CytomX Therapeutics, Inc. :CTMX-US: Earnings Analysis: Q3, 2016 By the Numbers : November 22, 2016

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

We analyze the earnings along side the following peers of CytomX Therapeutics, Inc. – OncoMed Pharmaceuticals, Inc., Omeros Corporation and Onconova Therapeutics Inc. (OMED-US, OMER-US and ONTX-US) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of USD 3.45 million, Net Earnings of USD -14.66 million.
  • Year-on-year change in operating cash flow of -82.62% is about the same as the change in earnings, likely no significant movement in accruals or reserves.
  • Earnings decline largely a result of non-operational activity, pretax margins improved from -612.02% to -424.46%.

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) 3.45 3.09 2.22 1.99 1.94
Revenue Growth (%YOY) 78.13 51.44 27.61 N/A N/A
Earnings (mil) -14.66 -14.18 -16.03 -11.49 -11.87
Earnings Growth (%YOY) -23.52 -144.16 -158.07 N/A N/A
Net Margin (%) -424.49 -458.18 -721.05 -577.82 -612.17
EPS -0.4 -0.39 -0.44 -0.33 -14.26
Return on Equity (%) -61.54 -53 -53.67 -53.76 -101.72
Return on Assets (%) -29.34 -28.43 -32.9 -28.49 -36.61

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Market Share Versus Profits

Revenues History
Earnings History

CTMX-US‘s change in revenue this period compared to the same period last year of 78.13% 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 CTMX-US is holding onto its market share. Also, for comparison purposes, revenues changed by 11.64% and earnings by -3.43% 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?

CTMX-US‘s change in operating cash flow of -82.62% 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 decline is largely a result of non-operational activity. As a matter of fact, the company showed increases in operating (EBIT) and pretax margins. EBIT margins improved from -581.18% to -431.85% and pretax margins widened from -612.02% to -424.46%.

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

Access our Ratings and Scores for CytomX Therapeutics, Inc.

Company Profile

CytomX Therapeutics, Inc. operates as an oncology-base biopharmaceutical company, which focuses on developing probody therapeutics for the treatment of cancer. The company was founded in September, 2010 and is headquartered in South San Francisco, CA.

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