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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 -1.69 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Sight Sciences's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of Sight Sciences was -1.69. The lowest was -2.18. And the median was -2.11.
The historical data trend for Sight Sciences'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.
Sight Sciences Annual Data | |||||||||||||||
Trend | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | -2.11 | -2.18 | -1.69 |
Sight Sciences Quarterly Data | ||||||||||||||||||
Dec18 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.18 | -2.19 | -1.82 | -1.27 | -1.69 |
For the Medical Devices subindustry, Sight Sciences'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.
For the Medical Devices & Instruments industry and Healthcare sector, Sight Sciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sight Sciences's Beneish M-Score falls into.
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 Sight Sciences 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 * 0.8301 | + | 0.528 * 0.9687 | + | 0.404 * 4.1333 | + | 0.892 * 1.1363 | + | 0.115 * 1.102 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7981 | + | 4.679 * -0.093669 | - | 0.327 * 1.1084 | |||||||
= | -1.69 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $14.29 Mil. Revenue was 18.751 + 20.009 + 23.471 + 18.824 = $81.06 Mil. Gross Profit was 15.975 + 17.332 + 20.09 + 15.776 = $69.17 Mil. Total Current Assets was $162.87 Mil. Total Assets was $166.65 Mil. Property, Plant and Equipment(Net PPE) was $3.10 Mil. Depreciation, Depletion and Amortization(DDA) was $0.61 Mil. Selling, General, & Admin. Expense(SGA) was $108.89 Mil. Total Current Liabilities was $12.25 Mil. Long-Term Debt & Capital Lease Obligation was $32.62 Mil. Net Income was -10.691 + -13.035 + -14.754 + -17.067 = $-55.55 Mil. Non Operating Income was 1.78 + 1.886 + 1.79 + 1.791 = $7.25 Mil. Cash Flow from Operations was -6.484 + -9.828 + -13.489 + -17.383 = $-47.18 Mil. |
Total Receivables was $15.15 Mil. Revenue was 20.543 + 18.677 + 17.229 + 14.881 = $71.33 Mil. Gross Profit was 16.878 + 15.749 + 14.493 + 11.848 = $58.97 Mil. Total Current Assets was $209.68 Mil. Total Assets was $213.07 Mil. Property, Plant and Equipment(Net PPE) was $3.19 Mil. Depreciation, Depletion and Amortization(DDA) was $0.71 Mil. Selling, General, & Admin. Expense(SGA) was $120.07 Mil. Total Current Liabilities was $17.82 Mil. Long-Term Debt & Capital Lease Obligation was $33.95 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) |
= | (14.289 / 81.055) | / | (15.148 / 71.33) | |
= | 0.176288 | / | 0.212365 | |
= | 0.8301 |
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) | |
= | (58.968 / 71.33) | / | (69.173 / 81.055) | |
= | 0.826693 | / | 0.853408 | |
= | 0.9687 |
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 - (162.871 + 3.098) / 166.651) | / | (1 - (209.677 + 3.185) / 213.073) | |
= | 0.004092 | / | 0.00099 | |
= | 4.1333 |
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 | |
= | 81.055 | / | 71.33 | |
= | 1.1363 |
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)) |
= | (0.71 / (0.71 + 3.185)) | / | (0.614 / (0.614 + 3.098)) | |
= | 0.182285 | / | 0.165409 | |
= | 1.102 |
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) |
= | (108.893 / 81.055) | / | (120.065 / 71.33) | |
= | 1.343446 | / | 1.683233 | |
= | 0.7981 |
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) |
= | ((32.622 + 12.252) / 166.651) | / | ((33.948 + 17.817) / 213.073) | |
= | 0.269269 | / | 0.242945 | |
= | 1.1084 |
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 | |
= | (-55.547 - 7.247 | - | -47.184) | / | 166.651 | |
= | -0.093669 |
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.
Sight Sciences has a M-score of -1.69 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Sight Sciences's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jeremy B. Hayden | officer: Chief Legal Officer | 2 MUSICK, 2 MUSICK, IRVINE CA 92618 |
Sam Boong Park | officer: Chief Operating Officer | C/O SIGHT SCIENCES, INC., 4040 CAMPBELL AVENUE, SUITE 100, MENLO PARK CA 94025 |
Paul Badawi | director, 10 percent owner, officer: President and CEO | C/O SIGHT SCIENCES, INC., 4040 CAMPBELL AVENUE, SUITE 100, MENLO PARK CA 94025 |
David Badawi | director, officer: Chief Technology Officer | C/O SIGHT SCIENCES, INC., 4040 CAMPBELL AVENUE, SUITE 100, MENLO PARK CA 94025 |
D1 Capital Partners L.p. | 10 percent owner | 9 WEST 57TH STREET, 36TH FLOOR, NEW YORK NY 10019 |
Staffan Encrantz | director | C/O SIGHT SCIENCES, INC., 4040 CAMPBELL AVENUE, SUITE 100, MENLO PARK CA 94025 |
Matthew Link | officer: Chief Commercial Officer | 7475 LUSK BLVD, SAN DIEGO CA 92121 |
Catherine Mazzacco | director | C/O KRYSTAL BIOTECH, INC., 2100 WHARTON STREET, SUITE 701, PITTSBURGH PA 15203 |
Alison Bauerlein | officer: See remarks | 326 BOLLAY DRIVE, GOLETA CA 93117 |
James Rodberg | officer: See Remarks | C/O SIGHT SCIENCES, INC., 4040 CAMPBELL AVE., SUITE 100, MENLO PARK CA 94025 |
Tamara Fountain | director | C/O RXSIGHT, INC., 100 COLUMBIA, ALISO VIEJO CA 92656 |
Brenda Jane Larsen-becker | director | C/O SIGHT SCIENCES, INC., 3000 SAND HILL ROAD, BUILDING 3, STE 105, MENLO PARK CA 94025 |
Jesse Selnick | officer: Chief Financial Officer | C/O SIGHT SCIENCES, INC., 4040 CAMPBELL AVENUE, SUITE 100, MENLO PARK CA 94025 |
Daniel S. Sundheim | 10 percent owner | C/O D1 CAPITAL PARTNERS L.P., 9 WEST 57TH STREET, 36TH FLOOR, NEW YORK NY 10019 |
Erica J. Rogers | director | C/O SILK ROAD MEDICAL, INC., 1213 INNSBRUCK DRIVE, SUNNYVALE CA 94089 |
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