Orgenesis Inc.
ORGS Healthcare Biotechnology
Orgenesis Inc.’s revenue for fiscal 2024 (year ended December 2024) was $1.0 million, up 95.3% from fiscal 2023. In the quarter to December 2024, revenue grew 82.4%, EPS fell 211.9% and free cash flow fell 317.9%, each against the same quarter a year earlier.
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Orgenesis Inc. (ORGS) Beneish M-score
Orgenesis Inc.'s Beneish M-score for fiscal 2024 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −1.20 | (0.65) |
| FY2018 | −0.54 | 3.98 |
| FY2017 | −4.52 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.04 | — | 0.03 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.01 | — | 0.01 | |
| Sales growth index | 1.95 | — | 1.74 | |
| Depreciation index | 0.66 | — | 0.08 | |
| SG&A index | 0.22 | — | −0.04 | |
| Total accruals to total assets | (23.64) | — | −110.61 | |
| Leverage index | 10.78 | — | −3.52 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| CDIO Cardio Diagnostics Holdings, Inc. compare | −3.5× |
| TRAW Traws Pharma, Inc. compare | 2,517× |
| NRSN NeuroSense Therapeutics Ltd. compare | — |
| ORGS Orgenesis Inc. | — |
| CANF Can-Fite Biopharma Ltd compare | — |
| BGMS Bio Green Med Solution, Inc. compare | — |
| IMNN Imunon, Inc. compare | — |
| CELZ Creative Medical Technology Holdings, Inc. compare | — |
| ALZN Alzamend Neuro, 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