pSivida Corp. :PSDV-US: Earnings Analysis: Q4, 2017 By the Numbers : October 5, 2017

pSivida Corp. reports financial results for the quarter ended June 30, 2017.


  • Summary numbers: Revenues of USD 0.70 million, Net Earnings of USD -6.12 million.
  • Change in operating cash flow of -2.42% compared to same period last year is about the same as 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:

2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30
Relevant Numbers (Quarterly)
Revenues (mil) 0.7 0.59 5.97 0.28 0.3
Revenue Growth (%YOY) 130.59 82.1 1035.17 -40.56 -25.67
Earnings (mil) -6.12 -5.14 -0.07 -7.16 -6.39
Earnings Growth (%YOY) 4.24 -1.96 98.71 -45.19 -24.12
Net Margin (%) -872.47 -871.19 -1.12 -2585.56 -2100.99
EPS -0.16 -0.15 -0 -0.21 -0.19
Return on Equity (%) -47.33 -37.69 -0.46 -40.54 -26.93
Return on Assets (%) -135.23 -110.39 -1.2 -101.32 -75.38

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Market Share Versus Profits

Revenues History
Earnings History

Compared to the same period last year, PSDV-US’s change in revenue was close to the amount of its change in earnings. It remains to be seen how the rest of its peer group’s results will turn out and if PSDV-US’s performance is a sign of any major shift in the composition of market share in this sector. Also, for comparison purposes, revenues changed by 18.81% and earnings by -18.99% compared to the previous period.

Cash Versus Earnings – Sustainable Performance?

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

PSDV-US’s year-on-year change in operating cash flow of -2.42% is around its change in earnings. This suggests that there are likely no significant movement in accruals or reserves for managing earnings this period.


The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from -2,123.68% to -875.32% and (2) one-time items. The company’s pretax margins are now -872.47% compared to -2,113.49% for the same period last year.

EBIT Margin History
PreTax Margin History

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Company Profile

pSivida Corp. develops tiny, sustained-release products, which are designed to deliver drugs and biologics at a controlled and steady rate for weeks, months or years. The company through its technology platforms Duraser and Tethadur is focused on treatment of chronic diseases of the back of the eye and are also exploring applications outside ophthalmology. It is also developing a bioerodible, injectable micro-insert delivering latanoprost to treat glaucoma and ocular hypertension. pSivida was founded by Roger Aston in March 2008 and is headquartered in Waterson, MA.

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