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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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Xeris Biopharma Holdings's Beneish M-Score or its related term are showing as below:
During the past 8 years, the highest Beneish M-Score of Xeris Biopharma Holdings was 143.62. The lowest was -3.75. And the median was 0.76.
The historical data trend for Xeris Biopharma Holdings'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.
Xeris Biopharma Holdings Annual Data | |||||||||||||||||
Trend | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | 60.76 | 1.89 | 139.23 | -1.68 | -2.40 |
Xeris Biopharma Holdings 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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-1.87 | -2.40 | -2.61 | -2.55 | -3.12 |
For the Biotechnology subindustry, Xeris Biopharma Holdings'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, Xeris Biopharma Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xeris Biopharma Holdings'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 Xeris Biopharma Holdings 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 * 0.7292 | + | 0.528 * 1.0088 | + | 0.404 * 0.9465 | + | 0.892 * 1.2272 | + | 0.115 * 1.0054 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9176 | + | 4.679 * -0.118806 | - | 0.327 * 1.1131 | |||||||
= | -3.12 |
* 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 $41.1 Mil. Revenue was 54.268 + 48.065 + 40.638 + 44.39 = $187.4 Mil. Gross Profit was 40.675 + 40.275 + 34.667 + 36.82 = $152.4 Mil. Total Current Assets was $162.8 Mil. Total Assets was $321.1 Mil. Property, Plant and Equipment(Net PPE) was $28.4 Mil. Depreciation, Depletion and Amortization(DDA) was $12.8 Mil. Selling, General, & Admin. Expense(SGA) was $160.9 Mil. Total Current Liabilities was $91.0 Mil. Long-Term Debt & Capital Lease Obligation was $249.9 Mil. Net Income was -15.738 + -15.005 + -18.98 + -13.39 = $-63.1 Mil. Non Operating Income was 0.42 + 0.604 + 3.371 + 2.126 = $6.5 Mil. Cash Flow from Operations was -8.305 + -10.348 + -20.303 + 7.471 = $-31.5 Mil. |
Total Receivables was $46.0 Mil. Revenue was 48.32 + 38.008 + 33.196 + 33.144 = $152.7 Mil. Gross Profit was 40.119 + 30.453 + 27.877 + 26.853 = $125.3 Mil. Total Current Assets was $158.1 Mil. Total Assets was $327.8 Mil. Property, Plant and Equipment(Net PPE) was $29.6 Mil. Depreciation, Depletion and Amortization(DDA) was $13.4 Mil. Selling, General, & Admin. Expense(SGA) was $142.9 Mil. Total Current Liabilities was $87.0 Mil. Long-Term Debt & Capital Lease Obligation was $225.6 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) |
= | (41.138 / 187.361) | / | (45.966 / 152.668) | |
= | 0.219565 | / | 0.301085 | |
= | 0.7292 |
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) | |
= | (125.302 / 152.668) | / | (152.437 / 187.361) | |
= | 0.820748 | / | 0.8136 | |
= | 1.0088 |
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 - (162.799 + 28.371) / 321.104) | / | (1 - (158.051 + 29.592) / 327.784) | |
= | 0.404648 | / | 0.427541 | |
= | 0.9465 |
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 | |
= | 187.361 | / | 152.668 | |
= | 1.2272 |
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)) |
= | (13.404 / (13.404 + 29.592)) | / | (12.751 / (12.751 + 28.371)) | |
= | 0.31175 | / | 0.310077 | |
= | 1.0054 |
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) |
= | (160.91 / 187.361) | / | (142.884 / 152.668) | |
= | 0.858823 | / | 0.935913 | |
= | 0.9176 |
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) |
= | ((249.866 + 91.013) / 321.104) | / | ((225.577 + 87.039) / 327.784) | |
= | 1.061584 | / | 0.953726 | |
= | 1.1131 |
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 | |
= | (-63.113 - 6.521 | - | -31.485) | / | 321.104 | |
= | -0.118806 |
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.
Xeris Biopharma Holdings has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Xeris Biopharma Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
John P. Schmid | director | 6310 NANCY RIDGE DRIVE, SUITE 101, SAN DIEGO CA 92121 |
Jeffrey W Sherman | director | C/O IDM PHARMA, INC., 9 PARKER, SUITE 100, IRVINE CA 92618 |
Steven Pieper | officer: Chief Financial Officer | XERIS PHARMACEUTICALS, INC., 180 N. LASALLE STREET, SUITE 1600, CHICAGO IL 60601 |
Dawn Halkuff | director | C/O XERIS PHARMACEUTICALS, 180 N. LASALLE ST., STE. 1800, CHICAGO IL 60601 |
Shannon John Patrick Jr | officer: See Remarks | DURATA THERAPEUTICS, INC., 89 HEADQUARTERS PLAZA NORTH, 14TH FLOOR, MORRISTOWN NJ 07960 |
Paul R Edick | director, officer: See Remarks | C/O NEWLINK GENETICS CORP., 2503 SOUTH LOOP DR., SUITE 5100, AMES IA 50010 |
Ricki Louise Fairley | director | XERIS BIOPHARMA HOLDINGS, INC., 180 N. LASALLE STREET, SUITE 1600, CHICAGO IL 60601 |
Steven Prestrelski | officer: Chief Scientific Officer | C/O XERIS PHARMACEUTICALS, 180 N. LASALLE STREET, SUITE 1800, CHICAGO IL 60601 |
Beth Hecht | officer: See Remarks | C/O NEOS THERAPEUTICS, INC., 2940 N. HIGHWAY 360, GRAND PRAIRIE TX 75050 |
Kenneth Erland Johnson | officer: See Remarks | C/O XERIS PHARMACEUTICALS, INC., 180 N. LASALLE STREET, SUITE 1800, CHICAGO IL 60601 |
Barbara-jean Anne Bormann-kennedy | director | 1188 BROADWAY, SUITE 306, SOMERVILLE MA 02144 |
Marla Persky | director | ONE BAXTER PARKWAY, DEERFIELD IL 60015 |
John Johnson | director | DENDREON CORPORATION, 1301 2ND AVENUE, SEATTLE WA 98101 |
Garheng Kong | director | 712 COLLEGE AVENUE, MENLO PARK CA 94025 |
Barry M. Deutsch | officer: See Remarks | OVATION PHARMACEUTICALS, INC. FOUR PARKWAY NORTH, SUITE 200 DEERFIELD IL 60015 |
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