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OncoCyte Beneish M-Score

: 28.69 (As of Today)
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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 28.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NAS:OCX' s Beneish M-Score Range Over the Past 10 Years
Min: 28.69   Med: 91.98   Max: 155.27
Current: 28.69

28.69
155.27

During the past 8 years, the highest Beneish M-Score of OncoCyte was 155.27. The lowest was 28.69. And the median was 91.98.


OncoCyte Beneish M-Score Historical Data

The historical data trend for OncoCyte'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.

OncoCyte Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only - - - - -

OncoCyte Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-Score 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 Premium Member Only Premium Member Only Premium Member Only - - - 155.27 28.69

Competitive Comparison

For the Biotechnology subindustry, OncoCyte'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.

   

OncoCyte Beneish M-Score Distribution

For the Biotechnology industry and Healthcare sector, OncoCyte's Beneish M-Score distribution charts can be found below:

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



OncoCyte 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 OncoCyte 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 * 0.4898+0.528 * 17.4912+0.404 * 1.0571+0.892 * 26.4906+0.115 * 0.3957
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.0549+4.679 * -0.0059-0.327 * 0.6888
=28.69

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $1.03 Mil.
Revenue was 2.03 + 1.124 + 0.503 + 0.555 = $4.21 Mil.
Gross Profit was -0.394 + 0.079 + -0.213 + -0.046 = $-0.57 Mil.
Total Current Assets was $50.00 Mil.
Total Assets was $177.38 Mil.
Property, Plant and Equipment(Net PPE) was $7.35 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.36 Mil.
Selling, General, & Admin. Expense(SGA) was $29.47 Mil.
Total Current Liabilities was $19.78 Mil.
Long-Term Debt & Capital Lease Obligation was $4.44 Mil.
Net Income was -10.493 + -3.919 + -6.309 + -6.783 = $-27.50 Mil.
Non Operating Income was 1.3 + -1.115 + 0.906 + 2.519 = $3.61 Mil.
Cash Flow from Operations was -8.081 + -9.845 + -6.15 + -5.999 = $-30.08 Mil.
Accounts Receivable was $0.08 Mil.
Revenue was 0.143 + 0.016 + 0 + 0 = $0.16 Mil.
Gross Profit was -0.222 + -0.157 + 0 + 0 = $-0.38 Mil.
Total Current Assets was $18.45 Mil.
Total Assets was $63.46 Mil.
Property, Plant and Equipment(Net PPE) was $4.39 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.62 Mil.
Selling, General, & Admin. Expense(SGA) was $20.27 Mil.
Total Current Liabilities was $6.84 Mil.
Long-Term Debt & Capital Lease Obligation was $5.73 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(1.025 / 4.212) / (0.079 / 0.159)
=0.24335233 / 0.49685535
=0.4898

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)
=(-0.379 / 0.159) / (-0.574 / 4.212)
=-2.3836478 / -0.1362773
=17.4912

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 - (49.995 + 7.345) / 177.382) / (1 - (18.445 + 4.387) / 63.455)
=0.67674285 / 0.64018596
=1.0571

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
=4.212 / 0.159
=26.4906

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))
=(0.622 / (0.622 + 4.387)) / (3.359 / (3.359 + 7.345))
=0.12417648 / 0.31380792
=0.3957

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)
=(29.472 / 4.212) / (20.273 / 0.159)
=6.997151 / 127.50314465
=0.0549

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)
=((4.436 + 19.775) / 177.382) / ((5.732 + 6.842) / 63.455)
=0.13649074 / 0.19815617
=0.6888

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
=(-27.504 - 3.61 - -30.075) / 177.382
=-0.0059

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.

OncoCyte has a M-score of 28.69 signals that the company is likely to be a manipulator.


OncoCyte Beneish M-Score Related Terms

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OncoCyte Business Description

OncoCyte logo
Industry
Healthcare » Biotechnology NAICS : 325412 SIC : 2834
Traded in Other Exchanges
Address
15 Cushing, Irvine, CA, USA, 92618
OncoCyte Corp focuses on the discovery, development, and commercialization of novel, non-invasive, liquid biopsy diagnostics for the early detection of cancer. It develops diagnostic tests based on liquid biopsies using blood or urine samples for detecting lung, bladder, and breast cancers. In addition, the company also developing screening diagnostics as potential replacements for screening imaging procedures that do not meet the needs of patients, health care providers or payers. Geographically operation of the group is carried through United States and it earns revenue from the sale of diagnostic tests.
Executives
Carter Jennifer L. director C/O DFP SPONSOR LLC 780 THIRD AVENUE, 37TH FLOOR NEW YORK NY 10017
Kalajian Tony T officer: Sr.VP/Chief Accounting Officer 1010 ATLANTIC AVENUE SUITE 102 ALAMEDA CA 94501
Parker Albert P officer: Chief Operating Officer C/O ONCOCYTE CORPORATION 1010 ATLANTIC AVENUE, SUITE 102 ALAMEDA CA 94501
Levine Mitchell S officer: Chief Financial Officer ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO CA 94111
Andrews Ronald Asbury director, officer: Chief Executive Officer 5791 VAN ALLEN WAY CARLSBAD CA 92008
Redmond Cavan M. director 5 GIRALDA FARMS MADISON NJ 07940
Griffith Melinda director 1010 ATLANTIC AVENUE SUITE 102 ALAMEDA CA 94501
Arno Andrew director C/O MERRIMAN CURHAN FORD GROUP, INC. 600 CALIFORNIA STREET, 9TH FLOOR SAN FRANCISCO CA 94108
Kingsley Alfred D director 150 E 57TH STREET NEW YORK NY 10022
Last Andrew J. director 3420 CENTRAL EXPRESSWAY SANTA CLARA CA 95051
Broadwood Capital Inc 10 percent owner 724 FIFTH AVENUE 9TH FLOOR NEW YORK NY 10019
Broadwood Partners, L.p. 10 percent owner BROADWOOD CAPITAL INC. 724 FIFTH AVENUE, 9TH FLOOR NEW YORK NY 10019
Bradsher Neal C 10 percent owner PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: BRADSHER NEAL C a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Ross Douglas T. officer: Chief Medical Officer 15 CUSHING IRVINE CA 92618
Sundar Padma officer: SVP, Marketing & Market Access 1010 ATLANTIC AVENUE SUITE 102 ALAMEDA CA 94501

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