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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.
The historical rank and industry rank for Anacor Pharmaceuticals's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of Anacor Pharmaceuticals was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Anacor Pharmaceuticals'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.
Anacor Pharmaceuticals Annual Data | |||||||||||||||||||||
Trend | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.73 | -2.66 | 4.51 | -0.58 | -0.42 |
Anacor Pharmaceuticals Quarterly Data | ||||||||||||||||||||
Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.56 | -0.28 | 1.86 | -0.42 | -0.38 |
For the Biotechnology subindustry, Anacor Pharmaceuticals'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 Biotechnology industry and Healthcare sector, Anacor Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Anacor Pharmaceuticals'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 Anacor Pharmaceuticals 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 * 1.725 | + | 0.528 * 1.0008 | + | 0.404 * 0.2124 | + | 0.892 * 2.6619 | + | 0.115 * 1.1242 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.781 | + | 4.679 * 0.054798 | - | 0.327 * 1.1266 | |||||||
= | -0.38 |
* 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 (Mar16) TTM: | Last Year (Mar15) TTM: |
Total Receivables was $14.95 Mil. Revenue was 17.535 + 21.204 + 24.55 + 21.337 = $84.63 Mil. Gross Profit was 16.606 + 19.208 + 23.959 + 20.657 = $80.43 Mil. Total Current Assets was $157.30 Mil. Total Assets was $164.00 Mil. Property, Plant and Equipment(Net PPE) was $2.32 Mil. Depreciation, Depletion and Amortization(DDA) was $0.67 Mil. Selling, General, & Admin. Expense(SGA) was $64.88 Mil. Total Current Liabilities was $25.01 Mil. Long-Term Debt & Capital Lease Obligation was $62.26 Mil. Net Income was -16.147 + -18.914 + -16.177 + -13.196 = $-64.43 Mil. Non Operating Income was 0 + -0.96 + -0.923 + 0 = $-1.88 Mil. Cash Flow from Operations was -9.588 + -13.985 + -24.219 + -23.746 = $-71.54 Mil. |
Total Receivables was $3.26 Mil. Revenue was 15.264 + 9.642 + 3.955 + 2.931 = $31.79 Mil. Gross Profit was 14.51 + 9.047 + 3.753 + 2.931 = $30.24 Mil. Total Current Assets was $186.28 Mil. Total Assets was $214.89 Mil. Property, Plant and Equipment(Net PPE) was $1.59 Mil. Depreciation, Depletion and Amortization(DDA) was $0.54 Mil. Selling, General, & Admin. Expense(SGA) was $31.21 Mil. Total Current Liabilities was $40.69 Mil. Long-Term Debt & Capital Lease Obligation was $60.81 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) |
= | (14.946 / 84.626) | / | (3.255 / 31.792) | |
= | 0.176612 | / | 0.102384 | |
= | 1.725 |
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) | |
= | (30.241 / 31.792) | / | (80.43 / 84.626) | |
= | 0.951214 | / | 0.950417 | |
= | 1.0008 |
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 - (157.298 + 2.323) / 164.002) | / | (1 - (186.277 + 1.59) / 214.888) | |
= | 0.026713 | / | 0.125745 | |
= | 0.2124 |
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 | |
= | 84.626 | / | 31.792 | |
= | 2.6619 |
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)) |
= | (0.538 / (0.538 + 1.59)) | / | (0.674 / (0.674 + 2.323)) | |
= | 0.25282 | / | 0.224892 | |
= | 1.1242 |
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) |
= | (64.877 / 84.626) | / | (31.209 / 31.792) | |
= | 0.766632 | / | 0.981662 | |
= | 0.781 |
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) |
= | ((62.255 + 25.012) / 164.002) | / | ((60.808 + 40.691) / 214.888) | |
= | 0.532109 | / | 0.472334 | |
= | 1.1266 |
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 | |
= | (-64.434 - -1.883 | - | -71.538) | / | 164.002 | |
= | 0.054798 |
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.
Anacor Pharmaceuticals has a M-score of -0.38 signals that the company is likely to be a manipulator.
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Keith R Leonard | director | ARYX THERAPEUTICS,INC., 6300 DUMBARTON CIRCLE, FREMONT CA 94555 |
William Jl Rieflin | director | NGM BIOPHARMACEUTICALS, INC., 333 OYSTER POINT BLVD., SOUTH SAN FRANCISCO CA 94080 |
Anders D Hove | director | 30 ROCKEFELLER PLAZA, SUITE 5508, NEW YORK NY 10112 |
Lucy Shapiro | director | 10210 GENETIC CENTER COURT, SAN DIEGO CA 92121 |
Graeme Bell | officer: Executive VP and CFO | 1324 WAVERLY ROAD, GLADWYNE PA 19035 |
Ryan T Sullivan | officer: EVP and General Counsel | C/O WARNER CHILCOTT CORPORATION, 100 ENTERPRISE DRIVE, ROCKAWAY NJ 07855 |
Wendall Wierenga | director | 12790 EL CAMINO REAL, C/O NEUROCRINE BIOSCIENCES, SAN DIEGO CA 92130 |
Paul L Berns | director, officer: President and CEO | 11080 CIRCLEPOINT RD., STE, 200, WESTMINSTER CO 80020 |
Mark Leschly | director | RHO CAPITAL PARTNERS, INC., 152 W 57TH ST 23RD FL, NEW YORK NY 10019 |
Geoffrey M. Parker | officer: Executive Vice President & CFO | 15 RIORDAN PLACE, MENLO PARK CA 94025 |
Paul H Klingenstein | director | 428 UNIVERSITY AVE, C/O ACCEL PARTNERS, PALO ALTO CA 94301 |
David P Perry | director, officer: President and CEO | 1020 EAST MEADOW CIRCLE, PALO ALTO CA 94303 |
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Rho Ventures Iv Lp | 10 percent owner | 124 DUNE ROAD, QUOGUE NY 11959 |
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