Immuron (Immuron) Beneish M-Score : -2.01 (As of May. 09, 2024)

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What is Immuron 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 -2.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IMRN' s Beneish M-Score Range Over the Past 10 Years
Min: -787.36 Med: -2.38 Max: 6.58
Current: -2.01

During the past 9 years, the highest Beneish M-Score of Immuron was 6.58. The lowest was -787.36. And the median was -2.38.

Immuron Beneish M-Score Historical Data

The historical data trend for Immuron'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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Immuron Beneish M-Score Chart

Immuron Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-4.50

-2.75

6.58

0.88

-2.01

Immuron Semi-Annual Data
	Jun15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial												-	0.88	-	-2.01	-

Competitive Comparison of Immuron's Beneish M-Score

For the Biotechnology subindustry, Immuron'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.

Immuron's Beneish M-Score Distribution in the Biotechnology Industry

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

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

Immuron 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 Immuron 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 * 0.2669

0.528 * 0.9424

0.404 * 1.631

0.892 * 2.2509

0.115 * 0.799

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5538

4.679 * -0.032053

0.327 * 1.5962

-2.11

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was $0.28 Mil.
Revenue was $1.21 Mil.
Gross Profit was $0.88 Mil.
Total Current Assets was $13.70 Mil.
Total Assets was $14.76 Mil.
Property, Plant and Equipment(Net PPE) was $0.13 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.03 Mil.
Selling, General, & Admin. Expense(SGA) was $3.41 Mil.
Total Current Liabilities was $1.49 Mil.
Long-Term Debt & Capital Lease Obligation was $0.10 Mil.
Net Income was $-2.54 Mil.
Gross Profit was $-0.33 Mil.
Cash Flow from Operations was $-1.74 Mil.

Total Receivables was $0.47 Mil.
Revenue was $0.54 Mil.
Gross Profit was $0.37 Mil.
Total Current Assets was $16.64 Mil.
Total Assets was $17.47 Mil.
Property, Plant and Equipment(Net PPE) was $0.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.03 Mil.
Selling, General, & Admin. Expense(SGA) was $2.73 Mil.
Total Current Liabilities was $1.06 Mil.
Long-Term Debt & Capital Lease Obligation was $0.12 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)
	=	(0.28 / 1.211)	/	(0.466 / 0.538)
	=	0.231214	/	0.866171
	=	0.2669

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)
	=	(0.368 / 0.538)	/	(0.879 / 1.211)
	=	0.684015	/	0.725846
	=	0.9424

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 - (13.697 + 0.134) / 14.757)	/	(1 - (16.635 + 0.16) / 17.467)
	=	0.06275	/	0.038473
	=	1.631

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
	=	1.211	/	0.538
	=	2.2509

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))
	=	(0.03 / (0.03 + 0.16))	/	(0.033 / (0.033 + 0.134))
	=	0.157895	/	0.197605
	=	0.799

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)
	=	(3.408 / 1.211)	/	(2.734 / 0.538)
	=	2.814203	/	5.081784
	=	0.5538

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)
	=	((0.101 + 1.489) / 14.757)	/	((0.123 + 1.056) / 17.467)
	=	0.107745	/	0.067499
	=	1.5962

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
	=	(-2.542 - -0.327	-	-1.742)	/	14.757
	=	-0.032053

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.

Immuron has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.

Immuron Beneish M-Score Related Terms

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Immuron (Immuron) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Immuron Ltd (NAS:IMRN) » Definitions » Beneish M-Score

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Traded in Other Exchanges

ANWA:Germany IMC:Australia

Address

Chapman Street, Unit 10, 25-37, Blackburn North, Melbourne, VIC, AUS, 3130

Website

https://www.immuron.com.au

Immuron Ltd is a clinical-stage biopharmaceutical company focused on the development and commercialization of a novel class of immunomodulator polyclonal antibodies to treat liver diseases, infectious diseases and other immune-mediated diseases, such as colitis. The company's product, IMM-124E, is a proprietary immunomodulatory agent targeted at GI immune-mediated diseases including fatty liver diseases. The company functions in two segments namely, Research and Development and Hyperimmune products.