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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.
Good Sign:
Beneish M-Score -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Bio-Techne's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Bio-Techne was -2.33. The lowest was -3.96. And the median was -2.54.
The historical data trend for Bio-Techne'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.
Bio-Techne Annual Data | |||||||||||||||||||||
Trend | Jun14 | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.58 | -2.79 | -2.54 | -2.33 | -2.40 |
Bio-Techne Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.54 | -2.40 | -2.39 | -2.59 | -2.61 |
For the Biotechnology subindustry, Bio-Techne'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.
For the Biotechnology industry and Healthcare sector, Bio-Techne's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bio-Techne's Beneish M-Score falls into.
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 Bio-Techne 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 * 1.025 | + | 0.528 * 1.0198 | + | 0.404 * 0.9903 | + | 0.892 * 1.0273 | + | 0.115 * 1.0138 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.081 | + | 4.679 * -0.037578 | - | 0.327 * 0.9983 | |||||||
= | -2.61 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $228 Mil. Revenue was 303.428 + 272.598 + 276.935 + 301.32 = $1,154 Mil. Gross Profit was 204.599 + 176.587 + 185.191 + 204.698 = $771 Mil. Total Current Assets was $611 Mil. Total Assets was $2,721 Mil. Property, Plant and Equipment(Net PPE) was $341 Mil. Depreciation, Depletion and Amortization(DDA) was $111 Mil. Selling, General, & Admin. Expense(SGA) was $394 Mil. Total Current Liabilities was $150 Mil. Long-Term Debt & Capital Lease Obligation was $482 Mil. Net Income was 49.059 + 27.465 + 50.993 + 75.484 = $203 Mil. Non Operating Income was -2.621 + -1.104 + -2.301 + 4.404 = $-2 Mil. Cash Flow from Operations was 80.986 + 83.116 + 59.383 + 83.393 = $307 Mil. |
Total Receivables was $216 Mil. Revenue was 294.146 + 271.581 + 269.655 + 288.228 = $1,124 Mil. Gross Profit was 202.162 + 183.36 + 179.595 + 200.35 = $765 Mil. Total Current Assets was $571 Mil. Total Assets was $2,600 Mil. Property, Plant and Equipment(Net PPE) was $322 Mil. Depreciation, Depletion and Amortization(DDA) was $106 Mil. Selling, General, & Admin. Expense(SGA) was $354 Mil. Total Current Liabilities was $141 Mil. Long-Term Debt & Capital Lease Obligation was $463 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) |
= | (227.887 / 1154.281) | / | (216.415 / 1123.61) | |
= | 0.197428 | / | 0.192607 | |
= | 1.025 |
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) | |
= | (765.467 / 1123.61) | / | (771.075 / 1154.281) | |
= | 0.681257 | / | 0.668013 | |
= | 1.0198 |
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 - (610.65 + 340.986) / 2721.17) | / | (1 - (570.996 + 321.547) / 2599.696) | |
= | 0.650284 | / | 0.656674 | |
= | 0.9903 |
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 | |
= | 1154.281 | / | 1123.61 | |
= | 1.0273 |
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)) |
= | (106.181 / (106.181 + 321.547)) | / | (110.577 / (110.577 + 340.986)) | |
= | 0.248244 | / | 0.244876 | |
= | 1.0138 |
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) |
= | (393.652 / 1154.281) | / | (354.487 / 1123.61) | |
= | 0.341037 | / | 0.315489 | |
= | 1.081 |
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) |
= | ((481.752 + 149.82) / 2721.17) | / | ((463.267 + 141.163) / 2599.696) | |
= | 0.232096 | / | 0.2325 | |
= | 0.9983 |
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 | |
= | (203.001 - -1.622 | - | 306.878) | / | 2721.17 | |
= | -0.037578 |
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.
Bio-Techne has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Bio-Techne's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Roeland Nusse | director | 473 TENNESSEE, PALO ALTO CA 94306 |
William Geist | officer: PRESIDENT, PROTEIN SCIENCES | 900 MIDDLESEX TURNPIKE, C/O QUANTERIX CORPORATION, BILLERICA MA 01821 |
Charles R. Kummeth | director, officer: Chief Executive Officer | 425 MARTINGALE ROAD, SUITE 1000, SCHAUMBURG IL 60173-2213 |
Shane Bohnen | officer: SVP - General Counsel | 614 MCKINLEY PLACE NE, MINNEAPOLIS MN 55413 |
Brenda S. Furlow | officer: SVP - General Counsel | 614 MCKINLEY PLACE NE, MINNEAPOLIS MN 55413 |
John L Higgins | director | 11119 NORTH TORREY PINES ROAD, SUITE 200, LA JOLLA CA 92037 |
Robert V Baumgartner | director | 5775 WAYZATA BOULEVARD, SUITE 400, MINNEAPOLIS MN 55416 |
Kim Kelderman | officer: Pres. Diagnostics & Genom | 614 MCKINLEY PLACE NE, MINNEAPOLIS MN 55413 |
Norman David Eansor | officer: SVP Biotech | 8100 SOUTHPARK WAY, A-8, LITTLETON CO 80120 |
James Hippel | officer: Chief Financial Officer | 614 MCKINLEY PLACE NE, MINNEAPOLIS MN 55413 |
Joseph D Keegan | director | C/O MOLECULAR DEVICES CORP, 1311 ORLEANS DRIVE, SUNNYVALE CA 94089 |
Alpna Seth | director | 614 MCKINLEY PLACE NE, MINNEAPOLIS MN 55413 |
Julie L Bushman | director | 185 SOUTH 84TH STREET, SUITE 200, MILWAUKEE WI 53214 |
Rupert Vessey | director | C/O CELGENE CORPORATION, 86 MORRIS AVENUE, SUMMIT NJ 07901 |
Randolph C Steer | director | 614 MCKINLEY PLACE NE, MINNEAPOLIS MN 55413 |
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