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Beneish M-Score 52.68 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 371.03. The lowest was -8.67. And the median was -1.76.
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 * 63.0193||+||0.528 * 0.9981||+||0.404 * 1.549||+||0.892 * 0.2541||+||0.115 * 0.5216|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 5.0803||+||4.679 * -0.0355||-||0.327 * 2.612|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $2.43 Mil.|
Revenue was 2.45 + 5.095 + 1.396 + 1.937 = $10.88 Mil.
Gross Profit was 2.45 + 5.438 + 1.273 + 1.759 = $10.92 Mil.
Total Current Assets was $73.23 Mil.
Total Assets was $121.04 Mil.
Property, Plant and Equipment(Net PPE) was $2.30 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.18 Mil.
Selling, General & Admin. Expense(SGA) was $20.41 Mil.
Total Current Liabilities was $11.37 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -12.655 + -7.147 + -10.014 + -11.697 = $-41.51 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -7.967 + -10.486 + -9.758 + -9.011 = $-37.22 Mil.
|Accounts Receivable was $0.15 Mil.
Revenue was 0.248 + -0.571 + 41.656 + 1.477 = $42.81 Mil.
Gross Profit was 0.248 + -0.173 + 41.487 + 1.33 = $42.89 Mil.
Total Current Assets was $111.59 Mil.
Total Assets was $150.62 Mil.
Property, Plant and Equipment(Net PPE) was $2.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.53 Mil.
Selling, General & Admin. Expense(SGA) was $15.81 Mil.
Total Current Liabilities was $5.42 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)|
|=||(2.434 / 10.878)||/||(0.152 / 42.81)|
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)|
|=||(42.892 / 42.81)||/||(10.92 / 10.878)|
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 - (73.231 + 2.299) / 121.037)||/||(1 - (111.588 + 2.473) / 150.62)|
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))|
|=||(0.533 / (0.533 + 2.473))||/||(1.184 / (1.184 + 2.299))|
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)|
|=||(20.408 / 10.878)||/||(15.809 / 42.81)|
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 + 11.368) / 121.037)||/||((0 + 5.416) / 150.62)|
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|
|=||(-41.513 - 0||-||-37.222)||/||121.037|
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 52.68 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