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Beneish M-Score -1.08 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.
Repros Therapeutics, Inc. has a M-score of -1.08 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Repros Therapeutics, Inc. was 40.61. The lowest was -65.65. And the median was -2.65.
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 Repros Therapeutics, 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 * 1||+||0.528 * 1||+||0.404 * 0.4569||+||0.892 * 2.6667||+||0.115 * 0.946|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3743||+||4.679 * -0.0414||-||0.327 * 0.3177|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $0.00 Mil.|
Revenue was 0.003 + 0.003 + 0.001 + 0.001 = $0.01 Mil.
Gross Profit was 0.003 + 0.003 + 0.001 + 0.001 = $0.01 Mil.
Total Current Assets was $76.00 Mil.
Total Assets was $78.98 Mil.
Property, Plant and Equipment(Net PPE) was $0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.26 Mil.
Selling, General & Admin. Expense(SGA) was $4.82 Mil.
Total Current Liabilities was $3.55 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -7.142 + -5.998 + -7.207 + -7.374 = $-27.72 Mil.
Non Operating Income was -0.004 + 0 + 0 + -0.001 = $-0.01 Mil.
Cash Flow from Operations was -5.985 + -5.614 + -6.087 + -6.762 = $-24.45 Mil.
|Accounts Receivable was $0.00 Mil.
Revenue was 0.002 + 0.001 + 0 + 0 = $0.00 Mil.
Gross Profit was 0.002 + 0.001 + 0 + 0 = $0.00 Mil.
Total Current Assets was $24.62 Mil.
Total Assets was $26.83 Mil.
Property, Plant and Equipment(Net PPE) was $0.05 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.15 Mil.
Selling, General & Admin. Expense(SGA) was $4.83 Mil.
Total Current Liabilities was $3.80 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 / 0.008)||/||(0 / 0.003)|
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)|
|=||(0.003 / 0.003)||/||(0.003 / 0.008)|
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 - (75.996 + 0.075) / 78.977)||/||(1 - (24.618 + 0.053) / 26.832)|
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))|
|=||(0.145 / (0.145 + 0.053))||/||(0.257 / (0.257 + 0.075))|
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)|
|=||(4.818 / 0.008)||/||(4.827 / 0.003)|
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 + 3.552) / 78.977)||/||((0 + 3.798) / 26.832)|
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|
|=||(-27.721 - -0.005||-||-24.448)||/||78.977|
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.
Repros Therapeutics, Inc. has a M-score of -1.08 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
Repros Therapeutics, Inc. Annual Data
Repros Therapeutics, Inc. Quarterly Data