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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 -8.69. 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 * 0.5803||+||0.528 * 1.095||+||0.404 * 1.1886||+||0.892 * 0.0628||+||0.115 * 1.1325|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 19.6821||+||4.679 * -0.3368||-||0.327 * 2.0305|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $1.52 Mil.|
Revenue was 1.396 + 1.937 + 0.248 + -0.571 = $3.01 Mil.
Gross Profit was 1.273 + 1.759 + 0.206 + -0.53 = $2.71 Mil.
Total Current Assets was $97.92 Mil.
Total Assets was $136.91 Mil.
Property, Plant and Equipment(Net PPE) was $2.43 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.52 Mil.
Selling, General & Admin. Expense(SGA) was $17.81 Mil.
Total Current Liabilities was $9.94 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -10.014 + -11.697 + -10.254 + -12.179 = $-44.14 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -9.758 + -9.011 + -10.882 + 31.616 = $1.97 Mil.
|Accounts Receivable was $41.67 Mil.
Revenue was 41.656 + 1.477 + 1.815 + 2.968 = $47.92 Mil.
Gross Profit was 41.487 + 1.33 + 1.733 + 2.652 = $47.20 Mil.
Total Current Assets was $131.10 Mil.
Total Assets was $172.08 Mil.
Property, Plant and Equipment(Net PPE) was $2.32 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.58 Mil.
Selling, General & Admin. Expense(SGA) was $14.41 Mil.
Total Current Liabilities was $6.15 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)|
|=||(1.519 / 3.01)||/||(41.667 / 47.916)|
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)|
|=||(1.759 / 47.916)||/||(1.273 / 3.01)|
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 - (97.924 + 2.428) / 136.912)||/||(1 - (131.099 + 2.321) / 172.079)|
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))|
|=||(0.584 / (0.584 + 2.321))||/||(0.524 / (0.524 + 2.428))|
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)|
|=||(17.814 / 3.01)||/||(14.408 / 47.916)|
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 + 9.942) / 136.912)||/||((0 + 6.154) / 172.079)|
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|
|=||(-44.144 - 0||-||1.965)||/||136.912|
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 -8.69 suggests that the company will not 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