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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 1.3 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for AgeX Therapeutics's Beneish M-Score or its related term are showing as below:
During the past 7 years, the highest Beneish M-Score of AgeX Therapeutics was 1.30. The lowest was -10.12. And the median was -5.23.
The historical data trend for AgeX Therapeutics'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.
AgeX Therapeutics Annual Data | ||||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.09 | -5.23 | -6.48 | -10.12 | 1.30 |
AgeX Therapeutics Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | 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 | -10.12 | -4.05 | -3.91 | 42.53 | 1.30 |
For the Biotechnology subindustry, AgeX Therapeutics'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 Biotechnology industry and Healthcare sector, AgeX Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AgeX Therapeutics'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 AgeX Therapeutics 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 * 3.412 | + | 0.528 * 0.8599 | + | 0.404 * 3.8538 | + | 0.892 * 4.1765 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.3741 | + | 4.679 * -0.589386 | - | 0.327 * 0.0871 | |||||||
= | 1.30 |
* 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 $0.06 Mil. Revenue was 0.077 + 0.046 + 0.009 + 0.01 = $0.14 Mil. Gross Profit was 0.055 + 0.034 + 0.004 + 0.009 = $0.10 Mil. Total Current Assets was $0.75 Mil. Total Assets was $11.97 Mil. Property, Plant and Equipment(Net PPE) was $0.00 Mil. Depreciation, Depletion and Amortization(DDA) was $0.13 Mil. Selling, General, & Admin. Expense(SGA) was $9.33 Mil. Total Current Liabilities was $5.91 Mil. Long-Term Debt & Capital Lease Obligation was $0.69 Mil. Net Income was -3.456 + -5.401 + -2.669 + -3.277 = $-14.80 Mil. Non Operating Income was 0.074 + 0.003 + -0.001 + -0.027 = $0.05 Mil. Cash Flow from Operations was -2.052 + -1.864 + -2.019 + -1.865 = $-7.80 Mil. |
Total Receivables was $0.00 Mil. Revenue was 0.008 + 0.009 + 0.012 + 0.005 = $0.03 Mil. Gross Profit was 0.007 + 0.004 + 0.006 + 0.004 = $0.02 Mil. Total Current Assets was $2.45 Mil. Total Assets was $3.24 Mil. Property, Plant and Equipment(Net PPE) was $0.00 Mil. Depreciation, Depletion and Amortization(DDA) was $0.13 Mil. Selling, General, & Admin. Expense(SGA) was $5.97 Mil. Total Current Liabilities was $10.08 Mil. Long-Term Debt & Capital Lease Obligation was $10.48 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) |
= | (0.057 / 0.142) | / | (0.004 / 0.034) | |
= | 0.401408 | / | 0.117647 | |
= | 3.412 |
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) | |
= | (0.021 / 0.034) | / | (0.102 / 0.142) | |
= | 0.617647 | / | 0.71831 | |
= | 0.8599 |
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 - (0.754 + 0) / 11.965) | / | (1 - (2.453 + 0) / 3.241) | |
= | 0.936983 | / | 0.243135 | |
= | 3.8538 |
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 | |
= | 0.142 | / | 0.034 | |
= | 4.1765 |
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)) |
= | (0.132 / (0.132 + 0)) | / | (0.131 / (0.131 + 0)) | |
= | 1 | / | 1 | |
= | 1 |
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) |
= | (9.328 / 0.142) | / | (5.971 / 0.034) | |
= | 65.690141 | / | 175.617647 | |
= | 0.3741 |
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) |
= | ((0.693 + 5.914) / 11.965) | / | ((10.478 + 10.078) / 3.241) | |
= | 0.552194 | / | 6.342487 | |
= | 0.0871 |
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 | |
= | (-14.803 - 0.049 | - | -7.8) | / | 11.965 | |
= | -0.589386 |
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.
AgeX Therapeutics has a M-score of 1.30 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of AgeX Therapeutics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jean-christophe Renondin | director | 505 PARK AVENUE 14TH FLOOR, NEW YORK NY 10022 |
Juvenescence Us Corp. | director, 10 percent owner | 303A COLLEGE ROAD EAST, PRINCETON NJ 08540 |
Joanne M. Hackett | director | C/O AGEX THERAPEUTICS, INC.,, 1101 MARINA VILLAGE PARKWAY, SUITE 201, ALAMEDA CA 94708 |
Park Andrea Eun Jae | officer: Chief Financial Officer | C/O AGEX THERAPEUTICS, INC., 965 ATLANTIC AVE., SUITE 101, ALAMEDA CA 94501 |
Michael H May | director | 965 ATLANTIC AVENUE, SUITE 101, ALAMEDA CA 94501 |
Michael D West | director, officer: Chief Executive Officer | AGEX THERAPEUTICS, INC., 1101 MARINA VILLAGE PARKWAY, SUITE 201, ALAMEDA CA 94501 |
Michael H. Mulroy | director | 1300 N. KELLOGG DRIVE, SUITE D, ANAHEIM CA 92807 |
Russell Skibsted | officer: Chief Financial Officer | 15 TRANQUILITY PLACE, LADERA RANCH CA 92694 |
Judith Segall | officer: Corporate Secretary | 1010 ATLANTIC AVENUE, SUITE 102, ALAMEDA CA 94501 |
Hal Sternberg | officer: Vice President-Research | 935 PARDEE STREET, BERKELEY CA 94710 |
Annalisa Jenkins | director | C/O ARDELYX, INC., 34715 ARDENWOOD BLVD, SUITE 100, FREMONT CA 94555 |
John F Mauldin | director | 3204 BEVERLY DRIVE, DALLAS TX 75205 |
Gregory Bailey | director | 4 A CHESHAM STREET, LONDON X0 SW1X8DT |
Juvenescence Ltd | 10 percent owner | 1ST FLOOR, VIKING HOUSE, ST PAULS SQUARE, RAMSEY Y8 IM8 1GB |
Nafees Naseer Malik | officer: Chief Operating Officer | C/O AGEX THERAPEUTICS, INC., 1010 ATLANTIC AVE, STE 102, ALAMEDA CA 94501 |
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