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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ACADIA Pharmaceuticals's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of ACADIA Pharmaceuticals was 473.77. The lowest was -5.29. And the median was -2.43.
The historical data trend for ACADIA Pharmaceuticals's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ACADIA Pharmaceuticals Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.53 | -3.09 | -2.11 | -3.26 | -1.70 |
ACADIA Pharmaceuticals Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.30 | -1.70 | -2.44 | -2.42 | -2.55 |
For the Biotechnology subindustry, ACADIA Pharmaceuticals's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Biotechnology industry and Healthcare sector, ACADIA Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ACADIA Pharmaceuticals's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 ACADIA Pharmaceuticals 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 * 0.7939 | + | 0.528 * 1.0464 | + | 0.404 * 1.1691 | + | 0.892 * 1.4706 | + | 0.115 * 0.3609 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7997 | + | 4.679 * -0.077256 | - | 0.327 * 0.9658 | |||||||
= | -2.55 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $110.4 Mil. Revenue was 250.401 + 241.963 + 205.831 + 231.041 = $929.2 Mil. Gross Profit was 231.544 + 223.733 + 182.88 + 213.15 = $851.3 Mil. Total Current Assets was $788.3 Mil. Total Assets was $976.9 Mil. Property, Plant and Equipment(Net PPE) was $48.2 Mil. Depreciation, Depletion and Amortization(DDA) was $12.3 Mil. Selling, General, & Admin. Expense(SGA) was $469.8 Mil. Total Current Liabilities was $343.9 Mil. Long-Term Debt & Capital Lease Obligation was $40.4 Mil. Net Income was 32.765 + 33.389 + 16.555 + 45.797 = $128.5 Mil. Non Operating Income was 0.576 + 0.386 + 0.286 + 0 = $1.2 Mil. Cash Flow from Operations was 63.246 + 25.013 + 29.079 + 85.389 = $202.7 Mil. |
Total Receivables was $94.5 Mil. Revenue was 211.699 + 165.235 + 118.462 + 136.49 = $631.9 Mil. Gross Profit was 197.077 + 157.776 + 116.795 + 134.077 = $605.7 Mil. Total Current Assets was $499.2 Mil. Total Assets was $632.5 Mil. Property, Plant and Equipment(Net PPE) was $55.6 Mil. Depreciation, Depletion and Amortization(DDA) was $4.4 Mil. Selling, General, & Admin. Expense(SGA) was $399.5 Mil. Total Current Liabilities was $209.6 Mil. Long-Term Debt & Capital Lease Obligation was $48.1 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (110.363 / 929.236) | / | (94.532 / 631.886) | |
= | 0.118767 | / | 0.149603 | |
= | 0.7939 |
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.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (605.725 / 631.886) | / | (851.307 / 929.236) | |
= | 0.958599 | / | 0.916136 | |
= | 1.0464 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (788.284 + 48.241) / 976.868) | / | (1 - (499.17 + 55.642) / 632.54) | |
= | 0.143666 | / | 0.122882 | |
= | 1.1691 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 929.236 | / | 631.886 | |
= | 1.4706 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (4.404 / (4.404 + 55.642)) | / | (12.306 / (12.306 + 48.241)) | |
= | 0.073344 | / | 0.203247 | |
= | 0.3609 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (469.813 / 929.236) | / | (399.495 / 631.886) | |
= | 0.505591 | / | 0.632226 | |
= | 0.7997 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((40.421 + 343.945) / 976.868) | / | ((48.103 + 209.603) / 632.54) | |
= | 0.393468 | / | 0.407415 | |
= | 0.9658 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (128.506 - 1.248 | - | 202.727) | / | 976.868 | |
= | -0.077256 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
ACADIA Pharmaceuticals has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of ACADIA Pharmaceuticals's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Brendan Teehan | officer: EVP, COO, Head of Commercial | C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
Mark C. Schneyer | officer: Chief Financial Officer | C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
James Kihara | officer: Principal Accounting Officer | C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
Stephen Davis | director, officer: PRESIDENT AND CEO | ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
Austin D. Kim | officer: EVP & General Counsel | C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
Laura Brege | director | C/O ONYX PHARMACEUTICALS, INC., 2100 POWELL STREET, EMERYVILLE CA 94608 |
Baker Bros. Advisors Lp | 10 percent owner | 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK NY 10014 |
Douglas J Williamson | officer: Executive VP, Research & Dev | AVADEL PHARMACEUTICALS PLC, 10 EARLSFORT TERRACE, DUBLIN L2 D02 T390 |
Srdjan R. Stankovic | officer: EVP | C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
Adora Ndu | director | C/O DBV TECHNOLOGIES S.A., 177-181 AVENUE PIERRE BROSSOLETTE, MONTROUGE I0 92120 |
Elena Ridloff | officer: EVP and CFO | C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
Michael J. Yang | officer: EVP AND CCO | C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
Elizabeth A. Garofalo | director | C/O ACADIA PHARMACEUTICALS INC., 12830 EL CAMINO REAL, SUITE 400, SAN DIEGO CA 92130 |
James M Daly | director | INCYTE CORPORATION EXPERIMENTAL STATION, RTE 141 & HENRY CLAY RD. BLDG E336, WILMINGTON DE 19880 |
Eric Alejandro Miller | officer: Controller & PAO | C/O ACADIA PHARMACEUTICALS INC., 3611 VALLEY CENTRE DRIVE, SUITE 300, SAN DIEGO CA 92130 |
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