CEL-SCI Corp. :CVM-US: Earnings Analysis: Q3, 2017 By the Numbers : August 24, 2017

CEL-SCI Corp. reports financial results for the quarter ended June 30, 2017.

We analyze the earnings along side the following peers of CEL-SCI Corp. – Curis, Inc., BioCryst Pharmaceuticals, Inc., Amgen Inc., Xencor, Inc., CytRx Corporation, Johnson & Johnson, Vical Incorporated, Teva Pharmaceutical Industries Limited Sponsored ADR and Emergent BioSolutions Inc. (CRIS-US, BCRX-US, AMGN-US, XNCR-US, CYTR-US, JNJ-US, VICL-US, TEVA-US and EBS-US) that have also reported for this period.


  • Summary numbers: Revenues of USD 0.02 million, Net Earnings of USD -4.45 million.
  • Year-on-year change in operating cash flow of 42.29% is about the same as the change in earnings, likely no significant movement in accruals or reserves.
  • Narrowing of operating margins contributed to decline in earnings.

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

2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30
Relevant Numbers (Quarterly)
Revenues (mil) 0.02 0.02 0 0.1 0.13
Revenue Growth (%YOY) -86.62 -47.6 -100 0 -66.61
Earnings (mil) -4.45 -8.41 3.54 -1.11 -3.85
Earnings Growth (%YOY) -15.49 4.92 51.03 88.68 13.09
Net Margin (%) -25566.21 -48963.55 N/A -1099.52 -2961.59
EPS -0.53 -1.25 0.25 -0.25 -0.75
Return on Equity (%) N/A -1239.34 203.43 N/A N/A
Return on Assets (%) -207.22 -360.66 131.44 -34.18 -102.65

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Market Share Versus Profits

Revenues History
Earnings History

CVM-US‘s change in revenue this period compared to the same period last year of -86.62% 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 CVM-US is holding onto its market share. Also, for comparison purposes, revenues changed by 1.25% and earnings by 47.13% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

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Leader, Earnings Focus, Laggard, Revenues Focus

Cash Versus Earnings – Sustainable Performance?

It is important to examine a company�s cash versus earnings numbers to gauge whether its performance is sustainable.

CVM-US‘s change in operating cash flow of 42.29% 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

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


The company’s decline in earnings has been influenced by the following factors: (1) Decline in operating margins (EBIT margins) from -5,044.62% to -30,107.07% and (2) one-time items that contributed to a decrease in pretax margins from -2,961.59% to -25,566.21%

EBIT Margin Versus PreTax Margin

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

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Company Profile

CEL-SCI Corp. is a biotechnology company, which is involved in the research, development, and manufacture of investigational immunotherapy products for the treatment of cancer and infectious diseases. Its product pipeline includes Multikine and Ligand Epitope Presentation System (LEAPS). Multikine is an investigational immunotherapy for the potential treatment of head and neck cancers, and anal warts or cervical dysplasia in human immunodeficiency virus or human papillomavirus co-infected patients. LEAPS is categorized into LEAPS-H1N1-DC, a product candidate for the treatment of pandemic influenza for hospitalized patients; and CEL-2000 and CEL-4000 which are vaccine candidates for the treatment of rheumatoid arthritis. The company was founded by Maximilian de Clara on March 22, 1983 and is headquartered in Vienna, VA.

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