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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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for SomaLogic's Beneish M-Score or its related term are showing as below:
During the past 3 years, the highest Beneish M-Score of SomaLogic was 1.13. The lowest was -2.38. And the median was -0.51.
The historical data trend for SomaLogic'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.
SomaLogic Annual Data | |||||||
Trend | Dec20 | Dec21 | Dec22 | ||||
Beneish M-Score | - | - | 0.45 |
SomaLogic Quarterly Data | |||||||||||||
Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Beneish M-Score | Get a 7-Day Free Trial | 1.13 | 0.45 | -1.39 | -0.51 | -2.38 |
For the Health Information Services subindustry, SomaLogic'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 Healthcare Providers & Services industry and Healthcare sector, SomaLogic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SomaLogic'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 SomaLogic 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 * 1.0312 | + | 0.528 * 1.4548 | + | 0.404 * 1.3654 | + | 0.892 * 0.8025 | + | 0.115 * 0.5319 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0882 | + | 4.679 * -0.02524 | - | 0.327 * 0.8718 | |||||||
= | -2.38 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $20.73 Mil. Revenue was 22.048 + 20.468 + 20.379 + 18.829 = $81.72 Mil. Gross Profit was 10.413 + 9.293 + 8.063 + 5.864 = $33.63 Mil. Total Current Assets was $494.11 Mil. Total Assets was $565.05 Mil. Property, Plant and Equipment(Net PPE) was $18.17 Mil. Depreciation, Depletion and Amortization(DDA) was $7.23 Mil. Selling, General, & Admin. Expense(SGA) was $128.24 Mil. Total Current Liabilities was $27.78 Mil. Long-Term Debt & Capital Lease Obligation was $2.76 Mil. Net Income was -22.157 + -24.772 + -34.202 + -49.251 = $-130.38 Mil. Non Operating Income was -3.841 + 0.527 + 1.068 + 3.381 = $1.14 Mil. Cash Flow from Operations was -21.365 + -26.237 + -43.045 + -26.608 = $-117.26 Mil. |
Total Receivables was $25.05 Mil. Revenue was 41.713 + 14.144 + 22.98 + 22.994 = $101.83 Mil. Gross Profit was 30.043 + 7.067 + 11.328 + 12.531 = $60.97 Mil. Total Current Assets was $621.26 Mil. Total Assets was $688.24 Mil. Property, Plant and Equipment(Net PPE) was $19.91 Mil. Depreciation, Depletion and Amortization(DDA) was $3.55 Mil. Selling, General, & Admin. Expense(SGA) was $146.84 Mil. Total Current Liabilities was $42.68 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 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) |
= | (20.73 / 81.724) | / | (25.05 / 101.831) | |
= | 0.253659 | / | 0.245996 | |
= | 1.0312 |
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) | |
= | (60.969 / 101.831) | / | (33.633 / 81.724) | |
= | 0.598727 | / | 0.411544 | |
= | 1.4548 |
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 - (494.105 + 18.172) / 565.048) | / | (1 - (621.26 + 19.91) / 688.244) | |
= | 0.093392 | / | 0.068397 | |
= | 1.3654 |
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 | |
= | 81.724 | / | 101.831 | |
= | 0.8025 |
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)) |
= | (3.55 / (3.55 + 19.91)) | / | (7.225 / (7.225 + 18.172)) | |
= | 0.151321 | / | 0.284482 | |
= | 0.5319 |
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) |
= | (128.237 / 81.724) | / | (146.835 / 101.831) | |
= | 1.569147 | / | 1.441948 | |
= | 1.0882 |
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) |
= | ((2.763 + 27.781) / 565.048) | / | ((0 + 42.675) / 688.244) | |
= | 0.054056 | / | 0.062006 | |
= | 0.8718 |
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 | |
= | (-130.382 - 1.135 | - | -117.255) | / | 565.048 | |
= | -0.02524 |
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.
SomaLogic has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of SomaLogic's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Alison Marie Roelke | officer: Chief People Officer | 900 INNOVATORS WAY, SIMI VALLEY CA 93065 |
Adam Taich | officer: Interim CEO | C/O SOMALOGIC, INC., 2945 WILDERNESS PLACE, BOULDER CO 80301 |
Ruben Gutierrez | officer: General Counsel | 6435 AVENIDA WILFREDO, LA JOLLA CA 92037 |
Kathy L Hibbs | director | C/O VIROLOGIC, 345 OYSTER POINT BLVD, SOUTH SAN FRANCISCO CA 94080 |
Jason Ryan | director | C/O FOUNDATION MEDICINE, INC., ONE KENDALL SQUARE, SUITE B3501, CAMBRIDGE MA 02139 |
Thomas D. Carey | director | 8 PAIGE STREET, HINGHAM MA 02043 |
Eliot M Lurier | officer: Interim CFO | C/O TENAX THERAPEUTICS, INC., ONE COPLEY PARKWAY, SUITE 490, MORRISVILLE NC 27560 |
Tycho Peterson | director | C/O ADAPTIVE BIOTECHNOLOGIES CORPORATION, 1165 EASTLAKE AVE E, SEATTLE WA 98109 |
Eli Casdin | director | 1350 AVENUE OF THE AMERICAS, SUITE 1140, NEW YORK NY 10019 |
Shaun M. Blakeman | officer: Chief Financial Officer | C/O CANTEL MEDICAL CORP., 150 CLOVE ROAD, LITTLE FALLS NJ 07424 |
Anne H. Margulies | director | C/O HENRY SCHEIN, INC., 135 DURYEA ROAD, MELVILLE NY 11747 |
Richard A Post | director | 998 LACOSTA LANE, LANE TREE CO 80124 |
Charles M. Lillis | director | 13 CASTLE PINES DRIVE N, CASTLE ROCK CO 80108 |
Stephen Quake | director | C/O FLUIDIGM CORPORATION, 7000 SHORELINE COURT, SUITE 100, SOUTH SAN FRANCISCO CA 94080 |
Robert Barchi | director |
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