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NSTM (NovelStem International) Beneish M-Score : -34.45 (As of Mar. 02, 2025)


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What is NovelStem International Beneish M-Score?

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 -34.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSTM' s Beneish M-Score Range Over the Past 10 Years
Min: -34.45   Med: -5.78   Max: -0.44
Current: -34.45

During the past 13 years, the highest Beneish M-Score of NovelStem International was -0.44. The lowest was -34.45. And the median was -5.78.


NovelStem International Beneish M-Score Historical Data

The historical data trend for NovelStem International'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.

NovelStem International Beneish M-Score Chart

NovelStem International Annual Data
Trend Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.35 6.05 -5.11 -5.25 -13.84

NovelStem International Quarterly Data
Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial 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 - -13.84 -10.59 -3.21 -34.45

Competitive Comparison of NovelStem International's Beneish M-Score

For the Diagnostics & Research subindustry, NovelStem International'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.


NovelStem International's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, NovelStem International's Beneish M-Score distribution charts can be found below:

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



NovelStem International 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 NovelStem International 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+0.528 * 1+0.404 * 0.6681+0.892 * 0.5714+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5153+4.679 * -5.853535-0.327 * 13.6773
=-34.45

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $0.01 Mil.
Revenue was 0.003 + 0.003 + 0.003 + 0.003 = $0.01 Mil.
Gross Profit was 0.003 + 0.003 + 0.003 + 0.003 = $0.01 Mil.
Total Current Assets was $0.07 Mil.
Total Assets was $0.20 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.92 Mil.
Total Current Liabilities was $3.60 Mil.
Long-Term Debt & Capital Lease Obligation was $0.94 Mil.
Net Income was -0.835 + -0.303 + -0.303 + 0.053 = $-1.39 Mil.
Non Operating Income was -0.115 + 0 + 0.025 + 0.173 = $0.08 Mil.
Cash Flow from Operations was -0.063 + -0.097 + -0.073 + -0.079 = $-0.31 Mil.
Total Receivables was $0.00 Mil.
Revenue was 0.009 + 0 + 0 + 0.012 = $0.02 Mil.
Gross Profit was 0.009 + 0 + 0 + 0.012 = $0.02 Mil.
Total Current Assets was $0.05 Mil.
Total Assets was $2.02 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $3.14 Mil.
Total Current Liabilities was $1.95 Mil.
Long-Term Debt & Capital Lease Obligation was $1.43 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)
=(0.008 / 0.012) / (0 / 0.021)
=0.666667 / 0
=1

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)
=(0.021 / 0.021) / (0.012 / 0.012)
=1 / 1
=1

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 - (0.069 + 0) / 0.198) / (1 - (0.05 + 0) / 2.019)
=0.651515 / 0.975235
=0.6681

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
=0.012 / 0.021
=0.5714

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 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(0.924 / 0.012) / (3.138 / 0.021)
=77 / 149.428571
=0.5153

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)
=((0.94 + 3.599) / 0.198) / ((1.43 + 1.954) / 2.019)
=22.924242 / 1.676077
=13.6773

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
=(-1.388 - 0.083 - -0.312) / 0.198
=-5.853535

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.

NovelStem International has a M-score of -34.45 suggests that the company is unlikely to be a manipulator.


NovelStem International Beneish M-Score Related Terms

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NovelStem International Business Description

Traded in Other Exchanges
N/A
Address
2255 Glades Road, Suite 221A, Boca Raton, FL, USA, 33431
NovelStem International Corp focuses on the development and commercialization of diagnostic technology that can predict patients' anti-cancer drug resistance, allowing for targeted cancer treatments and the potential to reduce resistance to chemotherapy.
Executives
Baker Street Capital Management, Llc 10 percent owner 1875 CENTURY PARK EAST, SUITE 700, LOS ANGELES CA 90067
Vadim Perelman 10 percent owner 1875 CENTURY PARK EAST, SUITE 700, LOS ANGELES CA 90067
Baker Street Capital L.p. 10 percent owner 1875 CENTURY PARK EAST, SUITE 700, LOS ANGELES CA 90067
Stephen Gans director, 10 percent owner 14850 NW 44TH COURT, OPA LOCKA FL 33054
Shannon River Partners Lp 10 percent owner 850 THIRD AVENUE, 13TH FLOOR, NEW YORK NY 10022
Shannon River Fund Management Co Llc 10 percent owner 850 THIRD AVENUE, 13TH FLOOR, NEW YORK NY 10022
Shannon River Partners Ii, Lp 10 percent owner 850 THIRD AVENUE, 13TH FLOOR, NEW YORK NY 10022
Doonbeg Fund Lp 10 percent owner 850 THIRD AVE, 13TH FLOOR, New York ny 10022
Spencer M. Waxman director C/O SHANNON RIVER PARTNERS, 800 THIRD AVENUE 30TH FLOOR, NEW YORK NY 10022
Stanley Morgan 10 percent owner 1585 BROADWAY, NEW YORK NY 10036
Robert D. Epstein director 2255 GLADES ROAD, BOCA RATON FL 33431
Coghill Capital Management Llc 10 percent owner 233 SOUTH WACKER DRIVE, SUITE 8439, CHICAGO IL 60606
Ccm Master Fund Ltd 10 percent owner C/O MORGAN STANLEY FUND SERVICES (CAYMAN, LTD CENTURY YARD CRICKET SQ HUTCHINGS DR, PO BOX 2681 GEORGE TOWN E9 00000
Clint D Coghill 10 percent owner
Scott Gomez officer: Chief Accounting Officer

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