Neuralstem, Inc. :CUR-US: Earnings Analysis: Q3, 2016 By the Numbers : November 11, 2016

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

We analyze the earnings along side the following peers of Neuralstem, Inc. – Titan Pharmaceuticals, Inc., Cytokinetics, Incorporated, Acorda Therapeutics, Inc., Geron Corporation, Albany Molecular Research, Inc., BioTime, Inc., Neurocrine Biosciences, Inc., Aceto Corporation, Charles River Laboratories International, Inc. and Intra-Cellular Therapies, Inc. (TTNP-US, CYTK-US, ACOR-US, GERN-US, AMRI-US, BTX-US, NBIX-US, ACET-US, CRL-US and ITCI-US) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of USD 0.00 million, Net Earnings of USD -5.22 million.
  • Year-on-year change in operating cash flow of 18.74% 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:

2015-09-30 2015-12-31 2016-03-31 2016-06-30 2016-09-30
Relevant Numbers (Quarterly)
Revenues (mil) 0 0 0 0 0
Revenue Growth (%YOY) -50 -46.42 -14.3 0 0
Earnings (mil) -5.64 -4.77 -6.61 -3.85 -5.22
Earnings Growth (%YOY) -26.54 13.41 -30.73 29.29 7.4
Net Margin (%) -225502.72 -190606.04 -264231.32 -154100.36 -208811.32
EPS -0.06 -0.05 -0.07 -0.04 -0.05
Return on Equity (%) -192.39 -274.85 -1101.45 -4619.99 N/A
Return on Assets (%) -94.92 -105.34 -209.32 -131.18 -192.05

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Market Share Versus Profits

Revenues History
Earnings History

CUR-US‘s change in revenue this period compared to the same period last year of 0% 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 CUR-US is holding onto its market share. Also, for comparison purposes, revenues changed by 0% and earnings by -35.50% 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?

CUR-US‘s change in operating cash flow of 18.74% 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 growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from -207,900.80% to -196,680.20% and (2) one-time items. The company’s pretax margins are now -208,811.32% compared to -225,502.72% 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

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Company Profile

Neuralstem, Inc. is a biopharmaceutical company, which is focused on the research, development and commercialization of central nervous system therapies based on human neuronal stem cells and small molecule compounds. Its patented technology enables the commercial-scale production of multiple types of central nervous system stem cells, which are under development for the potential treatment of central nervous system diseases and conditions. The company was founded by I. Richard Garr, Karl Y. Johe and Merrill Solomon in 1996 and is headquartered in Germantown, MD.

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