Argos Therapeutics, Inc. :ARGS-US: Earnings Analysis: Q3, 2016 By the Numbers : November 28, 2016

Argos Therapeutics, Inc. reports financial results for the quarter ended September 30, 2016.

We analyze the earnings along side the following peers of Argos Therapeutics, Inc. – Amgen Inc., Hemispherx Biopharma, Inc., Fortress Biotech, Inc., Celldex Therapeutics, Inc., Chemocentryx, Inc., Gilead Sciences, Inc. and Pfizer Inc. (AMGN-US, HEB-US, FBIO-US, CLDX-US, CCXI-US, GILD-US and PFE-US) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of USD 0.15 million, Net Earnings of USD -12.25 million.
  • Year-on-year change in operating cash flow of 47.16% is about the same as the change in earnings, likely no significant movement in accruals or reserves.
  • Earnings growth from operating margin improvements as well as one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30
Relevant Numbers (Quarterly)
Revenues (mil) 0.15 0.49 0.15 0.07 0.16
Revenue Growth (%YOY) -7.32 355.01 -18.09 -75.67 -60.28
Earnings (mil) -12.25 -12.61 -12.82 -17.56 -20.08
Earnings Growth (%YOY) 39.01 35.7 26.93 -8.25 -32.96
Net Margin (%) -8345.04 -2579.85 -8755.22 -23786.77 -12679.95
EPS -0.32 -0.48 -0.57 -0.84 -0.97
Return on Equity (%) -401.59 N/A N/A N/A N/A
Return on Assets (%) -55.92 -92.36 -138.81 -186.19 -172.23

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Market Share Versus Profits

Revenues History
Earnings History

ARGS-US‘s change in revenue this period compared to the same period last year of -7.32% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that ARGS-US is holding onto its market share. Also, for comparison purposes, revenues changed by -69.97% and earnings by 2.85% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Leader, Earnings Focus, Laggard, Revenues Focus

Cash Versus Earnings – Sustainable Performance?

ARGS-US‘s change in operating cash flow of 47.16% compared to the same period last year is about the same as its change in earnings this period. Additionally, this change in operating cash flow is about average among its peer group. This suggests that the company did not use accruals or reserves to manage earnings this period, and that, all else being equal, the earnings number is sustainable.

Operating Cash Flow Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Cash Flow based Earnings, Likely Non-cash Earnings, Low Cash Flow Base, Likely Undeclared Earnings

Margins

The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from -12,477.79% to -8,315.69% and (2) one-time items. The company’s pretax margins are now -8,345.04% compared to -12,679.95% for the same period last year.

EBIT Margin Versus PreTax Margin

Quadrant label definitions. Hover to know more

Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables
EBIT Margin History
PreTax Margin History

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Company Profile

Argos Therapeutics, Inc. is a biopharmaceutical company, which focuses on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases based on its proprietary technology platform called Arcelis. Its product candidates include AGS-003 for the treatment of metastatic renal cell carcinoma, or mRCC, and other cancers; and AGS-004 for the treatment of HIV. Argos Therapeutics was founded by Ralph Steinman on May 8, 1997 and is headquartered in Durham, NC.

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