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Beneish M-Score 371.04 higher than -2.22, which implies that it might have manipulated its financial results.
The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Progenics Pharmaceuticals Inc was 371.04. The lowest was -5.32. And the median was -0.90.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Progenics Pharmaceuticals Inc 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 * 408.7301||+||0.528 * 1||+||0.404 * 1.529||+||0.892 * 0.1955||+||0.115 * 0.9257|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 6.0049||+||4.679 * 0.0078||-||0.327 * 1.7856|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $3.52 Mil.|
Revenue was 5.095 + 1.396 + 1.937 + 0.248 = $8.68 Mil.
Gross Profit was 5.438 + 1.273 + 1.759 + 0.206 = $8.68 Mil.
Total Current Assets was $83.29 Mil.
Total Assets was $131.25 Mil.
Property, Plant and Equipment(Net PPE) was $2.41 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.57 Mil.
Selling, General & Admin. Expense(SGA) was $18.18 Mil.
Total Current Liabilities was $9.73 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -7.147 + -10.014 + -11.697 + -10.254 = $-39.11 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -10.486 + -9.758 + -9.011 + -10.882 = $-40.14 Mil.
|Accounts Receivable was $0.04 Mil.
Revenue was -0.571 + 41.656 + 1.477 + 1.815 = $44.38 Mil.
Gross Profit was -0.173 + 41.487 + 1.33 + 1.733 = $44.38 Mil.
Total Current Assets was $121.93 Mil.
Total Assets was $161.04 Mil.
Property, Plant and Equipment(Net PPE) was $2.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.55 Mil.
Selling, General & Admin. Expense(SGA) was $15.49 Mil.
Total Current Liabilities was $6.69 Mil.
Long-Term Debt was $0.00 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(3.516 / 8.676)||/||(0.044 / 44.377)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(1.273 / 44.377)||/||(5.438 / 8.676)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (83.285 + 2.407) / 131.251)||/||(1 - (121.926 + 2.552) / 161.037)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(0.545 / (0.545 + 2.552))||/||(0.565 / (0.565 + 2.407))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(18.184 / 8.676)||/||(15.489 / 44.377)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((0 + 9.729) / 131.251)||/||((0 + 6.685) / 161.037)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-39.112 - 0||-||-40.137)||/||131.251|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Progenics Pharmaceuticals Inc has a M-score of 371.04 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Progenics Pharmaceuticals Inc Annual Data
Progenics Pharmaceuticals Inc Quarterly Data