KalVista Pharmaceuticals, Inc. :KALV-US: Earnings Analysis: Q2, 2018 By the Numbers : December 18, 2017

KalVista Pharmaceuticals, Inc. reports financial results for the quarter ended October 31, 2017.

We analyze the earnings along side the following peers of KalVista Pharmaceuticals, Inc. – Sonoma Pharmaceuticals, Inc., EyeGate Pharmaceuticals, Inc., Intersect ENT Inc and Cesca Therapeutics Inc. (SNOA-US, EYEG-US, XENT-US and KOOL-US) that have also reported for this period.


  • Summary numbers: Revenues of USD 1.13 million, Net Earnings of USD -4.99 million.
  • Year-on-year change in operating cash flow of 0.01% 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:

2017-10-31 2017-07-31 2017-04-30 2017-01-31 2016-06-30
Relevant Numbers (Quarterly)
Revenues (mil) 1.13 0.1 0.11 0.25 0.01
Revenue Growth (%YOY) 16000 1271.43 1325 3442.86 0
Earnings (mil) -4.99 -4.93 -4.2 -7.64 -7.35
Earnings Growth (%YOY) 32.16 25.41 25.75 -53.16 18.44
Net Margin (%) -442.41 -5133.33 -3685.96 -3082.26 -105000
EPS -0.5 -0.51 -0.43 -1.03 -10.37
Return on Equity (%) -17.25 -16.98 -12.7 -22.16 -18.58
Return on Assets (%) -60.87 -60.53 -46.43 -80.4 -67.06

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Market Share Versus Profits

Revenues History
Earnings History

KALV-US’s change in revenue this period compared to the same period last year of 16000% 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 KALV-US is holding onto its market share. Also, for comparison purposes, revenues changed by 1,073.96% and earnings by -1.18% 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.

KALV-US’s change in operating cash flow of 0.01% 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 earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from -50,628.57% to -526.80% and (2) one-time items. The company’s pretax margins are now -442.41% compared to -105000% 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

Access our Ratings and Scores for KalVista Pharmaceuticals, Inc.

Company Profile

KalVista Pharmaceuticals, Inc. is a pharmaceutical company, which engages in the discovery, development, and commercialization of small molecule protease inhibitors. It offers small molecule plasma kallikrein for the treatment of hereditary angioedema; diabetic macular edema; and other plasma kallikrein-associated diseases. The company was founded by Crockett, T. Andrew, Edward P. Feener, and Lloyd P. Aiello and is headquartered in Cambridge, MA.

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