Veracyte Beneish M-Score Historical Data
The historical data trend for Veracyte'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.
Veracyte Beneish M-Score Chart
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Veracyte Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.58 |
-2.82 |
0.02 |
-2.50 |
-2.75 |
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Veracyte Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.53 |
-2.63 |
-2.68 |
-2.75 |
-2.58 |
Competitive Comparison of Veracyte's Beneish M-Score
For the Diagnostics & Research subindustry, Veracyte'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.
Veracyte's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Veracyte's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Veracyte's Beneish M-Score falls into.
Veracyte 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 Veracyte 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 * 0.8502 | + | 0.528 * 0.971 | + | 0.404 * 0.965 | + | 0.892 * 1.2066 | + | 0.115 * 1.059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8889 | + | 4.679 * -0.03232 | - | 0.327 * 0.9702 |
| = | -2.58 |
* 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 $46.7 Mil.
Revenue was 96.844 + 98.199 + 90.108 + 90.322 = $375.5 Mil.
Gross Profit was 65.383 + 68.823 + 62.498 + 60.634 = $257.3 Mil.
Total Current Assets was $290.4 Mil.
Total Assets was $1,200.1 Mil.
Property, Plant and Equipment(Net PPE) was $32.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.1 Mil.
Selling, General, & Admin. Expense(SGA) was $186.8 Mil.
Total Current Liabilities was $58.1 Mil.
Long-Term Debt & Capital Lease Obligation was $8.1 Mil.
Net Income was -1.864 + -28.293 + -29.618 + -8.402 = $-68.2 Mil.
Non Operating Income was -0.946 + -30.321 + -35.554 + 0.002 = $-66.8 Mil.
Cash Flow from Operations was -8.966 + 15.552 + 14.171 + 16.671 = $37.4 Mil.
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Total Receivables was $45.5 Mil.
Revenue was 82.422 + 80.297 + 75.592 + 72.864 = $311.2 Mil.
Gross Profit was 56.193 + 53.466 + 49.584 + 47.834 = $207.1 Mil.
Total Current Assets was $251.5 Mil.
Total Assets was $1,157.1 Mil.
Property, Plant and Equipment(Net PPE) was $29.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.0 Mil.
Selling, General, & Admin. Expense(SGA) was $174.2 Mil.
Total Current Liabilities was $56.0 Mil.
Long-Term Debt & Capital Lease Obligation was $9.7 Mil.
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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) |
| = | (46.665 / 375.473) | / | (45.489 / 311.175) |
| = | 0.124283 | / | 0.146185 |
| | = | 0.8502 |
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) |
| = | (207.077 / 311.175) | / | (257.338 / 375.473) |
| = | 0.665468 | / | 0.68537 |
| | = | 0.971 |
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 - (290.418 + 32.733) / 1200.073) | / | (1 - (251.503 + 29.38) / 1157.119) |
| = | 0.730724 | / | 0.757257 |
| | = | 0.965 |
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 |
| = | 375.473 | / | 311.175 |
| | = | 1.2066 |
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)) |
| = | (26.042 / (26.042 + 29.38)) | / | (26.108 / (26.108 + 32.733)) |
| = | 0.469886 | / | 0.443704 |
| | = | 1.059 |
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) |
| = | (186.787 / 375.473) | / | (174.154 / 311.175) |
| = | 0.497471 | / | 0.559666 |
| | = | 0.8889 |
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) |
| = | ((8.058 + 58.052) / 1200.073) | / | ((9.709 + 55.993) / 1157.119) |
| = | 0.055088 | / | 0.056781 |
| | = | 0.9702 |
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 |
| = | (-68.177 - -66.819 | - | 37.428) | / | 1200.073 |
| | = | -0.03232 |
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.
Veracyte has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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