Biotage AB Beneish M-Score Historical Data
The historical data trend for Biotage 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.
Biotage AB Beneish M-Score Chart
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Biotage AB Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.85 |
-2.67 |
-2.30 |
-2.09 |
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Biotage AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.41 |
-1.98 |
-2.20 |
-2.09 |
-2.29 |
Competitive Comparison of Biotage AB's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Biotage 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.
Biotage AB's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Biotage AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Biotage AB's Beneish M-Score falls into.
Biotage 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 Biotage AB 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 * 0.9253 | + | 0.528 * 0.9691 | + | 0.404 * 1.3289 | + | 0.892 * 1.2855 | + | 0.115 * 1.0547 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0353 | + | 4.679 * -0.034972 | - | 0.327 * 0.8473 |
| = | -2.29 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was kr364 Mil.
Revenue was 480 + 643 + 449 + 409 = kr1,981 Mil.
Gross Profit was 303 + 393 + 282 + 253 = kr1,231 Mil.
Total Current Assets was kr1,490 Mil.
Total Assets was kr5,147 Mil.
Property, Plant and Equipment(Net PPE) was kr292 Mil.
Depreciation, Depletion and Amortization(DDA) was kr168 Mil.
Selling, General, & Admin. Expense(SGA) was kr728 Mil.
Total Current Liabilities was kr691 Mil.
Long-Term Debt & Capital Lease Obligation was kr367 Mil.
Net Income was 33 + 131 + 38 + 34 = kr236 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 108 + 154 + 103 + 51 = kr416 Mil.
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Total Receivables was kr306 Mil.
Revenue was 361 + 384 + 401 + 395 = kr1,541 Mil.
Gross Profit was 220 + 227 + 241 + 240 = kr928 Mil.
Total Current Assets was kr1,034 Mil.
Total Assets was kr2,362 Mil.
Property, Plant and Equipment(Net PPE) was kr166 Mil.
Depreciation, Depletion and Amortization(DDA) was kr104 Mil.
Selling, General, & Admin. Expense(SGA) was kr547 Mil.
Total Current Liabilities was kr377 Mil.
Long-Term Debt & Capital Lease Obligation was kr196 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) |
| = | (364 / 1981) | / | (306 / 1541) |
| = | 0.183746 | / | 0.198572 |
| | = | 0.9253 |
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) |
| = | (928 / 1541) | / | (1231 / 1981) |
| = | 0.602206 | / | 0.621403 |
| | = | 0.9691 |
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 - (1490 + 292) / 5147) | / | (1 - (1034 + 166) / 2362) |
| = | 0.653779 | / | 0.491956 |
| | = | 1.3289 |
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 |
| = | 1981 | / | 1541 |
| | = | 1.2855 |
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)) |
| = | (104 / (104 + 166)) | / | (168 / (168 + 292)) |
| = | 0.385185 | / | 0.365217 |
| | = | 1.0547 |
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) |
| = | (728 / 1981) | / | (547 / 1541) |
| = | 0.367491 | / | 0.354964 |
| | = | 1.0353 |
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) |
| = | ((367 + 691) / 5147) | / | ((196 + 377) / 2362) |
| = | 0.205557 | / | 0.242591 |
| | = | 0.8473 |
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 |
| = | (236 - 0 | - | 416) | / | 5147 |
| | = | -0.034972 |
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.
Biotage AB has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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