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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 Anthera Pharmaceuticals's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of Anthera Pharmaceuticals was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Anthera 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.
Anthera Pharmaceuticals Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | - | - |
Anthera Pharmaceuticals Quarterly Data | ||||||||||||||||||||
Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | |
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | - | - |
For the Biotechnology subindustry, Anthera 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, Anthera Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Anthera 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 Anthera 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 * | + | 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 (Mar18) TTM: | Last Year (Mar17) TTM: |
Total Receivables was $0.00 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Total Current Assets was $8.74 Mil. Total Assets was $8.81 Mil. Property, Plant and Equipment(Net PPE) was $0.07 Mil. Depreciation, Depletion and Amortization(DDA) was $0.40 Mil. Selling, General, & Admin. Expense(SGA) was $8.54 Mil. Total Current Liabilities was $2.65 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Net Income was -7.724 + -9.673 + -6.307 + 0.313 = $-23.39 Mil. Non Operating Income was 3.247 + -0.518 + 1.607 + 8.972 = $13.31 Mil. Cash Flow from Operations was -9.381 + -6.26 + -6.198 + -10.113 = $-31.95 Mil. |
Total Receivables was $0.10 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Total Current Assets was $22.87 Mil. Total Assets was $23.59 Mil. Property, Plant and Equipment(Net PPE) was $0.72 Mil. Depreciation, Depletion and Amortization(DDA) was $0.24 Mil. Selling, General, & Admin. Expense(SGA) was $11.74 Mil. Total Current Liabilities was $6.13 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 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 / 0) | / | (0.1 / 0) | |
= | / | |||
= |
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) | |
= | (0 / 0) | / | (0 / 0) | |
= | / | |||
= |
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 - (8.739 + 0.072) / 8.811) | / | (1 - (22.873 + 0.718) / 23.591) | |
= | 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 | |
= | 0 | / | 0 | |
= |
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)) |
= | (0.239 / (0.239 + 0.718)) | / | (0.397 / (0.397 + 0.072)) | |
= | 0.249739 | / | 0.846482 | |
= |
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) |
= | (8.538 / 0) | / | (11.736 / 0) | |
= | / | |||
= |
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 + 2.646) / 8.811) | / | ((0 + 6.128) / 23.591) | |
= | 0.300306 | / | 0.25976 | |
= |
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 | |
= | (-23.391 - 13.308 | - | -31.952) | / | 8.811 | |
= | -0.538758 |
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.
Thank you for viewing the detailed overview of Anthera Pharmaceuticals's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Christopher S Henney | director | 10505 ROSELLE STREET, SAN DIEGO CA 92121 |
Shanahan William R Jr | officer: Chief Medical Officer | 10301 STELLA LINK HOUSTON TX 77025 |
Brian Mueller | director | C/O BIOMARIN PHARMACEUTICAL INC., 105 DIGITAL DRIVE, NOVATO CA 94949 |
Paul F Truex | director | PENINSULA PHARMACEUTICALS, INC., 1751 HARBOR BAY PARKWAY, ALAMEDA CA 94502 |
Charles V Olson | officer: Chief Technology Officer | 25801 INDUSTRIAL BLVD., SUITE B, HAYWARD CA 94545 |
Klara Dickinson | officer: Chief Regulatory Officer | C/O CYMABAY THERAPEUTICS, INC., 7575 GATEWAY BLVD., SUITE 110, NEWARK CA 94560 |
Steven B Engle | director | C/O XOMA LTD., 2910 SEVENTH STREET, BERKELEY CA 94710 |
James Pennington | officer: Interim Chief Medical Officer | 25801 INDUSTRIAL BLVD, SUITE B, HAYWARD CA 94545 |
Hislop Colin | officer: Chief Medical Officer | C/O PENINSULA PHARMACEUTICALS, INC., 1751 HARBOR BAY PARKWAY, ALAMEDA CA 94502 |
Sanford S Zweifach | director | 21720 23RD DRIVE SE, SUITE 150, BOTHELL WA 98021 |
Daniel K Spiegelman | director | MYRIAD GENETICS, 320 WAKARA WAY, SALT LAKE CITY UT 84003 |
Christopher P. Lowe | officer: CFO and Chief Business Officer | 2511 N LOOP 1604,, SUITE 204, SAN ANTONIO TX 78258 |
James Healy | director | 3000 SAND HILL ROAD, 4-250, MENLO PARK CA 94025 |
Orbimed Capital Gp Iv Llc | director | 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022 |
Samuel D Isaly | director | 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022 |
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