Life Technologies Beneish M-Score Historical Data
The historical data trend for Life Technologies'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.
Life Technologies Beneish M-Score Chart
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Life Technologies Annual Data
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| Beneish M-Score |
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-1.06 |
-2.31 |
-2.64 |
-2.60 |
-2.54 |
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Life Technologies Quarterly Data
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Dec08 |
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| Beneish M-Score |
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-2.66 |
-2.54 |
-2.67 |
-2.62 |
-2.67 |
Competitive Comparison of Life Technologies's Beneish M-Score
For the Diagnostics & Research subindustry, Life Technologies'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.
Life Technologies's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Life Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Life Technologies's Beneish M-Score falls into.
Life Technologies 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 Life Technologies 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 * 0.9846 | + | 0.528 * 0.9546 | + | 0.404 * 0.9793 | + | 0.892 * 0.9925 | + | 0.115 * 0.9691 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0303 | + | 4.679 * -0.040386 | - | 0.327 * 0.9201 |
| = | -2.70 |
* 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 (Sep13) TTM: | Last Year (Sep12) TTM: |
Total Receivables was €489 Mil.
Revenue was 699.447 + 716.922 + 743.059 + 761.165 = €2,921 Mil.
Gross Profit was 407.587 + 421.689 + 435.499 + 424.948 = €1,690 Mil.
Total Current Assets was €1,306 Mil.
Total Assets was €6,349 Mil.
Property, Plant and Equipment(Net PPE) was €579 Mil.
Depreciation, Depletion and Amortization(DDA) was €323 Mil.
Selling, General, & Admin. Expense(SGA) was €822 Mil.
Total Current Liabilities was €599 Mil.
Long-Term Debt & Capital Lease Obligation was €1,649 Mil.
Net Income was 88.448 + 95.993 + 93.563 + 83.825 = €362 Mil.
Non Operating Income was -3.876 + -1.449 + -1.911 + -0.61 = €-8 Mil.
Cash Flow from Operations was 187.335 + 166.195 + 104.003 + 168.56 = €626 Mil.
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Total Receivables was €500 Mil.
Revenue was 707.078 + 756.599 + 710.909 + 767.938 = €2,943 Mil.
Gross Profit was 371.305 + 434.356 + 418.869 + 400.609 = €1,625 Mil.
Total Current Assets was €1,238 Mil.
Total Assets was €6,641 Mil.
Property, Plant and Equipment(Net PPE) was €635 Mil.
Depreciation, Depletion and Amortization(DDA) was €337 Mil.
Selling, General, & Admin. Expense(SGA) was €803 Mil.
Total Current Liabilities was €870 Mil.
Long-Term Debt & Capital Lease Obligation was €1,685 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) |
| = | (488.837 / 2920.593) | / | (500.193 / 2942.524) |
| = | 0.167376 | / | 0.169988 |
| | = | 0.9846 |
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) |
| = | (1625.139 / 2942.524) | / | (1689.723 / 2920.593) |
| = | 0.552294 | / | 0.578555 |
| | = | 0.9546 |
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 - (1306.095 + 578.736) / 6349.201) | / | (1 - (1238.255 + 634.663) / 6641.035) |
| = | 0.703139 | / | 0.717978 |
| | = | 0.9793 |
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 |
| = | 2920.593 | / | 2942.524 |
| | = | 0.9925 |
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)) |
| = | (337.421 / (337.421 + 634.663)) | / | (322.968 / (322.968 + 578.736)) |
| = | 0.347111 | / | 0.358175 |
| | = | 0.9691 |
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) |
| = | (821.61 / 2920.593) | / | (803.468 / 2942.524) |
| = | 0.281316 | / | 0.273054 |
| | = | 1.0303 |
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) |
| = | ((1648.658 + 599.375) / 6349.201) | / | ((1685.023 + 870.414) / 6641.035) |
| = | 0.354065 | / | 0.384795 |
| | = | 0.9201 |
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 |
| = | (361.829 - -7.846 | - | 626.093) | / | 6349.201 |
| | = | -0.040386 |
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.
Life Technologies has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
Life Technologies (FRA:IVN) Business Description
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Life Technologies Corp began operations as a California partnership in 1987 and incorporated in California in 1989. In 1997, the Company reincorporated as a Delaware corporation. On November 21, 2008, Invitrogen Corporation, a predecessor company to Life Technologies, completed the acquisition of Applied Biosystems, Inc. to form a new company called Life Technologies Corporation. The Company is a global life sciences company dedicated to improving the human condition. The Company's systems, consumables and services enable researchers and commercial markets to accelerate scientific exploration, to discoveries and developments that better the quality of life. The Company's products are also used in forensics, food and water testing and other industrial applications. The Company delivers a range of products and services, including systems, instruments, reagents, software, and custom services. Its growing portfolio of products includes innovative technologies for capillary electrophoresis-based sequencing, next generation sequencing, PCR, sample preparation, cell culture, RNA interference analysis, functional genomics research, proteomics and cell biology applications, as well as clinical diagnostic applications, forensics and animal, food, pharmaceutical and water testing analysis. The Company also provides its customers convenient and value-added purchasing options through thousands of sales and service professionals, e-commerce capabilities and onsite supply center solutions. The Company operates is business under three divisions: Molecular Biology Systems ('MBS'), Cell Systems ('CS'), and Genetic Systems ('GS'). The MBS division includes the molecular biology-based technologies, including basic and real-time PCR, RNAi, DNA synthesis, sample prep, transfection, cloning and protein expression profiling, protein analysis and thermo-cycler instrumentation. The CS division includes all product lines used in the study of cell function, including cell culture media and sera, stem cells and related tools, cellular imaging products, antibodies, drug discovery services and cell therapy related products. The GS division includes capillary electrophoresis systems and reagents and next generation sequencing systems and reagents, including the SOLiDTM and Ion TorrentTM systems, as well as reagent kits developed specifically for applied markets, such as forensics and food safety, animal health and pharmaceutical quality monitoring. The Company offers many different products and services and is continually developing and/or acquiring others. Some of its specific product categories include the following: 'High-throughput' gene cloning and expression technology; Pre-cast electrophoresis products; Antibodies; Magnetic beads; Molecular Probes fluorescence-based technologies; Transfection reagents; PCR and Real Time PCR systems and reagents; and RNA Interference reagents. The Company's manufacturing operations require a variety of raw materials, elec
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