Biodexa Pharmaceuticals PLC Unsponsored ADR
BDRX Healthcare Biotechnology
Biodexa Pharmaceuticals PLC Unsponsored ADR’s revenue for fiscal 2023 (year ended December 2023) was $473,900.00, down 45.2% from fiscal 2022.
Follow BDRX
Biodexa Pharmaceuticals PLC Unsponsored ADR (BDRX) Beneish M-score
Biodexa Pharmaceuticals PLC Unsponsored ADR's Beneish M-score for fiscal 2023 is 100.49; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | 100.49 | 103.97 |
| FY2022 | −3.48 | (1.96) |
| FY2021 | −1.52 | 7.99 |
| FY2020 | −9.50 | (6.60) |
| FY2019 | −2.90 | (2.30) |
| FY2018 | −0.61 | 2.14 |
| FY2017 | −2.75 | (1.99) |
| FY2016 | −0.76 | (4.56) |
| FY2015 | 3.80 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 257.64 | — | 104.09 | |
| Sales growth index | 0.55 | — | 0.49 | |
| Depreciation index | 0.88 | — | 0.10 | |
| SG&A index | 1.75 | — | −0.30 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 1.30 | — | −0.43 | |
| Beneish M-score | Flagged by the model | 100.49 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BDRX Biodexa Pharmaceuticals PLC Unsponsored ADR | 100× |
| SCNI Scinai Immunotherapeutics Ltd. Sponsored ADR compare | — |
| CDT CDT Equity Inc. compare | — |
| VINC Vincerx Pharma, Inc. compare | — |
| ATXI Avenue Therapeutics, Inc. compare | — |
| LYRA Lyra Therapeutics, Inc. compare | — |
| BTTX Better Therapeutics, Inc. compare | — |
| SEELQ Seelos Therapeutics, Inc. compare | — |
| EFTR eFFECTOR Therapeutics, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI