Bioceltix (WAR:BCX) Beneish M-Score : 0.00 (As of Apr. 06, 2025)

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What is Bioceltix 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.

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

During the past 5 years, the highest Beneish M-Score of Bioceltix was 0.00. The lowest was 0.00. And the median was 0.00.

Bioceltix Beneish M-Score Historical Data

The historical data trend for Bioceltix'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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Bioceltix Beneish M-Score Chart

Bioceltix Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Bioceltix Quarterly Data
	Dec19	Jun20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial													-	-	-	-	-

Competitive Comparison of Bioceltix's Beneish M-Score

For the Biotechnology subindustry, Bioceltix'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.

Bioceltix's Beneish M-Score Distribution in the Biotechnology Industry

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

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

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Bioceltix 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 Bioceltix 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was zł0.13 Mil.
Revenue was 0 + 0 + 0 + 0 = zł0.00 Mil.
Gross Profit was -0.426 + -0.371 + -0.347 + -0.236 = zł-1.38 Mil.
Total Current Assets was zł41.68 Mil.
Total Assets was zł44.39 Mil.
Property, Plant and Equipment(Net PPE) was zł2.28 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.49 Mil.
Selling, General, & Admin. Expense(SGA) was zł6.17 Mil.
Total Current Liabilities was zł2.69 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.17 Mil.
Net Income was -3.45 + -4.228 + -4.205 + -3.764 = zł-15.65 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -6.819 + -4.501 + -2.163 + -5.012 = zł-18.50 Mil.

Total Receivables was zł0.68 Mil.
Revenue was 0 + 0 + 0 + 0 = zł0.00 Mil.
Gross Profit was -0.253 + -0.341 + -0.207 + -0.172 = zł-0.97 Mil.
Total Current Assets was zł15.17 Mil.
Total Assets was zł16.93 Mil.
Property, Plant and Equipment(Net PPE) was zł1.60 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.43 Mil.
Selling, General, & Admin. Expense(SGA) was zł8.19 Mil.
Total Current Liabilities was zł2.54 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.10 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)
	=	(0.134 / 0)	/	(0.681 / 0)
	=		/
	=

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)
	=	(-0.973 / 0)	/	(-1.38 / 0)
	=		/
	=

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 - (41.677 + 2.284) / 44.392)	/	(1 - (15.165 + 1.599) / 16.927)
	=	0.009709	/	0.00963
	=

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
	=	0	/	0
	=

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))
	=	(0.43 / (0.43 + 1.599))	/	(0.485 / (0.485 + 2.284))
	=	0.211927	/	0.175153
	=

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)
	=	(6.165 / 0)	/	(8.191 / 0)
	=		/
	=

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)
	=	((0.171 + 2.688) / 44.392)	/	((0.102 + 2.544) / 16.927)
	=	0.064403	/	0.156318
	=

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
	=	(-15.647 - 0	-	-18.495)	/	44.392
	=	0.064156

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.

Bioceltix Beneish M-Score Related Terms

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Bioceltix Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Bioceltix SA (WAR:BCX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Bierutowska 57-59 Street, Wroclaw, POL, 51-317

Website

https://www.bioceltix.com

Bioceltix SA develops therapies for veterinary use that harness the immunomodulatory properties of mesenchymal stem cells. Its pipeline products include BCX-CM-J for Degenerative joint lesions; BCX-CM-S for Autoimmune and inflammatory diseases in dogs; BCX-EM for Tendon damage and BCX-FM for Gingivostomatitis.