Edesa Biotech (Edesa Biotech) Beneish M-Score : 0.00 (As of May. 24, 2024)

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What is Edesa Biotech 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.

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

During the past 13 years, the highest Beneish M-Score of Edesa Biotech was 50604.97. The lowest was -7.95. And the median was -1.79.

Edesa Biotech Beneish M-Score Historical Data

The historical data trend for Edesa Biotech'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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Edesa Biotech Beneish M-Score Chart

Edesa Biotech Annual Data

Trend

Aug14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Beneish M-Score

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-1.53

Edesa Biotech Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Edesa Biotech's Beneish M-Score

For the Biotechnology subindustry, Edesa Biotech'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.

Edesa Biotech's Beneish M-Score Distribution in the Biotechnology Industry

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

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

Edesa Biotech 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 Edesa Biotech 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $1.11 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $4.24 Mil.
Total Assets was $6.48 Mil.
Property, Plant and Equipment(Net PPE) was $0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.22 Mil.
Selling, General, & Admin. Expense(SGA) was $4.65 Mil.
Total Current Liabilities was $2.15 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -1.861 + -1.678 + -1.72 + -1.985 = $-7.24 Mil.
Non Operating Income was 0.013 + -0.003 + -0.004 + -0.003 = $0.00 Mil.
Cash Flow from Operations was -1.66 + -1.407 + -1.468 + -1.805 = $-6.34 Mil.

Total Receivables was $0.05 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $8.13 Mil.
Total Assets was $10.67 Mil.
Property, Plant and Equipment(Net PPE) was $0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.11 Mil.
Selling, General, & Admin. Expense(SGA) was $4.27 Mil.
Total Current Liabilities was $1.57 Mil.
Long-Term Debt & Capital Lease Obligation was $0.06 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)
	=	(1.112 / 0)	/	(0.05 / 0)
	=		/
	=

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 / 0)	/	(0 / 0)
	=		/
	=

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 - (4.242 + 0.062) / 6.475)	/	(1 - (8.13 + 0.139) / 10.673)
	=	0.33529	/	0.225241
	=

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	/	0
	=

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))
	=	(0.113 / (0.113 + 0.139))	/	(0.219 / (0.219 + 0.062))
	=	0.448413	/	0.779359
	=

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)
	=	(4.652 / 0)	/	(4.265 / 0)
	=		/
	=

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 + 2.151) / 6.475)	/	((0.064 + 1.565) / 10.673)
	=	0.332201	/	0.152628
	=

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
	=	(-7.244 - 0.003	-	-6.34)	/	6.475
	=	-0.140077

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.

Edesa Biotech Beneish M-Score Related Terms

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Edesa Biotech (Edesa Biotech) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Edesa Biotech Inc (NAS:EDSA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

100 Spy Court, Markham, ON, CAN, L3R 5H6

Website

https://www.edesabiotech.com

Edesa Biotech Inc is a biotechnology company focused on inflammatory and immune-related diseases. It is involved in exploring novel ways to treat these diseases, including alternatives to topical steroids, which can have side effects. The company's product candidate, EB01, is a non-steroidal, anti-inflammatory treatment for chronic allergic contact dermatitis. The company operates in a single segment: research and development, manufacturing, and commercialization of innovative pharmaceutical products. The company's EB05 candidate is a monoclonal antibody therapy for hospitalized COVID-19 patients.

Executives

Stephen Lemieux	officer: Chief Financial Officer	100 SPY COURT, C/O EDESA BIOTECH, INC., MARKHAM A6 L3R 5H6
Joan Chypyha	director	100 SPY COURT, MARKHAM A6 L3R 5H6
Patrick Marshall	director	100 SPY COURT, MARKHAM A6 L3R 5H6
Van Der Velden Peter	director, 10 percent owner	C/O EDESA BIOTECH INC., 100 SPY COURT, MARKHAM A6 L3R 5H6
Michael J Brooks	officer: President	C/O EDESA BIOTECH INC., 100 SPY COURT, MARKHAM A6 L3R 5H6
Pardeep Nijhawan	director, 10 percent owner, officer: Chief Executive Officer	C/O EDESA BIOTECH INC., 100 SPY COURT, MARKHAM A6 L3R 5H6
Jennifer M Chao	director	7 PURITAN WOODS ROAD, RYE NY 10580
Frank R. Oakes	director, officer: President, CEO, & Director	C/O STELLAR BIOTECHNOLOGIES, INC., 332 EAST SCOTT STREET, PORT HUENEME CA 93041
Sean Arthur Macdonald	director	C/O EDESA BIOTECH INC., 100 SPY COURT, MARKHAM A6 L3R 5H6
Lorin K Johnson	director	3600 W BAYSHORE ROAD SUITE 205, PALO ALTO CA 94303
Pardeep Nijhawan Medicine Professional Corp	10 percent owner	C/O EDESA BIOTECH INC., 100 SPY COURT, MARKHAM A6 L3R 5H6
Paul William Pay	director	C/O EDESA BIOTECH INC., 100 SPY COURT, MARKHAM A6 L3R 5H6
Carlo Sistilli	director	C/O EDESA BIOTECH INC., 100 SPY COURT, MARKHAM A6 L3R 5H6
Lumira Capital Investment Management Inc.	10 percent owner	141 ADELAIDE STREET WEST, SUITE 770, TORONTO A6 M5H 3L5
Daniel E. Morse	director	C/O STELLAR BIOTECHNOLOGIES, INC., 332 EAST SCOTT STREET, PORT HUENEME CA 93041