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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.
Warning Sign:
Beneish M-Score 7.58 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Repare Therapeutics's Beneish M-Score or its related term are showing as below:
During the past 7 years, the highest Beneish M-Score of Repare Therapeutics was 45.71. The lowest was 7.58. And the median was 10.29.
The historical data trend for Repare 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.
Repare Therapeutics Annual Data | ||||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | 45.71 | 10.29 | 7.58 |
Repare Therapeutics Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | 10.29 | 10.40 | 13.55 | -1.20 | 7.58 |
For the Biotechnology subindustry, Repare 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.
For the Biotechnology industry and Healthcare sector, Repare Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Repare Therapeutics'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 Repare Therapeutics 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 * 9.1319 | + | 0.528 * 1 | + | 0.404 * 7.7099 | + | 0.892 * 0.3879 | + | 0.115 * 0.8312 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 2.6735 | + | 4.679 * 0.132536 | - | 0.327 * 0.7021 | |||||||
= | 7.58 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $15.31 Mil. Revenue was 13.047 + 2.159 + 30.249 + 5.678 = $51.13 Mil. Gross Profit was 13.047 + 2.159 + 30.249 + 5.678 = $51.13 Mil. Total Current Assets was $243.69 Mil. Total Assets was $253.90 Mil. Property, Plant and Equipment(Net PPE) was $7.54 Mil. Depreciation, Depletion and Amortization(DDA) was $1.95 Mil. Selling, General, & Admin. Expense(SGA) was $33.76 Mil. Total Current Liabilities was $39.08 Mil. Long-Term Debt & Capital Lease Obligation was $1.01 Mil. Net Income was -28.03 + -18.879 + -11.946 + -34.941 = $-93.80 Mil. Non Operating Income was -0.079 + -0.072 + -0.067 + -0.071 = $-0.29 Mil. Cash Flow from Operations was -28.156 + -32.87 + -34.346 + -31.786 = $-127.16 Mil. |
Total Receivables was $4.32 Mil. Revenue was 18.198 + 112.545 + 0.679 + 0.408 = $131.83 Mil. Gross Profit was 18.198 + 112.545 + 0.679 + 0.408 = $131.83 Mil. Total Current Assets was $353.98 Mil. Total Assets was $364.08 Mil. Property, Plant and Equipment(Net PPE) was $9.60 Mil. Depreciation, Depletion and Amortization(DDA) was $1.98 Mil. Selling, General, & Admin. Expense(SGA) was $32.56 Mil. Total Current Liabilities was $78.62 Mil. Long-Term Debt & Capital Lease Obligation was $3.26 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) |
= | (15.312 / 51.133) | / | (4.323 / 131.83) | |
= | 0.299454 | / | 0.032792 | |
= | 9.1319 |
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) | |
= | (131.83 / 131.83) | / | (51.133 / 51.133) | |
= | 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 - (243.688 + 7.541) / 253.901) | / | (1 - (353.979 + 9.599) / 364.075) | |
= | 0.010524 | / | 0.001365 | |
= | 7.7099 |
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 | |
= | 51.133 | / | 131.83 | |
= | 0.3879 |
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)) |
= | (1.978 / (1.978 + 9.599)) | / | (1.951 / (1.951 + 7.541)) | |
= | 0.170856 | / | 0.205542 | |
= | 0.8312 |
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) |
= | (33.764 / 51.133) | / | (32.56 / 131.83) | |
= | 0.660317 | / | 0.246985 | |
= | 2.6735 |
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) |
= | ((1.01 + 39.079) / 253.901) | / | ((3.257 + 78.619) / 364.075) | |
= | 0.157892 | / | 0.224888 | |
= | 0.7021 |
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 | |
= | (-93.796 - -0.289 | - | -127.158) | / | 253.901 | |
= | 0.132536 |
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.
Repare Therapeutics has a M-score of 7.58 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Repare Therapeutics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Biotechnology Value Fund L P | other: See Explanation of Responses | 44 MONTGOMERY STREET, 40TH FL, SAN FRANCISCO CA 94104 |
Michael Zinda | officer: EVP, Chief Science Officer | C/O REPARE THERAPEUTICS INC., 7210 FREDERICK-BANTING, SUITE 100, ST-LAURENT A8 H4S 2A1 |
Susan Molineaux | director | C/O CALITHERA BIOSCIENCES, INC., 343 OYSTER POINT BLVD., SUITE 200, SOUTH SAN FRANCISCO CA 94080 |
Davis Jerel | director, 10 percent owner | ONE SANSOME STREET, SUITE 3630, SAN FRANCISCO CA 94104 |
Versant Ventures V, Llc | 10 percent owner | ONE SANSOME STREET, SUITE 1650, SAN FRANCISCO CA 94104 |
Versant Vantage I, L.p. | 10 percent owner | ONE SANSOME, SUITE 1650, SAN FRANCISCO CA 94104 |
Thomas Civik | director | C/O FOUNDATION MEDICINE, INC., 150 SECOND STREET, CAMBRIDGE MA 02141 |
Mark N Lampert | 10 percent owner | 1 SANSOME ST, 30TH FL, SAN FRANCISCO CA 94104 |
Biotechnology Value Fund Ii Lp | other: See Explanation of Responses | 44 MONTGOMERY STREET, 40TH FL, SAN FRANCISCO CA 94104 |
Bvf Inc/il | 10 percent owner | 44 MONTGOMERY STREET, 40TH FL, SAN FRANCISCO CA 94104 |
Biotechnology Value Trading Fund Os Lp | other: See Explanation of Responses | P.O. BOX 309 UGLAND HOUSE, GRAND CAYMAN E9 KY1-1104 |
Bvf Partners Os Ltd. | other: See Explanation of Responses | P.O. BOX 309 UGLAND HOUSE, GRAND CAYMAN E9 KY1-1104 |
Bvf Partners L P/il | 10 percent owner | 44 MONTGOMERY ST., 40TH FLOOR, SAN FRANCISCO CA 94104 |
Bvf Gp Holdings Llc | 10 percent owner | 44 MONTGOMERY ST., 40TH FLOOR, SAN FRANCISCO CA 94104 |
Bvf Ii Gp Llc | other: See Explanation of Responses | 44 MONTGOMERY ST., 40TH FLOOR, SAN FRANCISCO CA 94104 |
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