INIFY Laboratories AB (OSL:INIFY) Beneish M-Score : -0.42 (As of Apr. 03, 2025)

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What is INIFY Laboratories AB 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.

Warning Sign:

Beneish M-Score -0.42 higher than -1.78, which implies that the company might have manipulated its financial results.

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

OSL:INIFY' s Beneish M-Score Range Over the Past 10 Years
Min: -0.42 Med: -0.42 Max: -0.42
Current: -0.42

During the past 4 years, the highest Beneish M-Score of INIFY Laboratories AB was -0.42. The lowest was -0.42. And the median was -0.42.

INIFY Laboratories AB Beneish M-Score Historical Data

The historical data trend for INIFY Laboratories AB'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.

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INIFY Laboratories AB Beneish M-Score Chart

INIFY Laboratories AB Annual Data

Trend

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

-0.42

INIFY Laboratories AB Quarterly Data
	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-	-0.42

Competitive Comparison of INIFY Laboratories AB's Beneish M-Score

For the Diagnostics & Research subindustry, INIFY Laboratories AB'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.

INIFY Laboratories AB's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry

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

* The bar in red indicates where INIFY Laboratories AB's Beneish M-Score falls into.

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INIFY Laboratories AB 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 INIFY Laboratories AB 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 * 0.1656

0.528 * 0.8332

0.404 * 1.5514

0.892 * 10.9307

0.115 * 0.8909

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -1.203761

0.327 * 2.589

-0.42

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was kr6.22 Mil.
Revenue was kr13.41 Mil.
Gross Profit was kr11.49 Mil.
Total Current Assets was kr30.32 Mil.
Total Assets was kr43.82 Mil.
Property, Plant and Equipment(Net PPE) was kr8.31 Mil.
Depreciation, Depletion and Amortization(DDA) was kr4.72 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr9.70 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-52.75 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr0.00 Mil.

Total Receivables was kr3.44 Mil.
Revenue was kr1.23 Mil.
Gross Profit was kr0.88 Mil.
Total Current Assets was kr78.94 Mil.
Total Assets was kr95.65 Mil.
Property, Plant and Equipment(Net PPE) was kr9.40 Mil.
Depreciation, Depletion and Amortization(DDA) was kr4.48 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr8.18 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
	=	(6.218 / 13.412)	/	(3.435 / 1.227)
	=	0.463615	/	2.799511
	=	0.1656

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)
	=	(0.876 / 1.227)	/	(11.492 / 13.412)
	=	0.713936	/	0.856845
	=	0.8332

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 - (30.322 + 8.311) / 43.821)	/	(1 - (78.943 + 9.404) / 95.646)
	=	0.118391	/	0.076313
	=	1.5514

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
	=	13.412	/	1.227
	=	10.9307

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))
	=	(4.483 / (4.483 + 9.404))	/	(4.723 / (4.723 + 8.311))
	=	0.32282	/	0.36236
	=	0.8909

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 / 13.412)	/	(0 / 1.227)
	=	0	/	0
	=	1

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 + 9.703) / 43.821)	/	((0 + 8.18) / 95.646)
	=	0.221424	/	0.085524
	=	2.589

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
	=	(-52.75 - 0	-	0)	/	43.821
	=	-1.203761

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.

INIFY Laboratories AB has a M-score of -0.42 signals that the company is likely to be a manipulator.

INIFY Laboratories AB Beneish M-Score Related Terms

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INIFY Laboratories AB Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Diagnostics & Research » INIFY Laboratories AB (OSL:INIFY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Scheeles vag 3, Solna, SWE, 171 65

Website

https://www.inify.com

INIFY Laboratories AB provides cancer diagnostics through ultra-modern laboratory services within pathology. It uses a fully digital, standardized, and AI-supported workflow to optimize quality and response times, initially within the prostate. The service includes the whole chain of sample handling: from logistics, to sample preparation, to reporting by a pathologist from either Inify Laboratories or the customer's organization.

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