Nabriva Therapeutics (FRA:NTY) Beneish M-Score : -22.22 (As of May. 25, 2024)

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What is Nabriva Therapeutics 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 -22.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:NTY' s Beneish M-Score Range Over the Past 10 Years
Min: -22.22 Med: -1.67 Max: 13.28
Current: -22.22

During the past 10 years, the highest Beneish M-Score of Nabriva Therapeutics was 13.28. The lowest was -22.22. And the median was -1.67.

Nabriva Therapeutics Beneish M-Score Historical Data

The historical data trend for Nabriva Therapeutics'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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Nabriva Therapeutics Beneish M-Score Chart

Nabriva Therapeutics Annual Data

Trend

Dec13

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Dec22

Beneish M-Score

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-3.52

0.04

5.33

-4.23

Nabriva Therapeutics Quarterly Data
	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23
Beneish M-Score	Get a 7-Day Free Trial															-0.96	-2.68	-4.23	-6.12	-22.22

Competitive Comparison of Nabriva Therapeutics's Beneish M-Score

For the Biotechnology subindustry, Nabriva Therapeutics'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.

Nabriva Therapeutics's Beneish M-Score Distribution in the Biotechnology Industry

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

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

Nabriva Therapeutics 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 Nabriva Therapeutics 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 * 0.3767

0.528 * -3.2629

0.404 * 5.0316

0.892 * 0.9302

0.115 * 1.983

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7916

4.679 * -3.693639

0.327 * 6.9428

-22.81

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was €4.10 Mil.
Revenue was 2.376 + 7.089 + 9.854 + 8.872 = €28.19 Mil.
Gross Profit was -6 + 2.944 + -5.579 + 4.412 = €-4.22 Mil.
Total Current Assets was €9.19 Mil.
Total Assets was €9.76 Mil.
Property, Plant and Equipment(Net PPE) was €0.23 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.10 Mil.
Selling, General, & Admin. Expense(SGA) was €33.30 Mil.
Total Current Liabilities was €24.19 Mil.
Long-Term Debt & Capital Lease Obligation was €0.32 Mil.
Net Income was -11.133 + -8.126 + -21.502 + -11.629 = €-52.39 Mil.
Non Operating Income was -0.036 + -0.029 + -4.074 + 0.358 = €-3.78 Mil.
Cash Flow from Operations was 0.472 + -5.247 + -1.534 + -6.239 = €-12.55 Mil.

Total Receivables was €11.69 Mil.
Revenue was 8.302 + 6.963 + 7.886 + 7.157 = €30.31 Mil.
Gross Profit was 4.088 + 3.912 + 3.226 + 3.588 = €14.81 Mil.
Total Current Assets was €51.36 Mil.
Total Assets was €51.93 Mil.
Property, Plant and Equipment(Net PPE) was €0.20 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.29 Mil.
Selling, General, & Admin. Expense(SGA) was €45.22 Mil.
Total Current Liabilities was €18.29 Mil.
Long-Term Debt & Capital Lease Obligation was €0.48 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)
	=	(4.097 / 28.191)	/	(11.694 / 30.308)
	=	0.14533	/	0.385839
	=	0.3767

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)
	=	(14.814 / 30.308)	/	(-4.223 / 28.191)
	=	0.488782	/	-0.1498
	=	-3.2629

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 - (9.186 + 0.227) / 9.763)	/	(1 - (51.364 + 0.195) / 51.929)
	=	0.03585	/	0.007125
	=	5.0316

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
	=	28.191	/	30.308
	=	0.9302

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))
	=	(0.29 / (0.29 + 0.195))	/	(0.098 / (0.098 + 0.227))
	=	0.597938	/	0.301538
	=	1.983

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)
	=	(33.297 / 28.191)	/	(45.222 / 30.308)
	=	1.181122	/	1.492081
	=	0.7916

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)
	=	((0.318 + 24.185) / 9.763)	/	((0.484 + 18.288) / 51.929)
	=	2.509782	/	0.361494
	=	6.9428

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
	=	(-52.39 - -3.781	-	-12.548)	/	9.763
	=	-3.693639

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.

Nabriva Therapeutics has a M-score of -22.81 suggests that the company is unlikely to be a manipulator.

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Nabriva Therapeutics (FRA:NTY) Business Description

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Address

Alexandra House, Office 225/227, The Sweepstakes, Dublin, IRL, 4

Website

https://www.nabriva.com

Nabriva Therapeutics PLC is a clinical stage biopharmaceutical company. Nabriva is engaged in the research and development of novel anti-infective agents to treat serious infections, with a focus on the pleuromutilin class of antibiotics. The company has developed a product candidate, XENLETA, a semi-synthetic pleuromutilin antibiotic that is the first in its class for oral and IV administration in humans. XENLETA is designed to inhibit the synthesis of a specific protein on the bacterial ribosome. It operates in one reportable segment, which comprises the research and development of novel anti-infective agents to treat serious infections. The firm has commercial rights to two approved products, SIVEXTRO and XENLETA, as well as one development product candidate, CONTEPO.

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