iBio, Inc. :IBIO-US: Earnings Analysis: Q2, 2017 By the Numbers : March 20, 2017

iBio, Inc. reports financial results for the quarter ended December 31, 2016.

We analyze the earnings along side the following peers of iBio, Inc. – Genocea Biosciences, Inc., Johnson & Johnson, Aviragen Therapeutics Inc, Newlink Genetics Corporation, PharmAthene, Inc., Nektar Therapeutics, Achaogen, Inc., Emergent BioSolutions Inc. and Immunomedics, Inc. (GNCA-US, JNJ-US, AVIR-US, NLNK-US, PIP-US, NKTR-US, AKAO-US, EBS-US and IMMU-US) that have also reported for this period.


  • Summary numbers: Revenues of USD 0.08 million, Net Earnings of USD -3.23 million.
  • Year-on-year change in operating cash flow of -113.80% 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:

2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31
Relevant Numbers (Quarterly)
Revenues (mil) 0.08 0.14 0.28 0.38 0.13
Revenue Growth (%YOY) -44.03 -15.63 -12.97 8.6 -63.49
Earnings (mil) -3.23 -3.06 -2.68 -3.04 -2.25
Earnings Growth (%YOY) -43.77 -69.58 -42.02 -81.04 -35.87
Net Margin (%) -4305.33 -2267.41 -973.45 -801.06 -1676.12
EPS -0.04 -0.03 -0.03 -0.04 -0.03
Return on Equity (%) -68.26 -54.73 -45.6 -78.87 -101.59
Return on Assets (%) -27.99 -24.56 -20.94 -40.43 -86.43

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Market Share Versus Profits

Revenues History
Earnings History

IBIO-US‘s change in revenue this period compared to the same period last year of -44.03% 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 IBIO-US is holding onto its market share. Also, for comparison purposes, revenues changed by -44.44% and earnings by -5.49% 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?

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

IBIO-US‘s change in operating cash flow of -113.80% 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


The company’s decline in earnings has been influenced by the following factors: (1) Decline in operating margins (EBIT margins) from -1,669.40% to -4,433.33% and (2) one-time items that contributed to a decrease in pretax margins from -1,676.12% to -5056%

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

iBio, Inc. operates as a biotechnology company which focuses on commercializing its proprietary technology, iBioLaunch and iBioModulator, and developing product candidates derived from these platforms. iBioLaunch is a proprietary, transformative platform technology for development and production of biologics using transient gene expression in hydroponically grown, unmodified green plants. iBioModulator is a proprietary technology platform that is designed to improve the potency and duration of effect of both prophylactic and therapeutic vaccines produced with any recombinant expression technology including iBioLaunch. The company was founded on April 15, 1993 and is headquartered in Newark, DE.

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