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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.
Good Sign:
Beneish M-Score -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Laboratory of America Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Laboratory of America Holdings was -1.91. The lowest was -2.89. And the median was -2.45.
The historical data trend for Laboratory of America Holdings'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.
Laboratory of America Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.54 | -2.20 | -2.68 | -2.74 | -2.60 |
Laboratory of America Holdings Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.45 | -2.79 | -2.75 | -2.60 | -2.89 |
For the Diagnostics & Research subindustry, Laboratory of America Holdings'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 Diagnostics & Research industry and Healthcare sector, Laboratory of America Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Laboratory of America Holdings'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 Laboratory of America Holdings 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 * 0.7343 | + | 0.528 * 1.0389 | + | 0.404 * 0.99 | + | 0.892 * 0.9842 | + | 0.115 * 0.951 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1114 | + | 4.679 * -0.025431 | - | 0.327 * 1.0817 | |||||||
= | -2.89 |
* 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 $2,204 Mil. Revenue was 3176.6 + 3033.3 + 3056.8 + 3033.7 = $12,300 Mil. Gross Profit was 897.3 + 821.4 + 851.2 + 842.2 = $3,412 Mil. Total Current Assets was $3,457 Mil. Total Assets was $16,531 Mil. Property, Plant and Equipment(Net PPE) was $2,898 Mil. Depreciation, Depletion and Amortization(DDA) was $566 Mil. Selling, General, & Admin. Expense(SGA) was $2,073 Mil. Total Current Liabilities was $3,942 Mil. Long-Term Debt & Capital Lease Obligation was $3,749 Mil. Net Income was 228 + -167.1 + 183.3 + 188.9 = $433 Mil. Non Operating Income was 15.5 + -327.6 + 19 + -30.1 = $-323 Mil. Cash Flow from Operations was -29.8 + 579.6 + 275.5 + 351.4 = $1,177 Mil. |
Total Receivables was $3,050 Mil. Revenue was 3777.9 + 2929.7 + 2866.8 + 2923 = $12,497 Mil. Gross Profit was 974.7 + 798.1 + 886.2 + 942.5 = $3,602 Mil. Total Current Assets was $4,695 Mil. Total Assets was $20,200 Mil. Property, Plant and Equipment(Net PPE) was $2,944 Mil. Depreciation, Depletion and Amortization(DDA) was $542 Mil. Selling, General, & Admin. Expense(SGA) was $1,895 Mil. Total Current Liabilities was $2,886 Mil. Long-Term Debt & Capital Lease Obligation was $5,803 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) |
= | (2204.1 / 12300.4) | / | (3049.9 / 12497.4) | |
= | 0.179189 | / | 0.244043 | |
= | 0.7343 |
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) | |
= | (3601.5 / 12497.4) | / | (3412.1 / 12300.4) | |
= | 0.28818 | / | 0.277397 | |
= | 1.0389 |
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 - (3456.5 + 2897.8) / 16531) | / | (1 - (4695 + 2944.1) / 20200) | |
= | 0.615613 | / | 0.621827 | |
= | 0.99 |
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 | |
= | 12300.4 | / | 12497.4 | |
= | 0.9842 |
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)) |
= | (541.6 / (541.6 + 2944.1)) | / | (565.9 / (565.9 + 2897.8)) | |
= | 0.155378 | / | 0.16338 | |
= | 0.951 |
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) |
= | (2072.6 / 12300.4) | / | (1894.7 / 12497.4) | |
= | 0.168499 | / | 0.151608 | |
= | 1.1114 |
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) |
= | ((3749.3 + 3941.5) / 16531) | / | ((5802.6 + 2885.6) / 20200) | |
= | 0.465235 | / | 0.430109 | |
= | 1.0817 |
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 | |
= | (433.1 - -323.2 | - | 1176.7) | / | 16531 | |
= | -0.025431 |
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.
Laboratory of America Holdings has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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Peter J Wilkinson | officer: SVP, Chief Accounting Officer | C/O PHARMACEUTICAL PRODUCT DEVELOPMENT, 929 NORTH FRONT STREET, WILMINGTON NC 28401 |
Kerrii B Anderson | director | WENDY'S INTERNATIONAL, INC, 4288 WEST DUBLIN-GRANVILLE RD., DUBLIN OH 43017 |
Van Der Vaart Sandra D | officer: SVP, Global General Counsel | 531 SOUTH SPRING STREET, BURLINGTON NC 27215 |
Paul Rothman | director | 6 MEADOW ROAD, BALTIMORE MD 21212 |
Paul R Kirchgraber | officer: CEO, Covance Drug Development | 531 SOUTH SPRING STREET, BURLINGTON NC 27215 |
Mark S Schroeder | officer: EVP, President-Diagnostics Lab | 531 SOUTH SPRING STREET, BURLINGTON NC 27215 |
Megan D. Bailey | officer: EVP, Chief Strategy Officer | 531 SOUTH SPRING STREET, BURLINGTON NC 27215 |
Jonathan P. Divincenzo | officer: EVP, Pres, Central Labs & Intl | 940 WINTER STREET, PERKINELMER, INC. LEGAL DEPARTMENT, WALTHAM MA 02451 |
Anita Z Graham | officer: EVP, CHRO | C/O THE ADT CORPORATION, 1501 YAMATO ROAD, BOCA RATON FL 33431 |
Thomas Pike | officer: Pres & CEO Clinical Business | C/O ACCENTURE, 161 N. CLARK STREET, 23RD FLOOR, CHICAGO IL 60601 |
Kirsten Marie Kliphouse | director | 531 SOUTH SPRING STREET, BURLINGTON NC 27215 |
Glenn A Eisenberg | officer: Chief Financial Officer, EVP | P O BOX 1017, CHARLOTTE NC 28201-1017 |
Brian J Caveney | officer: SVP, Chief Medical Officer | 531 SOUTH SPRING STREET, BURLINGTON NC 27215 |
R Sanders Williams | director | DUKE UNIVERSITY SCHOOL OF MEDICINE, TRENT DRIVE, DURHAM NC 27706 |
Amy B. Summy | officer: EVP, Chief Marketing Officer | 531 SOUTH SPRING STREET, BURLINGTON NC 27215 |
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