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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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Intra-Cellular Therapies's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Intra-Cellular Therapies was 220.95. The lowest was -2.18. And the median was 0.48.
The historical data trend for Intra-Cellular Therapies'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.
Intra-Cellular Therapies Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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- | -0.78 | -0.42 | 220.95 | -2.18 |
Intra-Cellular Therapies Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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220.95 | 190.66 | 99.49 | 90.80 | -2.18 |
For the Drug Manufacturers - Specialty & Generic subindustry, Intra-Cellular Therapies'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 Drug Manufacturers industry and Healthcare sector, Intra-Cellular Therapies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intra-Cellular Therapies'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 Intra-Cellular Therapies 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 * 0.9918 | + | 0.528 * 1.0117 | + | 0.404 * 0.5182 | + | 0.892 * 1.4724 | + | 0.115 * 1.0596 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.836 | + | 4.679 * -0.001097 | - | 0.327 * 0.8504 | |||||||
= | -2.18 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $166.5 Mil. Revenue was 199.223 + 175.159 + 161.276 + 144.843 = $680.5 Mil. Gross Profit was 178.818 + 159.855 + 149.922 + 134.943 = $623.5 Mil. Total Current Assets was $1,307.4 Mil. Total Assets was $1,366.9 Mil. Property, Plant and Equipment(Net PPE) was $14.9 Mil. Depreciation, Depletion and Amortization(DDA) was $0.5 Mil. Selling, General, & Admin. Expense(SGA) was $504.5 Mil. Total Current Liabilities was $205.7 Mil. Long-Term Debt & Capital Lease Obligation was $12.7 Mil. Net Income was -16.885 + -26.324 + -16.22 + -15.247 = $-74.7 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil. Cash Flow from Operations was -13.078 + -26.525 + 0.542 + -34.116 = $-73.2 Mil. |
Total Receivables was $114.0 Mil. Revenue was 131.506 + 125.81 + 110.128 + 94.731 = $462.2 Mil. Gross Profit was 120.804 + 116.681 + 102.965 + 87.98 = $428.4 Mil. Total Current Assets was $667.8 Mil. Total Assets was $728.3 Mil. Property, Plant and Equipment(Net PPE) was $14.6 Mil. Depreciation, Depletion and Amortization(DDA) was $0.5 Mil. Selling, General, & Admin. Expense(SGA) was $409.9 Mil. Total Current Liabilities was $123.5 Mil. Long-Term Debt & Capital Lease Obligation was $13.3 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) |
= | (166.5 / 680.501) | / | (114.018 / 462.175) | |
= | 0.244673 | / | 0.246699 | |
= | 0.9918 |
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) | |
= | (428.43 / 462.175) | / | (623.538 / 680.501) | |
= | 0.926987 | / | 0.916293 | |
= | 1.0117 |
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 - (1307.364 + 14.896) / 1366.912) | / | (1 - (667.799 + 14.582) / 728.295) | |
= | 0.032666 | / | 0.063043 | |
= | 0.5182 |
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 | |
= | 680.501 | / | 462.175 | |
= | 1.4724 |
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)) |
= | (0.528 / (0.528 + 14.582)) | / | (0.508 / (0.508 + 14.896)) | |
= | 0.034944 | / | 0.032978 | |
= | 1.0596 |
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) |
= | (504.489 / 680.501) | / | (409.864 / 462.175) | |
= | 0.741349 | / | 0.886816 | |
= | 0.836 |
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) |
= | ((12.748 + 205.704) / 1366.912) | / | ((13.326 + 123.545) / 728.295) | |
= | 0.159814 | / | 0.187933 | |
= | 0.8504 |
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 | |
= | (-74.676 - 0 | - | -73.177) | / | 1366.912 | |
= | -0.001097 |
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.
Intra-Cellular Therapies has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Intra-Cellular Therapies's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Sharon Mates | director, officer: Chairman, President & CEO | C/O INTRA-CELLULAR THERAPIES, INC., 3960 BROADWAY, NEW YORK NY 10032 |
Michael Halstead | officer: SVP and General Counsel | C/O WARNER CHILCOTT CORPORATION, 100 ENTERPRISE DRIVE, ROCKAWAY NJ 07866 |
Mark Neumann | officer: EVP, Chief Commercial Officer | C/O INTRA-CELLULAR THERAPIES, INC., 430 EAST 29TH STREET, NEW YORK NY 10016 |
Rory B Riggs | director | 65 RAILROAD AVE, RIDGEFIELD NJ 07657 |
Van Nostrand Robert L | director | C/O ACHILLION PHARMACEUTICALS, INC., 300 GEORGE STREET, NEW HAVEN CT 06511 |
Suresh K. Durgam | officer: Chief Medical Officer | C/O INTER-CELLULAR THERAPIES, INC., 430 EAST 29TH STREET, NEW YORK NY 10016 |
Lawrence J. Hineline | officer: VP of Finance, CFO & Secretary | C/O INTRA-CELLULAR THERAPIES, INC., 3960 BROADWAY, NEW YORK NY 10032 |
Joel S Marcus | director | C/O ALEXANDRIA REAL ESTATE EQUITIES, INC, 26 NORTH EUCLID AVENUE, PASADENA CA 91101 |
Eduardo Rene Salas | director | C/O INTRA-CELLULAR THERAPIES, INC., 430 EAST 29TH STREET, NEW YORK NY 10016 |
Christopher D Alafi | director, 10 percent owner | P.O. BOX 7338, BERKELEY CA 94707 |
Richard A Lerner | director | THE SCRIPPS RESEARCH INSTITUTE, 10550 N. TORREY PINES ROAD, LA JOLLA CA 92037 |
Andrew Satlin | officer: EVP and Chief Medical Officer | C/O INTRA-CELLULAR THERAPIES, INC., 430 EAST 29TH STREET, NEW YORK NY 10016 |
Kimberly E. Vanover | officer: VP, Clinical Development | C/O INTRA-CELLULAR THERAPIES, INC., 3960 BROADWAY, NEW YORK NY 10032 |
Robert E Davis | officer: SVP, Chief Scientific Officer | 3911 SORRENTO VALLEY BOULEVARD, SAN DIEGO CA 92121 |
Moshe Alafi | 10 percent owner | 1311 ORLEANS DRIVE, SUNNYVALE CA 94089 |
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