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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 -64.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Pressure BioSciences's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Pressure BioSciences was 218.05. The lowest was -107.94. And the median was -13.83.
The historical data trend for Pressure BioSciences'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.
Pressure BioSciences Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -6.61 | -14.23 | -19.32 | -25.01 | -29.28 |
Pressure BioSciences Quarterly Data | ||||||||||||||||||||
Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Beneish M-Score | Get a 7-Day Free Trial | -19.79 | -29.28 | -42.01 | -107.94 | -64.35 |
For the Medical Devices subindustry, Pressure BioSciences'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, Pressure BioSciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pressure BioSciences'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 Pressure BioSciences 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 * 1.253 | + | 0.528 * 5.2793 | + | 0.404 * 1.4165 | + | 0.892 * 1.5818 | + | 0.115 * 0.5199 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9917 | + | 4.679 * -13.845818 | - | 0.327 * 1.641 | |||||||
= | -64.35 |
* 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 $0.33 Mil. Revenue was 0.413 + 0.512 + 0.741 + 0.607 = $2.27 Mil. Gross Profit was 0.184 + 0.255 + 0.382 + -0.664 = $0.16 Mil. Total Current Assets was $1.02 Mil. Total Assets was $1.60 Mil. Property, Plant and Equipment(Net PPE) was $0.25 Mil. Depreciation, Depletion and Amortization(DDA) was $0.14 Mil. Selling, General, & Admin. Expense(SGA) was $6.46 Mil. Total Current Liabilities was $29.96 Mil. Long-Term Debt & Capital Lease Obligation was $0.23 Mil. Net Income was -5.63 + -6.923 + -6.858 + -4.458 = $-23.87 Mil. Non Operating Income was 0.002 + 0.038 + 0.674 + 1.078 = $1.79 Mil. Cash Flow from Operations was -0.732 + -0.899 + -0.422 + -1.427 = $-3.48 Mil. |
Total Receivables was $0.17 Mil. Revenue was 0.144 + 0.498 + 0.48 + 0.315 = $1.44 Mil. Gross Profit was 0.018 + 0.196 + 0.166 + 0.144 = $0.52 Mil. Total Current Assets was $2.00 Mil. Total Assets was $2.84 Mil. Property, Plant and Equipment(Net PPE) was $0.43 Mil. Depreciation, Depletion and Amortization(DDA) was $0.10 Mil. Selling, General, & Admin. Expense(SGA) was $4.12 Mil. Total Current Liabilities was $32.29 Mil. Long-Term Debt & Capital Lease Obligation was $0.32 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) |
= | (0.329 / 2.273) | / | (0.166 / 1.437) | |
= | 0.144743 | / | 0.115518 | |
= | 1.253 |
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) | |
= | (0.524 / 1.437) | / | (0.157 / 2.273) | |
= | 0.364649 | / | 0.069072 | |
= | 5.2793 |
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 - (1.021 + 0.251) / 1.602) | / | (1 - (2.002 + 0.425) / 2.84) | |
= | 0.205993 | / | 0.145423 | |
= | 1.4165 |
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 | |
= | 2.273 | / | 1.437 | |
= | 1.5818 |
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)) |
= | (0.095 / (0.095 + 0.425)) | / | (0.136 / (0.136 + 0.251)) | |
= | 0.182692 | / | 0.351421 | |
= | 0.5199 |
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) |
= | (6.458 / 2.273) | / | (4.117 / 1.437) | |
= | 2.841179 | / | 2.864997 | |
= | 0.9917 |
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) |
= | ((0.234 + 29.958) / 1.602) | / | ((0.322 + 32.294) / 2.84) | |
= | 18.846442 | / | 11.484507 | |
= | 1.641 |
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 | |
= | (-23.869 - 1.792 | - | -3.48) | / | 1.602 | |
= | -13.845818 |
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.
Pressure BioSciences has a M-score of -64.35 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Pressure BioSciences's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Daniel Joseph Shea | officer: Senior Vice President & CFO | 2 MINUTEMAN ROAD, MEDFIELD MA 02052 |
Bradford Addison Young | officer: Chief Commercial Officer | 513 LITTLE JOHN HILL, ANNAPOLIS MD 21405 |
Richard T Schumacher | director, officer: Chief Executive Officer | 375 WEST STREET, WEST BRIDGEWATER MA 02379 |
Nathan Lawrence | other: VP Sales and Marketing | 321 MANLEY STREET, WEST BRIDGEWATER MA 02379 |
Richard Thomley | officer: Chief Financial Officer | C/O PRESSURE BIOSCIENCES, INC., 14 NORFOLK AVE., SOUTH EASTON MA 02375 |
Kevin Pollack | director | 150 RAINVILLE ROAD, TARPON SPRINGS FL 34689 |
Michael S Urdea | director | 100 BUNCE MEADOWS DRIVE, ALAMO CA 94507 |
Alexander V Lazarev | officer: VP of REsearch and Development | 18 WINCHESTER DRIVE, LEXINGTON MA 02420 |
Edmund Y Ting | officer: Senior VP of Engineering | 23642 123RD PLACE SOUTHEAST, KENT WA 48031 |
Vito J Mangiardi | director | 12 POINT GALLINAS ROAD, SAN RAFAEL CA 94903 |
Jeffrey N Peterson | director | 1031 SHORELINE DRIVE, SAN MATEO CA 94404 |
Mir Conrad F | officer: CFO | 19 BRIER LANE, CLIFTON NJ 07012 |
Clayton A Struve | 10 percent owner | 175 W JACKSON BLVD, SUITE 440, CHICAGO IL 60604 |
Css Llc/il | other: (a) | 175 WEST JACKSON BLVD, SUITE 440, CHICAGO IL 60604 |
R Wayne Fritzsche | director | 835 GREENS PARKWAY, SUITE 150, HOUSTON TX 77067 |
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