GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » ACADIA Pharmaceuticals Inc (NAS:ACAD) » Definitions » Beneish M-Score

ACAD (ACADIA Pharmaceuticals) Beneish M-Score : -2.55 (As of Dec. 12, 2024)


View and export this data going back to 2004. Start your Free Trial

What is ACADIA Pharmaceuticals Beneish M-Score?

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:

ACAD' s Beneish M-Score Range Over the Past 10 Years
Min: -5.29   Med: -2.43   Max: 473.77
Current: -2.55

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.


ACADIA Pharmaceuticals Beneish M-Score Historical Data

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.

* Premium members only.

ACADIA Pharmaceuticals Beneish M-Score Chart

ACADIA Pharmaceuticals Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.30 -1.70 -2.44 -2.42 -2.55

Competitive Comparison of ACADIA Pharmaceuticals's Beneish M-Score

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.


ACADIA Pharmaceuticals's Beneish M-Score Distribution in the Biotechnology Industry

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.



ACADIA Pharmaceuticals Beneish M-Score Calculation

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.


ACADIA Pharmaceuticals Beneish M-Score Related Terms

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.


ACADIA Pharmaceuticals Business Description

Traded in Other Exchanges
Address
12830 El Camino Real, Suite 400, San Diego, CA, USA, 92130
Acadia Pharmaceuticals Inc is a biotechnology company that develops and commercializes biopharmaceutical products to address central nervous system disorders. The company aims to discover small molecules drugs that address disorders such as Parkinson's, Alzheimer's, and schizophrenia. Acadia also seeks to in-license or acquire complementary products and candidates. The company's patent applications claim proprietary technology, including novel methods of screening and chemical synthetic methods, novel drug targets, and novel compounds identified using its technology.
Executives
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