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Beneish M-Score 16.49 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 373.92. The lowest was -8.76. And the median was -1.65.
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 * 0.1118||+||0.528 * 1.1322||+||0.404 * 1.1078||+||0.892 * 23.213||+||0.115 * 0.5189|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.0514||+||4.679 * -0.0376||-||0.327 * 1.2129|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $3.94 Mil.|
Revenue was 53.85 + 8.476 + 2.45 + 5.095 = $69.87 Mil.
Gross Profit was 53.85 + 8.476 + 2.45 + 5.095 = $69.87 Mil.
Total Current Assets was $106.61 Mil.
Total Assets was $156.94 Mil.
Property, Plant and Equipment(Net PPE) was $3.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.03 Mil.
Selling, General & Admin. Expense(SGA) was $22.40 Mil.
Total Current Liabilities was $13.82 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 36.303 + -5.638 + -12.655 + -7.147 = $10.86 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 38.762 + -3.538 + -7.967 + -10.486 = $16.77 Mil.
|Accounts Receivable was $1.52 Mil.
Revenue was 1.396 + 1.937 + 0.248 + -0.571 = $3.01 Mil.
Gross Profit was 1.396 + 1.937 + 0.248 + -0.173 = $3.41 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 $18.76 Mil.
Total Current Liabilities was $9.94 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)|
|=||(3.942 / 69.871)||/||(1.519 / 3.01)|
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)|
|=||(3.408 / 3.01)||/||(69.871 / 69.871)|
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 - (106.612 + 3.899) / 156.937)||/||(1 - (97.924 + 2.428) / 136.912)|
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))|
|=||(0.524 / (0.524 + 2.428))||/||(2.027 / (2.027 + 3.899))|
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)|
|=||(22.396 / 69.871)||/||(18.757 / 3.01)|
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 + 13.822) / 156.937)||/||((0 + 9.942) / 136.912)|
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|
|=||(10.863 - 0||-||16.771)||/||156.937|
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 16.49 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