Applied Genetic Technologies (Applied Genetic Technologies) Beneish M-Score : -2.87 (As of May. 13, 2024)

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What is Applied Genetic Technologies 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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AGTC' s Beneish M-Score Range Over the Past 10 Years
Min: -7.28 Med: -2 Max: 10.74
Current: -2.87

During the past 11 years, the highest Beneish M-Score of Applied Genetic Technologies was 10.74. The lowest was -7.28. And the median was -2.00.

Applied Genetic Technologies Beneish M-Score Historical Data

The historical data trend for Applied Genetic Technologies'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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Applied Genetic Technologies Beneish M-Score Chart

Applied Genetic Technologies Annual Data

Trend

Jun13

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Beneish M-Score

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-1.82

-1.61

-7.28

-4.33

-3.04

Applied Genetic Technologies Quarterly Data
	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22
Beneish M-Score	Get a 7-Day Free Trial															-4.33	-4.41	-4.32	-3.04	-2.87

Competitive Comparison of Applied Genetic Technologies's Beneish M-Score

For the Biotechnology subindustry, Applied Genetic Technologies'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.

Applied Genetic Technologies's Beneish M-Score Distribution in the Biotechnology Industry

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

* The bar in red indicates where Applied Genetic Technologies's Beneish M-Score falls into.

Applied Genetic Technologies 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 Applied Genetic Technologies 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 * 1

0.404 * 2.5259

0.892 * 0.65

0.115 * 0.9723

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7538

4.679 * -0.070971

0.327 * 1.7056

-2.87

This Year (Sep22) TTM:

Last Year (Sep21) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0 + 0.325 + 0 + 0 = $0.33 Mil.
Gross Profit was 0 + 0.325 + 0 + 0 = $0.33 Mil.
Total Current Assets was $37.24 Mil.
Total Assets was $57.33 Mil.
Property, Plant and Equipment(Net PPE) was $7.77 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.52 Mil.
Selling, General, & Admin. Expense(SGA) was $17.35 Mil.
Total Current Liabilities was $26.60 Mil.
Long-Term Debt & Capital Lease Obligation was $9.34 Mil.
Net Income was -18.41 + -18.386 + -14.294 + -19.144 = $-70.23 Mil.
Non Operating Income was -0.409 + 0.078 + 0.009 + 0.006 = $-0.32 Mil.
Cash Flow from Operations was -16.037 + -18.258 + -13.997 + -17.557 = $-65.85 Mil.

Total Receivables was $0.00 Mil.
Revenue was 0 + 0.5 + 0 + 0 = $0.50 Mil.
Gross Profit was 0 + 0.5 + 0 + 0 = $0.50 Mil.
Total Current Assets was $93.39 Mil.
Total Assets was $110.41 Mil.
Property, Plant and Equipment(Net PPE) was $7.63 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.44 Mil.
Selling, General, & Admin. Expense(SGA) was $15.22 Mil.
Total Current Liabilities was $21.71 Mil.
Long-Term Debt & Capital Lease Obligation was $18.88 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 / 0.325)	/	(0 / 0.5)
	=	0	/	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)
	=	(0.5 / 0.5)	/	(0.325 / 0.325)
	=	1	/	1
	=	1

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 - (37.239 + 7.774) / 57.333)	/	(1 - (93.386 + 7.632) / 110.411)
	=	0.214885	/	0.085073
	=	2.5259

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
	=	0.325	/	0.5
	=	0.65

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))
	=	(1.443 / (1.443 + 7.632))	/	(1.52 / (1.52 + 7.774))
	=	0.159008	/	0.163546
	=	0.9723

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)
	=	(17.345 / 0.325)	/	(15.215 / 0.5)
	=	53.369231	/	30.43
	=	1.7538

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)
	=	((9.342 + 26.604) / 57.333)	/	((18.877 + 21.709) / 110.411)
	=	0.626969	/	0.36759
	=	1.7056

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
	=	(-70.234 - -0.316	-	-65.849)	/	57.333
	=	-0.070971

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.

Applied Genetic Technologies has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.

Applied Genetic Technologies Beneish M-Score Related Terms

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Applied Genetic Technologies (Applied Genetic Technologies) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Applied Genetic Technologies Corp (NAS:AGTC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

14193 NW 119th Terrace, Suite 10, Alachua, FL, USA, 32615

Website

https://www.agtc.com

Applied Genetic Technologies Corp is a clinical-stage biotechnology company that uses a proprietary gene therapy platform to develop transformational genetic therapies for patients suffering from rare and debilitating diseases. Its initial focus is in the field of ophthalmology, where it has active clinical trials in X-linked retinitis pigmentosa, achromatopsia (ACHM CNGB3 and ACHM CNGA3), and X-linked retinoschisis. In addition to its clinical trials, company has preclinical programs in optogenetics, adrenoleukodystrophy, which is a disease of the central nervous system, other ophthalmology, and otology indications. The optogenetics program is being developed in collaboration with Bionic Sight.

Executives

Susan Schneider	officer: Chief Medical Officer	C/O APPLIED GENETIC TECHNOLOGIES CORP., 14193 NW 119TH TERRACE, SUITE 10, ALACHUA FL 32615
Jonathan I Lieber	officer: Chief Financial Officer	C/O HISTOGENICS CORPORATION, 830 WINTER STREET #3, WALTHAM MA 02451
Stephen W Potter	officer: See Remarks	7015 ALBERT EINSTEIN DR, COLUMBIA MD 21046
Gerald Anthony Reynolds	officer: Chief Accounting Officer	C/O APPLIED GENETIC TECHNOLOGIES CORP., 14193 NW 119TH TERRACE, SUITE 10, ALACHUA FL 32615
Susan B. Washer	director, officer: President and CEO	C/O APPLIED GENETIC TECHNOLOGIES CORP., 11801 RESEARCH DRIVE, SUITE D, ALACHUA FL 32615
Hope Doyley-gay	officer: General Counsel	C/O APPLIED GENETIC TECHNOLOGIES CORP., 14193 NW 119TH TERRACE, SUITE 10, ALACHUA FL 32615
Abraham Scaria	officer: Chief Scientific Officer	C/O APPLIED GENETIC TECHNOLOGIES CORP, 14193 NW 119TH TERRACE, SUITE 10, ALACHUA FL 32615
Yehia Hashad	director	C/O APPLIED GENETIC TECHNOLOGIES CORP., 14193 NW 119TH TERRACE, SUITE 10, ALACHUA FL 32615
Robinson James A. Jr.	director	852 WINTER STREET, WALTHAM MA 02451
William Aliski	director	C/O ULTRAGENYX PHARMACEUTICAL INC., 60 LEVERONI COURT, NOVATO CA 94949
Krol Patrick Johan Hendrik	10 percent owner	GUSTAV MAHLERPLEIN 3, AMSTERDAM P7 1082 MS
Privium Fund Management B.v.	10 percent owner	GUSTAV MAHLERPLEIN 3, AMSTERDAM P7 1082 MS
Aescap 2.0 Stichting	10 percent owner	GUSTAV MAHLERPLEIN 3, AMSTERDAM P7 1082 MS
Inspirational Visions B.v.	10 percent owner	C/O PROQR THERAPEUTICS N.V., ZERNIKEDREEF 9, 2333 CK LEIDEN P7 2333
Brian Krex	officer: General Counsel	C/O AGTC, 14193 NW 119TH TERRACE, SUITE #10, ALACHUA FL 32615