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Beneish M-Score 0.76 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 52.20. The lowest was -7.72. And the median was -1.79.
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 * 0.0159||+||0.528 * 0.9207||+||0.404 * 0.82||+||0.892 * 6.0713||+||0.115 * 1.2691|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.1984||+||4.679 * -0.063||-||0.327 * 1.4164|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $0.14 Mil.|
Revenue was 1.937 + 0.248 + -0.571 + 41.656 = $43.27 Mil.
Gross Profit was 1.759 + 0.206 + -0.38 + 41.337 = $42.92 Mil.
Total Current Assets was $103.35 Mil.
Total Assets was $142.43 Mil.
Property, Plant and Equipment(Net PPE) was $2.52 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.53 Mil.
Selling, General & Admin. Expense(SGA) was $17.27 Mil.
Total Current Liabilities was $6.63 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -11.697 + -10.254 + -12.179 + 36.975 = $2.85 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -9.011 + -10.882 + 31.616 + 0.09 = $11.81 Mil.
|Accounts Receivable was $1.47 Mil.
Revenue was 1.477 + 1.815 + 2.968 + 0.867 = $7.13 Mil.
Gross Profit was 1.33 + 1.733 + 2.652 + 0.794 = $6.51 Mil.
Total Current Assets was $88.76 Mil.
Total Assets was $132.41 Mil.
Property, Plant and Equipment(Net PPE) was $2.20 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.62 Mil.
Selling, General & Admin. Expense(SGA) was $14.34 Mil.
Total Current Liabilities was $4.35 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)|
|=||(0.142 / 43.27)||/||(1.468 / 7.127)|
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)|
|=||(0.206 / 7.127)||/||(1.759 / 43.27)|
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 - (103.351 + 2.524) / 142.434)||/||(1 - (88.758 + 2.203) / 132.405)|
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))|
|=||(0.621 / (0.621 + 2.203))||/||(0.529 / (0.529 + 2.524))|
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)|
|=||(17.274 / 43.27)||/||(14.34 / 7.127)|
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 + 6.631) / 142.434)||/||((0 + 4.352) / 132.405)|
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|
|=||(2.845 - 0||-||11.813)||/||142.434|
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 0.76 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