CytomX Therapeutics, Inc. :CTMX-US: Earnings Analysis: Q4, 2015 By the Numbers

CytomX Therapeutics, Inc. reports financial results for the quarter ended December 31, 2015.

We analyze the earnings along side the following peers of CytomX Therapeutics, Inc. – OncoMed Pharmaceuticals, Inc. and Ohr Pharmaceutical, Inc. (OMED-US and OHRP-US) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of USD 1.99 million, Net Earnings of USD -11.49 million.
  • Year-on-year change in operating cash flow of -67.40% 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:

2014-03-31 2015-03-31 2015-06-30 2015-09-30 2015-12-31
Relevant Numbers (Quarterly)
Revenues (mil) 0.64 1.74 2.04 1.94 1.99
Revenue Growth (%YOY) N/A N/A N/A N/A 213.07
Earnings (mil) -17 -6.21 -5.81 -11.87 -11.49
Earnings Growth (%YOY) N/A N/A N/A N/A 32.45
Net Margin (%) -2677.8 -356.54 -284.19 -612.17 -577.82
EPS -0.29 -0.12 -0.64 -14.26 -0.33
Return on Equity (%) N/A N/A -105.21 -101.72 -53.76
Return on Assets (%) N/A -36.73 -22.98 -36.61 -28.53

Access our Ratings and Scores for CytomX Therapeutics, Inc.

Market Share Versus Profits

Revenues History
Earnings History

CTMX-US‘s change in revenue this period compared to the same period last year of 213.07% 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 2.53% and earnings by 3.23% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

Cash Versus Earnings – Sustainable Performance?

CTMX-US‘s change in operating cash flow of -67.40% 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

Margins

The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from -2,653.07% to -579.68% and (2) one-time items. The company’s pretax margins are now -577.72% compared to -2,677.80% for the same period last year.

EBIT Margin Versus PreTax Margin
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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