Invitae Beneish M-Score Historical Data
The historical data trend for Invitae'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.
Invitae Beneish M-Score Chart
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Invitae Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.20 |
-2.74 |
-1.43 |
-2.59 |
-3.11 |
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Invitae Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.90 |
-3.11 |
-3.79 |
-3.50 |
-6.58 |
Competitive Comparison of Invitae's Beneish M-Score
For the Diagnostics & Research subindustry, Invitae'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.
Invitae's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Invitae's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Invitae's Beneish M-Score falls into.
Invitae 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 Invitae 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 * 0.9995 | + | 0.528 * 0.7051 | + | 0.404 * 0.1046 | + | 0.892 * 0.9262 | + | 0.115 * 0.7006 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9498 | + | 4.679 * -0.58309 | - | 0.327 * 3.3203 |
| = | -6.58 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $82.5 Mil.
Revenue was 121.241 + 120.532 + 117.356 + 122.454 = $481.6 Mil.
Gross Profit was 39.055 + 33.058 + 28.914 + 29.61 = $130.6 Mil.
Total Current Assets was $378.4 Mil.
Total Assets was $535.1 Mil.
Property, Plant and Equipment(Net PPE) was $127.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $137.7 Mil.
Selling, General, & Admin. Expense(SGA) was $380.0 Mil.
Total Current Liabilities was $158.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,459.9 Mil.
Net Income was -942.107 + -206.511 + -192.183 + -99.817 = $-1,440.6 Mil.
Non Operating Income was -838.684 + -55.951 + -38.973 + 43.235 = $-890.4 Mil.
Cash Flow from Operations was -66.895 + -54.905 + -34.398 + -82.027 = $-238.2 Mil.
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Total Receivables was $89.1 Mil.
Revenue was 133.536 + 136.622 + 123.691 + 126.121 = $520.0 Mil.
Gross Profit was 16.58 + 26.282 + 26.575 + 30.015 = $99.5 Mil.
Total Current Assets was $729.7 Mil.
Total Assets was $2,026.3 Mil.
Property, Plant and Equipment(Net PPE) was $223.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $128.4 Mil.
Selling, General, & Admin. Expense(SGA) was $431.9 Mil.
Total Current Liabilities was $113.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,732.2 Mil.
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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) |
| = | (82.507 / 481.583) | / | (89.13 / 519.97) |
| = | 0.171325 | / | 0.171414 |
| | = | 0.9995 |
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) |
| = | (99.452 / 519.97) | / | (130.637 / 481.583) |
| = | 0.191265 | / | 0.271266 |
| | = | 0.7051 |
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 - (378.399 + 127.085) / 535.115) | / | (1 - (729.676 + 223.849) / 2026.255) |
| = | 0.055373 | / | 0.529415 |
| | = | 0.1046 |
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 |
| = | 481.583 | / | 519.97 |
| | = | 0.9262 |
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)) |
| = | (128.35 / (128.35 + 223.849)) | / | (137.748 / (137.748 + 127.085)) |
| = | 0.364425 | / | 0.520132 |
| | = | 0.7006 |
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) |
| = | (379.955 / 481.583) | / | (431.942 / 519.97) |
| = | 0.788971 | / | 0.830706 |
| | = | 0.9498 |
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) |
| = | ((1459.874 + 158.419) / 535.115) | / | ((1732.22 + 113.321) / 2026.255) |
| = | 3.024197 | / | 0.910814 |
| | = | 3.3203 |
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 |
| = | (-1440.618 - -890.373 | - | -238.225) | / | 535.115 |
| | = | -0.58309 |
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.
Invitae has a M-score of -6.58 suggests that the company is unlikely to be a manipulator.
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