CLVLY (Clinuvel Pharmaceuticals) Beneish M-Score : -2.25 (As of Dec. 15, 2024)

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What is Clinuvel 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Clinuvel Pharmaceuticals's Beneish M-Score or its related term are showing as below:

CLVLY' s Beneish M-Score Range Over the Past 10 Years
Min: -8.14 Med: -2.52 Max: 0.31
Current: -2.25

During the past 13 years, the highest Beneish M-Score of Clinuvel Pharmaceuticals was 0.31. The lowest was -8.14. And the median was -2.52.

Clinuvel Pharmaceuticals Beneish M-Score Historical Data

The historical data trend for Clinuvel 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.

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Clinuvel Pharmaceuticals Beneish M-Score Chart

Clinuvel Pharmaceuticals Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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0.31

-2.10

-3.37

-2.33

-2.25

Clinuvel Pharmaceuticals Semi-Annual Data
	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-3.37	-	-2.33	-	-2.25

Competitive Comparison of Clinuvel Pharmaceuticals's Beneish M-Score

For the Biotechnology subindustry, Clinuvel 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.

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

For the Biotechnology industry and Healthcare sector, Clinuvel Pharmaceuticals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Clinuvel Pharmaceuticals's Beneish M-Score falls into.

Clinuvel 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 Clinuvel Pharmaceuticals for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0491

0.528 * 1.0024

0.404 * 0.9019

0.892 * 1.1139

0.115 * 1.684

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9849

4.679 * -0.005278

0.327 * 0.823

-2.26

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was $17.42 Mil.
Revenue was $58.55 Mil.
Gross Profit was $51.86 Mil.
Total Current Assets was $147.45 Mil.
Total Assets was $153.47 Mil.
Property, Plant and Equipment(Net PPE) was $5.13 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.76 Mil.
Selling, General, & Admin. Expense(SGA) was $16.62 Mil.
Total Current Liabilities was $16.74 Mil.
Long-Term Debt & Capital Lease Obligation was $0.34 Mil.
Net Income was $23.66 Mil.
Gross Profit was $-0.13 Mil.
Cash Flow from Operations was $24.60 Mil.

Total Receivables was $14.91 Mil.
Revenue was $52.56 Mil.
Gross Profit was $46.67 Mil.
Total Current Assets was $127.26 Mil.
Total Assets was $130.01 Mil.
Property, Plant and Equipment(Net PPE) was $1.91 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.53 Mil.
Selling, General, & Admin. Expense(SGA) was $15.15 Mil.
Total Current Liabilities was $17.11 Mil.
Long-Term Debt & Capital Lease Obligation was $0.47 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)
	=	(17.422 / 58.551)	/	(14.909 / 52.564)
	=	0.297553	/	0.283635
	=	1.0491

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)
	=	(46.666 / 52.564)	/	(51.857 / 58.551)
	=	0.887794	/	0.885672
	=	1.0024

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 - (147.453 + 5.126) / 153.469)	/	(1 - (127.26 + 1.913) / 130.009)
	=	0.005799	/	0.00643
	=	0.9019

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
	=	58.551	/	52.564
	=	1.1139

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))
	=	(0.53 / (0.53 + 1.913))	/	(0.758 / (0.758 + 5.126))
	=	0.216946	/	0.128824
	=	1.684

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)
	=	(16.617 / 58.551)	/	(15.146 / 52.564)
	=	0.283804	/	0.288144
	=	0.9849

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)
	=	((0.339 + 16.741) / 153.469)	/	((0.469 + 17.111) / 130.009)
	=	0.111293	/	0.135221
	=	0.823

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
	=	(23.663 - -0.131	-	24.604)	/	153.469
	=	-0.005278

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.

Clinuvel Pharmaceuticals has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.

Clinuvel Pharmaceuticals Beneish M-Score Related Terms

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Clinuvel Pharmaceuticals Business Description

Industry

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CLVLF:USA UR9:Germany UR9:Germany UR9:Germany CUV:Australia

Address

535 Bourke Street, Level 22, Melbourne, VIC, AUS, 3000

Website

https://www.clinuvel.com

Clinuvel distributes a single product, Scenesse, the only approved treatment for phototoxic reactions specifically associated with a rare genetic disease called erythropoietic protoporphyria. EPP causes extreme pain or burns from brief exposure to light, affecting a patient's quality of life. Scenesse is a patented dissolvable implant, comparable in size with a rice grain, injected underneath the skin roughly every three months for ongoing protection. The implant controls the release of a synthetic drug which promotes the production of more melanin, thereby reducing pain and increasing tolerance for light exposure. The majority of Clinuvel's earnings stem from Europe and the US.