations was 17.784 + -5.497 + -1.548 + -12.692 = $-2.0 Mil.
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Total Receivables was $119.7 Mil.
Revenue was 138.705 + 128.782 + 125.072 + 117.169 = $509.7 Mil.
Gross Profit was 56.825 + 48.893 + 43.946 + 38.232 = $187.9 Mil.
Total Current Assets was $605.3 Mil.
Total Assets was $1,740.0 Mil.
Property, Plant and Equipment(Net PPE) was $198.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $69.4 Mil.
Selling, General, & Admin. Expense(SGA) was $310.7 Mil.
Total Current Liabilities was $89.9 Mil.
Long-Term Debt & Capital Lease Obligation was $604.3 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) |
| = | (131.227 / 591.643) | / | (119.711 / 509.728) |
| = | 0.221801 | / | 0.234853 |
| | = | 0.9444 |
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) |
| = | (187.896 / 509.728) | / | (244.604 / 591.643) |
| = | 0.36862 | / | 0.413432 |
| | = | 0.8916 |
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 - (596.812 + 183.781) / 1681.229) | / | (1 - (605.291 + 198.608) / 1740.034) |
| = | 0.535701 | / | 0.537998 |
| | = | 0.9957 |
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 |
| = | 591.643 | / | 509.728 |
| | = | 1.1607 |
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)) |
| = | (69.43 / (69.43 + 198.608)) | / | (72.583 / (72.583 + 183.781)) |
| = | 0.25903 | / | 0.283125 |
| | = | 0.9149 |
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) |
| = | (313.943 / 591.643) | / | (310.677 / 509.728) |
| = | 0.530629 | / | 0.609496 |
| | = | 0.8706 |
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) |
| = | ((606.069 + 96.304) / 1681.229) | / | ((604.274 + 89.932) / 1740.034) |
| = | 0.417774 | / | 0.398961 |
| | = | 1.0472 |
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 |
| = | (-87.968 - -10.444 | - | -1.953) | / | 1681.229 |
| | = | -0.04495 |
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.
NeoGenomics has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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