OncoCyte (NAS:OCX) Beneish M-Score

: -0.69 (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.

Warning Sign:

Beneish M-Score -0.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

OCX' s Beneish M-Score Range Over the Past 10 Years
Min: -9.2 Med: 0.72 Max: 155.37
Current: -0.69

During the past 9 years, the highest Beneish M-Score of OncoCyte was 155.37. The lowest was -9.20. And the median was 0.72.

OncoCyte Beneish M-Score Historical Data

The historical data trend for OncoCyte'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.

OncoCyte Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

-9.20

OncoCyte Quarterly Data
	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22
Beneish M-Score																2.85	-9.20	0.72	-0.85	-0.69

Competitive Comparison

For the Biotechnology subindustry, OncoCyte'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.

Annual Data Quarterly Data

OncoCyte Beneish M-Score Distribution

For the Biotechnology industry and Healthcare sector, OncoCyte's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where OncoCyte's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.

OncoCyte 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 OncoCyte 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 * 1.1053

0.528 * 3.7302

0.404 * 1.0321

0.892 * 1.7447

0.115 * 0.6165

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7293

4.679 * -0.0921

0.327 * 0.9815

-0.69

This Year (Sep22) TTM:

Last Year (Sep21) TTM:

Total Receivables was $1.99 Mil.
Revenue was 1.017 + 2.067 + 1.424 + 3.589 = $8.10 Mil.
Gross Profit was -1.174 + -0.314 + -0.533 + 1.369 = $-0.65 Mil.
Total Current Assets was $36.64 Mil.
Total Assets was $157.34 Mil.
Property, Plant and Equipment(Net PPE) was $11.59 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.19 Mil.
Selling, General, & Admin. Expense(SGA) was $36.91 Mil.
Total Current Liabilities was $12.95 Mil.
Long-Term Debt & Capital Lease Obligation was $2.94 Mil.
Net Income was -9.333 + -8.3 + -10.291 + -35.885 = $-63.81 Mil.
Non Operating Income was 5.486 + 6.517 + 4.29 + -22.62 = $-6.33 Mil.
Cash Flow from Operations was -11.352 + -11.291 + -13.277 + -7.065 = $-42.99 Mil.

Total Receivables was $1.03 Mil.
Revenue was 0.984 + 2.03 + 1.124 + 0.503 = $4.64 Mil.
Gross Profit was -0.866 + -0.394 + 0.079 + -0.213 = $-1.39 Mil.
Total Current Assets was $47.59 Mil.
Total Assets was $168.34 Mil.
Property, Plant and Equipment(Net PPE) was $7.64 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.80 Mil.
Selling, General, & Admin. Expense(SGA) was $29.01 Mil.
Total Current Liabilities was $13.38 Mil.
Long-Term Debt & Capital Lease Obligation was $3.94 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)
	=	(1.99 / 8.097)	/	(1.032 / 4.641)
	=	0.24577004	/	0.22236587
	=	1.1053

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)
	=	(-1.394 / 4.641)	/	(-0.652 / 8.097)
	=	-0.3003663	/	-0.08052365
	=	3.7302

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 - (36.636 + 11.593) / 157.344)	/	(1 - (47.591 + 7.637) / 168.341)
	=	0.69348053	/	0.67192781
	=	1.0321

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
	=	8.097	/	4.641
	=	1.7447

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))
	=	(1.8 / (1.8 + 7.637))	/	(5.194 / (5.194 + 11.593))
	=	0.19073858	/	0.30940609
	=	0.6165

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)
	=	(36.912 / 8.097)	/	(29.012 / 4.641)
	=	4.55872545	/	6.25123896
	=	0.7293

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)
	=	((2.935 + 12.952) / 157.344)	/	((3.94 + 13.377) / 168.341)
	=	0.10096985	/	0.10286858
	=	0.9815

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
	=	(-63.809 - -6.327	-	-42.985)	/	157.344
	=	-0.0921

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.

OncoCyte has a M-score of -0.69 signals that the company is likely to be a manipulator.

OncoCyte Beneish M-Score Related Terms

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OncoCyte (NAS:OCX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » OncoCyte Corp (NAS:OCX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

7OC:Germany

Address

15 Cushing, Irvine, CA, USA, 92618

Website

https://www.oncocyte.com

OncoCyte Corp focuses on the discovery, development, and commercialization of novel, non-invasive, liquid biopsy diagnostics for the early detection of cancer. The company develops diagnostic tests based on liquid biopsies using blood or urine samples for detecting lung, bladder, and breast cancers. In addition, it also develops screening diagnostics as potential replacements for screening imaging procedures that do not meet the needs of patients, health care providers or payers. Geographically operation of the group is carried through the United States, and it earns revenue from the sale of diagnostic tests.

Executives

Josh Riggs	officer: Interim CEO	15 CUSHING, IRVINE CA 92618
Lou Silverman	director
James Yang Liu	officer: Controller, PAO	C/O ONCOCYTE CORPORATION, 15 CUSHING, IRVINE CA 92618
John Peter Gutfreund	director	C/O ONCOCYTE CORPORATION, 15 CUSHING, IRVINE CA 92618
Anish M. John	officer: SVP, Finance, and Interim CFO	C/O ONCOCYTE CORPORATION,, 15 CUSHING, IRVINE CA 92618
Pura Vida Investments, Llc	10 percent owner	512 W 22ND STREET, 7TH FLOOR, NEW YORK NY 10011
Efrem Kamen	10 percent owner	C/O PURA VIDA INVESTMENTS, LLC, 512 W 22ND STREET, 7TH FLOOR, NEW YORK NY 10011
Gisela Paulsen	officer: Chief Operating Officer	5505 ENDEAVOR LANE, MADISON WI 53719
Li Yu	officer: VP Cntrllr/Prncpl Acctng Offcr	120 NEWPORT CENTER DRIVE., NEWPORT BEACH CA 92660
Jennifer L. Carter	director	C/O DFP SPONSOR LLC, 780 THIRD AVENUE, 37TH FLOOR, NEW YORK NY 10017
Douglas T. Ross	officer: Chief Medical Officer	15 CUSHING, IRVINE CA 92618
Tony T Kalajian	officer: SVP-Chief Accounting Officer	1010 ATLANTIC AVENUE, SUITE 102, ALAMEDA CA 94501
Melinda Griffith	director	1010 ATLANTIC AVENUE, SUITE 102, ALAMEDA CA 94501
Padma Sundar	officer: SVP, Marketing & Market Access	1010 ATLANTIC AVENUE, SUITE 102, ALAMEDA CA 94501
Ronald Asbury Andrews	director	5791 VAN ALLEN WAY, CARLSBAD CA 92008