NXSCF (Next Science) Beneish M-Score : -1.97 (As of Mar. 03, 2025)

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What is Next Science 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 -1.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NXSCF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.42 Med: -1.84 Max: -1.65
Current: -1.97

During the past 6 years, the highest Beneish M-Score of Next Science was -1.65. The lowest was -2.42. And the median was -1.84.

Next Science Beneish M-Score Historical Data

The historical data trend for Next Science'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.

Next Science Beneish M-Score Chart

Next Science Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.65

-1.70

-2.42

-1.97

Next Science Semi-Annual Data
	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial						-	-2.42	-	-1.97	-

Competitive Comparison of Next Science's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Next Science'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.

Next Science's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Next Science's Beneish M-Score distribution charts can be found below:

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

Next Science 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 Next Science for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0899

0.528 * 1.0672

0.404 * 0.6895

0.892 * 1.8935

0.115 * 0.8004

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8673

4.679 * -0.071788

0.327 * 0.8823

-1.99

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $3.59 Mil.
Revenue was $22.18 Mil.
Gross Profit was $16.24 Mil.
Total Current Assets was $13.96 Mil.
Total Assets was $17.90 Mil.
Property, Plant and Equipment(Net PPE) was $1.52 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.11 Mil.
Selling, General, & Admin. Expense(SGA) was $25.78 Mil.
Total Current Liabilities was $3.84 Mil.
Long-Term Debt & Capital Lease Obligation was $0.69 Mil.
Net Income was $-16.27 Mil.
Gross Profit was $0.07 Mil.
Cash Flow from Operations was $-15.06 Mil.

Total Receivables was $1.74 Mil.
Revenue was $11.71 Mil.
Gross Profit was $9.15 Mil.
Total Current Assets was $8.26 Mil.
Total Assets was $12.46 Mil.
Property, Plant and Equipment(Net PPE) was $1.75 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.90 Mil.
Selling, General, & Admin. Expense(SGA) was $15.70 Mil.
Total Current Liabilities was $2.61 Mil.
Long-Term Debt & Capital Lease Obligation was $0.96 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)
	=	(3.589 / 22.179)	/	(1.739 / 11.713)
	=	0.16182	/	0.148468
	=	1.0899

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)
	=	(9.15 / 11.713)	/	(16.235 / 22.179)
	=	0.781183	/	0.731999
	=	1.0672

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 - (13.96 + 1.516) / 17.9)	/	(1 - (8.263 + 1.75) / 12.46)
	=	0.135419	/	0.196388
	=	0.6895

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
	=	22.179	/	11.713
	=	1.8935

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))
	=	(0.897 / (0.897 + 1.75))	/	(1.113 / (1.113 + 1.516))
	=	0.338874	/	0.423355
	=	0.8004

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)
	=	(25.776 / 22.179)	/	(15.695 / 11.713)
	=	1.16218	/	1.339964
	=	0.8673

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)
	=	((0.687 + 3.837) / 17.9)	/	((0.962 + 2.607) / 12.46)
	=	0.252737	/	0.286437
	=	0.8823

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
	=	(-16.271 - 0.073	-	-15.059)	/	17.9
	=	-0.071788

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.

Next Science has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.

Next Science Beneish M-Score Related Terms

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Next Science Business Description

Industry

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NXS:Australia

Address

264-278 George Street, Level 14, Australia Square, HWL Ebsworth, Sydney, NSW, AUS, 2000

Website

https://www.nextscience.com

Next Science Ltd is a medical technology company. It is engaged in the development and commercialization of its proprietary Xbio technology to reduce the impact of biofilm-based infections in human health. Xbio is a non-toxic technology with efficacy in eradicating both biofilm-based and free-floating bacteria. Its products include Bactisure, SURGX, XEPERIENCE and BLASTX. The company derives revenue from North America, New Zealand, and Australia.