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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.
The historical rank and industry rank for Lipocine's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Lipocine was 2047.48. The lowest was -6037.19. And the median was 56.26.
The historical data trend for Lipocine'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.
Lipocine Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-3.87 | - | - | 70.62 | - |
Lipocine 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 |
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- | - | 41.90 | -6,037.19 | - |
For the Biotechnology subindustry, Lipocine'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, Lipocine's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lipocine'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 Lipocine 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * | + | 4.679 * | - | 0.327 * | |||||||
= |
* 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 $0.09 Mil. Revenue was 0 + 0.09 + 7.617 + 0.216 = $7.92 Mil. Gross Profit was 0 + -1.785 + 7.617 + 0.216 = $6.05 Mil. Total Current Assets was $20.50 Mil. Total Assets was $20.70 Mil. Property, Plant and Equipment(Net PPE) was $0.17 Mil. Depreciation, Depletion and Amortization(DDA) was $0.04 Mil. Selling, General, & Admin. Expense(SGA) was $5.26 Mil. Total Current Liabilities was $1.58 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Net Income was -2.219 + -3.069 + 3.514 + -2.282 = $-4.06 Mil. Non Operating Income was 0.138 + -0.084 + -0.04 + 0.012 = $0.03 Mil. Cash Flow from Operations was -2.833 + -2.498 + 2.408 + -2.022 = $-4.95 Mil. |
Total Receivables was $0.17 Mil. Revenue was -3.122 + 0 + 0.055 + 0 = $-3.07 Mil. Gross Profit was -6.001 + -2.515 + 0.055 + -1.67 = $-10.13 Mil. Total Current Assets was $24.61 Mil. Total Assets was $24.75 Mil. Property, Plant and Equipment(Net PPE) was $0.12 Mil. Depreciation, Depletion and Amortization(DDA) was $0.02 Mil. Selling, General, & Admin. Expense(SGA) was $4.66 Mil. Total Current Liabilities was $2.24 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 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) |
= | (0.091 / 7.923) | / | (0.172 / -3.067) | |
= | 0.011486 | / | ||
= |
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) | |
= | (-10.131 / -3.067) | / | (6.048 / 7.923) | |
= | / | 0.763347 | ||
= |
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 - (20.504 + 0.171) / 20.698) | / | (1 - (24.614 + 0.115) / 24.752) | |
= | 0.001111 | / | 0.000929 | |
= |
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 | |
= | 7.923 | / | -3.067 | |
= |
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)) |
= | (0.024 / (0.024 + 0.115)) | / | (0.035 / (0.035 + 0.171)) | |
= | 0.172662 | / | 0.169903 | |
= |
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) |
= | (5.263 / 7.923) | / | (4.66 / -3.067) | |
= | 0.664269 | / | ||
= |
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 + 1.581) / 20.698) | / | ((0 + 2.241) / 24.752) | |
= | 0.076384 | / | 0.090538 | |
= |
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 | |
= | (-4.056 - 0.026 | - | -4.945) | / | 20.698 | |
= | 0.041695 |
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.
Thank you for viewing the detailed overview of Lipocine's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mahesh V. Patel | director, officer: President and CEO | C/O LIPOCINE, INC., 675 ARAPEEN DRIVE, STE. 202, SALT LAKE CITY UT 84108 |
Richard Dana Ono | director | 18 SPRING ROAD, CONCORD MA 01742 |
Spyridon Papapetropoulos | director | C/O ADAMAS PHARMACEUTICALS, INC., 1900 POWELL ST., SUITE 1000, EMERYVILLE CA 94608 |
George Nomikos | officer: Chief Medical Officer | 675 ARAPEEN DRIVE, SUITE 202, SALT LAKE CITY UT 84108 |
Krista Fogarty | officer: Principal Accounting Officer | 675 ARAPEEN DRIVE, SUITE 202, SALT LAKE CITY UT 84108 |
Jill M. Jene | director | 932 SOUTHWOOD BLVD., INCLINE VILLAGE NV 89451 |
John W. Higuchi | director | C/O LIPOCINE, INC., 675 ARAPEEN DRIVE, STE. 202, SALT LAKE CITY UT 84108 |
Morgan R Brown | officer: EVP and CFO | 420 CHIPETA WAY, SALT LAKE CITY UT 84108 |
Stephen A Hill | director | 50 AVENUE GENERAL DE GAULLE, BRUXELLES C9 9999999999 |
Jeffrey Arvin Fink | director | 2265 MORNING STAR DRIVE, PARK CITY UT 84060 |
Gregory Brooks Bass | officer: EVP and Chief Commercial Offic | 3228 BROOKSIDE DRIVE, FURLONG PA 18925 |
Jyrki Mattila | officer: Chief Business Officer | AUXILIUM PHARMACEUTICALS, INC., 40 VALLEY STREAM PARKWAY, MALVERN PA 19355 |
Srinivasan Venkateshwaran | officer: CTO and VP RandD | C/O LIPOCINE, INC., 675 ARAPEEN DRIVE, STE. 202, SALT LAKE CITY UT 84108 |
Robert K. Merrell | officer: VP Finance | C/O LIPOCINE, INC., 675 ARAPEEN DRIVE, STE. 202, SALT LAKE CITY UT 84108 |
Gerald T Simmons | officer: VP Corp Business Development | 837 4TH AVE, SALT LAKE CITY UT 84103 |
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