Celadon Pharmaceuticals (LSE:CEL) Beneish M-Score : -3.22 (As of Apr. 03, 2025)

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What is Celadon 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 -3.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:CEL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -3.22 Max: -3.22
Current: -3.22

During the past 5 years, the highest Beneish M-Score of Celadon Pharmaceuticals was -3.22. The lowest was -3.22. And the median was -3.22.

Celadon Pharmaceuticals Beneish M-Score Historical Data

The historical data trend for Celadon 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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Celadon Pharmaceuticals Beneish M-Score Chart

Celadon Pharmaceuticals Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-3.22

Celadon Pharmaceuticals Semi-Annual Data
	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-3.22	-

Competitive Comparison of Celadon Pharmaceuticals's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Celadon 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.

Celadon Pharmaceuticals's Beneish M-Score Distribution in the Drug Manufacturers Industry

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

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

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Celadon 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 Celadon 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

0.528 * -2.75

0.404 * 1.2146

0.892 * 3.125

0.115 * 0.8685

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.126667

0.327 * 1.3959

-3.22

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was £0.08 Mil.
Revenue was £0.08 Mil.
Gross Profit was £0.08 Mil.
Total Current Assets was £2.50 Mil.
Total Assets was £9.22 Mil.
Property, Plant and Equipment(Net PPE) was £6.18 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.53 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £0.96 Mil.
Long-Term Debt & Capital Lease Obligation was £4.64 Mil.
Net Income was £-7.14 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-5.97 Mil.

Total Receivables was £0.00 Mil.
Revenue was £0.02 Mil.
Gross Profit was £-0.07 Mil.
Total Current Assets was £6.33 Mil.
Total Assets was £13.25 Mil.
Property, Plant and Equipment(Net PPE) was £6.28 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.47 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £1.20 Mil.
Long-Term Debt & Capital Lease Obligation was £4.57 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)
	=	(0.075 / 0.075)	/	(0 / 0.024)
	=	1	/	0
	=	1

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)
	=	(-0.066 / 0.024)	/	(0.075 / 0.075)
	=	-2.75	/	1
	=	-2.75

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 - (2.5 + 6.175) / 9.221)	/	(1 - (6.33 + 6.275) / 13.251)
	=	0.059213	/	0.048751
	=	1.2146

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
	=	0.075	/	0.024
	=	3.125

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))
	=	(0.466 / (0.466 + 6.275))	/	(0.534 / (0.534 + 6.175))
	=	0.069129	/	0.079595
	=	0.8685

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)
	=	(0 / 0.075)	/	(0 / 0.024)
	=	0	/	0
	=	1

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)
	=	((4.643 + 0.955) / 9.221)	/	((4.566 + 1.197) / 13.251)
	=	0.607093	/	0.434911
	=	1.3959

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
	=	(-7.14 - 0	-	-5.972)	/	9.221
	=	-0.126667

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.

Celadon Pharmaceuticals has a M-score of -3.22 suggests that the company is unlikely to be a manipulator.

Celadon Pharmaceuticals Beneish M-Score Related Terms

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Celadon Pharmaceuticals Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Celadon Pharmaceuticals PLC (LSE:CEL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

32-33 Cowcross Street, London, GBR, EC1M 6DF

Website

https://www.celadonpharma.co.uk

Celadon Pharmaceuticals PLC focuses on growing indoor hydroponic high-quality cannabis initially for use within the chronic pain market. It has two reportable segments Celadon is a Build of grow facilities, growing medical grade cannabis and research in the GMP lab, and Harley Street (CPC) is a clinical study into the pain relief benefits of medicinal cannabis. It operates only in the UK and has only one geographical area.

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