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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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Antares Pharma's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Antares Pharma was 16.68. The lowest was -12.68. And the median was -2.39.
The historical data trend for Antares Pharma'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.
Antares Pharma Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.29 | -1.67 | -1.62 | 3.21 | -2.40 |
Antares Pharma Quarterly Data | ||||||||||||||||||||
Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | |
Beneish M-Score | Get a 7-Day Free Trial | 3.13 | 3.56 | 3.18 | -2.40 | -2.39 |
For the Medical Instruments & Supplies subindustry, Antares Pharma'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, Antares Pharma's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Antares Pharma'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 Antares Pharma 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 * 1.4961 | + | 0.528 * 0.9645 | + | 0.404 * 0.8161 | + | 0.892 * 1.1567 | + | 0.115 * 0.8124 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.039 | + | 4.679 * -0.100685 | - | 0.327 * 0.7347 | |||||||
= | -2.39 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $93.3 Mil. Revenue was 41.557 + 48.73 + 48.191 + 44.978 = $183.5 Mil. Gross Profit was 22.79 + 29.763 + 31.762 + 28.538 = $112.9 Mil. Total Current Assets was $171.6 Mil. Total Assets was $255.7 Mil. Property, Plant and Equipment(Net PPE) was $30.2 Mil. Depreciation, Depletion and Amortization(DDA) was $3.9 Mil. Selling, General, & Admin. Expense(SGA) was $76.9 Mil. Total Current Liabilities was $55.7 Mil. Long-Term Debt & Capital Lease Obligation was $23.0 Mil. Net Income was -2.321 + 32.683 + 5.393 + 6.706 = $42.5 Mil. Non Operating Income was -0.144 + 38.669 + 0.006 + -0.089 = $38.4 Mil. Cash Flow from Operations was -4.881 + 9.492 + 18.716 + 6.433 = $29.8 Mil. |
Total Receivables was $53.9 Mil. Revenue was 42.083 + 44.133 + 40.003 + 32.384 = $158.6 Mil. Gross Profit was 25.638 + 25.074 + 23.486 + 19.907 = $94.1 Mil. Total Current Assets was $133.5 Mil. Total Assets was $218.5 Mil. Property, Plant and Equipment(Net PPE) was $28.6 Mil. Depreciation, Depletion and Amortization(DDA) was $3.0 Mil. Selling, General, & Admin. Expense(SGA) was $63.9 Mil. Total Current Liabilities was $72.1 Mil. Long-Term Debt & Capital Lease Obligation was $19.4 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) |
= | (93.279 / 183.456) | / | (53.9 / 158.603) | |
= | 0.508454 | / | 0.339842 | |
= | 1.4961 |
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) | |
= | (94.105 / 158.603) | / | (112.853 / 183.456) | |
= | 0.593337 | / | 0.61515 | |
= | 0.9645 |
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 - (171.585 + 30.226) / 255.658) | / | (1 - (133.518 + 28.561) / 218.457) | |
= | 0.210621 | / | 0.258074 | |
= | 0.8161 |
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 | |
= | 183.456 | / | 158.603 | |
= | 1.1567 |
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)) |
= | (2.951 / (2.951 + 28.561)) | / | (3.938 / (3.938 + 30.226)) | |
= | 0.093647 | / | 0.115268 | |
= | 0.8124 |
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) |
= | (76.852 / 183.456) | / | (63.944 / 158.603) | |
= | 0.418912 | / | 0.40317 | |
= | 1.039 |
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) |
= | ((22.954 + 55.729) / 255.658) | / | ((19.362 + 72.144) / 218.457) | |
= | 0.307767 | / | 0.418874 | |
= | 0.7347 |
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 | |
= | (42.461 - 38.442 | - | 29.76) | / | 255.658 | |
= | -0.100685 |
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.
Antares Pharma has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Antares Pharma's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Karen L. Smith | director | C/O JAZZ PHARMACEUTICALS PLC, 5TH FL, WATERLOO EXCHANGE, WATERLOO RD, DUBLIN L2 4 L2 |
Carmen B Volkart | director | C/O MODULAR MEDICAL, INC., 16772 WEST BERNARDO DRIVE, SAN DIEGO CA 92127 |
Peter C Richardson | officer: See Remarks | 28903 NORTH AVENUE PAINE, VALENCIA CA 91355 |
Fred M Powell | officer: Executive Vice President & CFO | C/O BEJING MED-PHARM CORPORATION 600 W. GERMANTOWN PIKE, SUITE 400 PLYMOUTH MEETING PA 19462 |
Thomas J Garrity | director | |
Roche Robert P Jr | director | 41 MOORES ROAD FRAZER PA 19355 |
Leonard S Jacob | director | C/O INKINE PHARMACEUTICAL COMPANY INC 425 PARK AVENUE NEW YORK NY 10022 |
Peter J Graham | officer: See Remarks | 315 E. 72ND ST., APT 5E, NEW YORK NY 10021 |
Peter Greenleaf | director | ONE MEDIMMUNE WAY, GAITHERSBURG MD 20878 |
Anton Gueth | director | |
Robert F Apple | director, officer: President & CEO | C/O INKLINE PHARMACEUTICAL CO INC SENTRY PARK EAST 1720 WALTON ROAD BLUE BELL PA 19422 |
Marvin Samson | director | |
Jacques Gonella | director | C/O ANTARES PHARMA INC 707 EAGLEVIEW BLVD SUITE 414 EXTON PA 19341 |
James Patrick Tursi | officer: EVP, Chief Medical Officer | 106 ASHLEY COURT, MOORESTOWN NJ 08057 |
Keith E Muckenhirn | officer: VP/Controller & Interim CFO | C/O ANTARES PHARMA, INC. 3905 ANNAPOLIS LANE N, SUITE 105 PLYMOUTH MN 55447 |
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