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Delcath Systems (Delcath Systems) Beneish M-Score : 0.00 (As of Apr. 26, 2024)


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What is Delcath Systems 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.

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

During the past 13 years, the highest Beneish M-Score of Delcath Systems was 0.00. The lowest was 0.00. And the median was 0.00.


Delcath Systems Beneish M-Score Historical Data

The historical data trend for Delcath Systems'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.

Delcath Systems Beneish M-Score Chart

Delcath Systems Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
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Delcath Systems Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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Competitive Comparison of Delcath Systems's Beneish M-Score

For the Medical Devices subindustry, Delcath Systems'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.


Delcath Systems's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Delcath Systems's Beneish M-Score distribution charts can be found below:

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



Delcath Systems 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 Delcath Systems 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $0.39 Mil.
Revenue was 0.539 + 0.434 + 0.495 + 0.597 = $2.07 Mil.
Gross Profit was 0.368 + 0.301 + 0.345 + 0.416 = $1.43 Mil.
Total Current Assets was $37.16 Mil.
Total Assets was $38.61 Mil.
Property, Plant and Equipment(Net PPE) was $1.46 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.13 Mil.
Selling, General, & Admin. Expense(SGA) was $22.11 Mil.
Total Current Liabilities was $16.45 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -11.136 + -20.34 + -7.202 + -9 = $-47.68 Mil.
Non Operating Income was 0.153 + -9.389 + 1.166 + 0.013 = $-8.06 Mil.
Cash Flow from Operations was -8.178 + -9.161 + -9.648 + -4.264 = $-31.25 Mil.
Total Receivables was $0.37 Mil.
Revenue was 0.639 + 0.906 + 0.797 + 0.378 = $2.72 Mil.
Gross Profit was 0.402 + 0.671 + 0.617 + 0.345 = $2.04 Mil.
Total Current Assets was $16.16 Mil.
Total Assets was $17.86 Mil.
Property, Plant and Equipment(Net PPE) was $1.71 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.13 Mil.
Selling, General, & Admin. Expense(SGA) was $17.31 Mil.
Total Current Liabilities was $14.74 Mil.
Long-Term Debt & Capital Lease Obligation was $7.84 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)
=(0.392 / 2.065) / (0.366 / 2.72)
=0.189831 / 0.134559
=

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)
=(2.035 / 2.72) / (1.43 / 2.065)
=0.748162 / 0.692494
=

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 - (37.158 + 1.455) / 38.613) / (1 - (16.155 + 1.707) / 17.862)
=0 / -0
=

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
=2.065 / 2.72
=

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))
=(0.132 / (0.132 + 1.707)) / (0.128 / (0.128 + 1.455))
=0.071778 / 0.080859
=

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)
=(22.11 / 2.065) / (17.306 / 2.72)
=10.707022 / 6.3625
=

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)
=((0 + 16.448) / 38.613) / ((7.842 + 14.735) / 17.862)
=0.425971 / 1.263968
=

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
=(-47.678 - -8.057 - -31.251) / 38.613
=-0.216766

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.


Delcath Systems Beneish M-Score Related Terms

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Delcath Systems (Delcath Systems) Business Description

Traded in Other Exchanges
Address
1633 Broadway, Suite 22C, New York, NY, USA, 10019
Delcath Systems Inc is an oncology company. It is focused on the treatment of primary and metastatic liver cancers. The firm's product candidate, Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System, or Melphalan/HDS, is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects.
Executives
Vojo Vukovic officer: See Remarks C/O SYNTA PHARMACEUTICALS CORP., 45 HARTWELL AVENUE, LEXINGTON MA 02421
Gerard J Michel director, officer: Chief Executive Officer 420 CHIPETA WAY, SALT LAKE CITY UT 84108
Sandra Pennell officer: See Remarks C/O VERICEL CORPORATION, 64 SIDNEY STREET, CAMBRIDGE MA 02139
David L. Hoffman officer: See Remarks C/O DELCATH SYSTEMS, INC., 1633 BROADWAY, SUITE 22C, NEW YORK NY 10019
John Purpura officer: EVP, Regulatory Affairs 600 FIFTH AVENUE, 23RD FLOOR, NEW YORK NY 10020
John Richard Sylvester director C/O DELCATH SYSTEMS, INC., 1633 BROADWAY, SUITE 22C, NEW YORK NY 10019
Salamon Steven A J director 25 ADMIRAL ROAD, TORONTO A6 M5R 2L4
Rosalind Advisors, Inc. director, other: See Remarks 15 WELLESLEY STREET WEST, SUITE 326, TORONTO A6 M4Y 0G7
Kevin Muir officer: See Remarks C/O DELCATH SYSTEMS, INC., 1633 BROADWAY, SUITE 22C, NEW YORK NY 10019
Anthony Dias officer: Vice President of Finance C/O SEACHANGE INTERNATIONAL, 50 NAGOG PARK, ACTON MA 01720
Gil Aharon director 15 WELLESLEY STREET WEST, SUITE 326, TORONTO A6 M4Y 0G7
Johnny John officer: See Remarks C/O DELCATH SYSTEMS, INC., 1633 BROADWAY, SUITE 22C, NEW YORK NY 10019
Elizabeth Czerepak director 201 ROUTE 17 NORTH, RUTHERFORD NJ 07070
Christine Padula officer: See Remarks C/O DELCATH SYSTEMS, INC., 1633 BROADWAY, SUITE 22C, NEW YORK NY 10019
Simon Pedder director 1001 MAIN STREET, SUITE 600, BUFFALO NY 14203