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ChemoCentryx (ChemoCentryx) Beneish M-Score : 11.10 (As of May. 05, 2024)


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What is ChemoCentryx Beneish M-Score?

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.

Warning Sign:

Beneish M-Score 11.1 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for ChemoCentryx's Beneish M-Score or its related term are showing as below:

CCXI' s Beneish M-Score Range Over the Past 10 Years
Min: -6.59   Med: -1.41   Max: 372.16
Current: 11.1

During the past 13 years, the highest Beneish M-Score of ChemoCentryx was 372.16. The lowest was -6.59. And the median was -1.41.


ChemoCentryx Beneish M-Score Historical Data

The historical data trend for ChemoCentryx'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.

* Premium members only.

ChemoCentryx Beneish M-Score Chart

ChemoCentryx Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.93 -6.19 24.60 -1.25 1.40

ChemoCentryx Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 33.49 372.16 1.40 -5.17 11.10

Competitive Comparison of ChemoCentryx's Beneish M-Score

For the Biotechnology subindustry, ChemoCentryx'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.


ChemoCentryx's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, ChemoCentryx's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ChemoCentryx's Beneish M-Score falls into.



ChemoCentryx 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 ChemoCentryx 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 * 16.4653+0.528 * 1.0279+0.404 * 0.2317+0.892 * 1.7567+0.115 * 0.3949
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9361+4.679 * -0.18979-0.327 * 1.2464
=11.10

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was $4.95 Mil.
Revenue was 11.763 + 5.459 + 2.287 + 17.691 = $37.20 Mil.
Gross Profit was 10.96 + 5.254 + 2.287 + 17.691 = $36.19 Mil.
Total Current Assets was $345.17 Mil.
Total Assets was $419.39 Mil.
Property, Plant and Equipment(Net PPE) was $55.22 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.06 Mil.
Selling, General, & Admin. Expense(SGA) was $97.08 Mil.
Total Current Liabilities was $76.08 Mil.
Long-Term Debt & Capital Lease Obligation was $49.25 Mil.
Net Income was -31.651 + -38.608 + -40.528 + -22.307 = $-133.09 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -26.126 + 8.831 + -10.887 + -25.316 = $-53.50 Mil.
Total Receivables was $0.17 Mil.
Revenue was 1.699 + 10.223 + 4.227 + 5.027 = $21.18 Mil.
Gross Profit was 1.699 + 10.223 + 4.227 + 5.027 = $21.18 Mil.
Total Current Assets was $317.13 Mil.
Total Assets was $467.67 Mil.
Property, Plant and Equipment(Net PPE) was $59.07 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.64 Mil.
Selling, General, & Admin. Expense(SGA) was $59.03 Mil.
Total Current Liabilities was $55.38 Mil.
Long-Term Debt & Capital Lease Obligation was $56.75 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)
=(4.946 / 37.2) / (0.171 / 21.176)
=0.132957 / 0.008075
=16.4653

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)
=(21.176 / 21.176) / (36.192 / 37.2)
=1 / 0.972903
=1.0279

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 - (345.172 + 55.215) / 419.39) / (1 - (317.133 + 59.072) / 467.672)
=0.045311 / 0.195579
=0.2317

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
=37.2 / 21.176
=1.7567

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))
=(1.642 / (1.642 + 59.072)) / (4.06 / (4.06 + 55.215))
=0.027045 / 0.068494
=0.3949

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)
=(97.081 / 37.2) / (59.034 / 21.176)
=2.609704 / 2.787779
=0.9361

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)
=((49.248 + 76.078) / 419.39) / ((56.745 + 55.379) / 467.672)
=0.298829 / 0.239749
=1.2464

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
=(-133.094 - 0 - -53.498) / 419.39
=-0.18979

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.

ChemoCentryx has a M-score of 11.10 signals that the company is likely to be a manipulator.


ChemoCentryx Beneish M-Score Related Terms

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ChemoCentryx (ChemoCentryx) Business Description

Traded in Other Exchanges
N/A
Address
835 Industrial Road, Suite 600, San Carlos, CA, USA, 94070
ChemoCentryx Inc is a biopharmaceutical company involved in the discovery, development, and commercialization of orally administered drugs to treat rare diseases, inflammatory disorders, autoimmune diseases, and cancer. The company's approach is to target the chemoattractant system, defined as a network of molecules (for example, chemokine ligands, their associated receptors, and chemoattractant receptors) known to cause inflammation. The targeted therapeutic areas are an antineutrophil cytoplasmic antibody, atypical hemolytic uremic syndrome, immunoglobulin A-mediated nephropathy (rare diseases category), pancreatic cancer, chronic kidney disease, psoriasis, rheumatoid arthritis, asthma, Crohn's disease, inflammatory bowel disease, and others.
Executives
Susan M Kanaya officer: SVP Finance, CFO & Secretary 850 MAUDE AVENUE MOUNTAIN VIEW CA 94043
Thomas J. Schall director, 10 percent owner, officer: President, CEO and Director 850 MAUDE AVENUE MOUNTAIN VIEW CA 94043
Jennifer Lyn Herron director C/O GENOCEA BIOSCIENCES, INC., 100 ACORN PARK DRIVE 5TH FLOOR, CAMBRIDGE MA 02140
James L Tyree director 100 ABBOTT PARK ROAD, ABBOTT PARK IL 60064-6400
Yi Ching Yau officer: SVP, Finance & Acctg Officer C/O BRIDGEBIO PHARMA, INC., 421 KIPLING STREET, PALO ALTO CA 94301
David E. Wheadon director C/O ASSERTIO THERAPEUTICS, INC., 100 SOUTH SAUNDERS ROAD, SUITE 300, LAKE FOREST IL 60045
Vifor (international) Ltd 10 percent owner RECHENSTRASSE 37, ST. GALLEN V8 9000
Tausif Butt officer: EVP, Chief Operating Officer C/O CHEMOCENTRYX, INC. 850 MAUDE AVE. MOUNTAIN VIEW CA 94043
Geoffrey M. Parker director 15 RIORDAN PLACE, MENLO PARK CA 94025
Thomas A. Edwards director C/O CHEMOCENTRYX, INC. 850 MAUDE AVE. MOUNTAIN VIEW CA 94043
Markus J. Cappel officer: CBO and Treasurer 850 MAUDE AVENUE MOUNTAIN VIEW CA 94043
Pui San Kwan officer: Principal Acctg Officer 850 MAUDE AVENUE MOUNTAIN VIEW CA 94043
Rajinder Singh officer: SVP, Research C/O CHEMOCENTRYX, INC. 850 MAUDE AVE. MOUNTAIN VIEW CA 94043
Rita Jain director C/O AKEBIA THERAPEUTICS, INC., 245 FIRST STREET, SUITE 1100, CAMBRIDGE MA 02142
Vifor Pharma Ltd. 10 percent owner UNTERMATTWEG 8, BERNE V8 CH-3027

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