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Butterfly Network Beneish M-Score

: -4.16 (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.

Good Sign:

Beneish M-Score -4.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BFLY' s Beneish M-Score Range Over the Past 10 Years
Min: -4.78   Med: -4.47   Max: -4.16
Current: -4.16

During the past 3 years, the highest Beneish M-Score of Butterfly Network was -4.16. The lowest was -4.78. And the median was -4.47.


Butterfly Network Beneish M-Score Historical Data

The historical data trend for Butterfly Network'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.

Butterfly Network Annual Data
Trend Dec19 Dec20 Dec21
Beneish M-Score
- - -4.78

Butterfly Network Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - - -4.78 -4.16

Competitive Comparison

For the Medical Devices subindustry, Butterfly Network'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.

   

Butterfly Network Beneish M-Score Distribution

For the Medical Devices & Instruments industry and Healthcare sector, Butterfly Network's Beneish M-Score distribution charts can be found below:

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



Butterfly Network 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 Butterfly Network 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 * 1.9006+0.528 * -3.7343+0.404 * 0.5116+0.892 * 1.3132+0.115 * 3.3608
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.135+4.679 * -0.0118-0.327 * 1.8658
=-4.16

* 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 (Mar22) TTM:Last Year (Mar21) TTM:
Total Receivables was $13.07 Mil.
Revenue was 15.574 + 18.987 + 14.621 + 16.513 = $65.70 Mil.
Gross Profit was 8.342 + 7.54 + -5.122 + 8.22 = $18.98 Mil.
Total Current Assets was $474.31 Mil.
Total Assets was $535.42 Mil.
Property, Plant and Equipment(Net PPE) was $46.29 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.47 Mil.
Selling, General, & Admin. Expense(SGA) was $125.13 Mil.
Total Current Liabilities was $50.71 Mil.
Long-Term Debt & Capital Lease Obligation was $30.10 Mil.
Net Income was -44.477 + -15.216 + -13.561 + -2.942 = $-76.20 Mil.
Non Operating Income was 5.063 + 29.31 + 42.53 + 33.196 = $110.10 Mil.
Cash Flow from Operations was -54.234 + -42.777 + -46.481 + -36.502 = $-179.99 Mil.
Total Receivables was $5.24 Mil.
Revenue was 12.443 + 15.655 + 10.135 + 11.792 = $50.03 Mil.
Gross Profit was 6.416 + 8.699 + -69.251 + 0.165 = $-53.97 Mil.
Total Current Assets was $605.18 Mil.
Total Assets was $647.48 Mil.
Property, Plant and Equipment(Net PPE) was $7.25 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.49 Mil.
Selling, General, & Admin. Expense(SGA) was $83.95 Mil.
Total Current Liabilities was $52.37 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(13.071 / 65.695) / (5.237 / 50.025)
=0.19896491 / 0.10468766
=1.9006

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)
=(-53.971 / 50.025) / (18.98 / 65.695)
=-1.07888056 / 0.28891088
=-3.7343

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 - (474.306 + 46.291) / 535.42) / (1 - (605.184 + 7.254) / 647.478)
=0.02768481 / 0.05411767
=0.5116

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
=65.695 / 50.025
=1.3132

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))
=(1.489 / (1.489 + 7.254)) / (2.471 / (2.471 + 46.291))
=0.17030767 / 0.05067471
=3.3608

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)
=(125.125 / 65.695) / (83.949 / 50.025)
=1.90463506 / 1.67814093
=1.135

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)
=((30.097 + 50.707) / 535.42) / ((0 + 52.372) / 647.478)
=0.15091704 / 0.08088615
=1.8658

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
=(-76.196 - 110.099 - -179.994) / 535.42
=-0.0118

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.

Butterfly Network has a M-score of -4.16 suggests that the company is unlikely to be a manipulator.


Butterfly Network Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Butterfly Network's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Butterfly Network Business Description

Butterfly Network logo
Industry
Traded in Other Exchanges
Address
530 Old Whitfield Street, Guilford, Guilford, CT, USA, 06437
Butterfly Network Inc is an innovative digital health company. It is working towards democratizing medical imaging by making it accessible to everyone around the world and contribute to the aspiration of global health equity. The company has developed a groundbreaking single-probe, whole-body point-of-care ultrasound solution leveraging technology.
Executives
Getz Heather C officer: EVP & Chief Financial Officer BIOTELEMETRY, INC. 1000 CEDAR HOLLOW ROAD, #102 MALVERN PA 19355
Martin John David officer: Chief Medical Officer C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD STREET GUILFORD CT 06437
Quander Troy officer: SVP, Regulatory and Quality 530 OLD WHITFIELD STREET C/O BUTTERFLY NETWORK, INC. GUILFORD CT 06437
Schwartz Erica director 400 INTERSTATE N. PARKWAY SE, SUITE 1600 C/O AVEANNA HEALTHCARE HOLDINGS INC. ATLANTA GA 30339
Stoica Andrei G officer: Chief Technology Officer 1000 CEDAR HOLLOW ROAD MALVERN PA 19355
Trodden Timothy officer: Chief Human Resources Officer 8735 HENDERSON ROAD REN 2 TAMPA FL 33634
Pugh Stacey officer: Chief Commercial Officer C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD STREET GUILFORD CT 06437
Edelman Elazer R director C/O BUTTERFLY NETWORKS, INC. 530 OLD WHITFIELD STREET GUILFORD CT 06437
Shahida Darius officer: CSO & CBDO C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD STREET GUILFORD CT 203-689-56
Rothberg Jonathan M director, 10 percent owner C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD ST. GUILFORD CT 06437
Molinari Gioel officer: EVP & CPO C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD STREET GUILFORD CT 06437
4c Holdings I, Llc 10 percent owner C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD STREET GUILFORD CT 06437
Fielding Stephanie officer: Chief Financial Officer C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD STREET GUILFORD CT 06437
Miller Mary officer: GC and CS C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD STREET GUILFORD CT 06437
Rothberg Family Fund I, Llc 10 percent owner C/O BUTTERFLY NETWORK, INC. 530 OLD WHITFIELD STREET GUILFORD CT 06437

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