BioNexus Gene Lab Corp.
BGLC Basic Materials Specialty Chemicals
BioNexus Gene Lab Corp.’s revenue for fiscal 2025 (year ended December 2025) was $7.4 million, down 21.9% from fiscal 2024. In the quarter to June 2026, revenue fell 96.6%, EPS grew 64.7% and free cash flow grew 44.3%, each against the same quarter a year earlier.
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BioNexus Gene Lab Corp. (BGLC) Beneish M-score
BioNexus Gene Lab Corp.'s Beneish M-score for fiscal 2025 is −3.31; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.31 | (1.47) |
| FY2024 | −1.84 | 1.70 |
| FY2023 | −3.54 | (0.87) |
| FY2022 | −2.67 | (1.08) |
| FY2021 | −1.59 | (80.51) |
| FY2020 | 78.92 | 81.17 |
| FY2019 | −2.25 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.50 | — | 0.46 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 1.68 | — | 0.68 | |
| Sales growth index | 0.78 | — | 0.70 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 1.30 | — | −0.22 | |
| Total accruals to total assets | (0.12) | — | −0.58 | |
| Leverage index | 0.30 | — | −0.10 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.31 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| YMAT J-Star Holding Co., Ltd compare | −16.1× |
| CNEY CN Energy Group. Inc. compare | −3.9× |
| TSEOQ Trinseo PLC compare | −3.4× |
| BGLC BioNexus Gene Lab Corp. | −3.3× |
| BON Bon Natural Life Limited compare | −2.0× |
| SNES Senestech, Inc. compare | 1.0× |
| LOOP Loop Industries, Inc. compare | 17.1× |
| CRKN Crown Electrokinetics Corp. compare | — |
| HGAS Global Gas Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI