CYTOKINETICS Announces Q2 FY2023 Financial Results with 99.0% Year-Over-Year Revenue Decrease
August 25, 2023
🌥️Earnings Overview
CYTOKINETICS ($NASDAQ:CYTK) reported their FY2023 Q2 earnings results on August 3 2023, with total revenue of USD 0.9 million, marking a 99.0% decrease year over year. Net income for the quarter was reported to be USD -128.6 million, significantly lower than the -19.8 million reported in the same quarter the previous year.
Analysis
GoodWhale has conducted an analysis of CYTOKINETICS‘s financials and based on this assessment, the company is considered as a medium risk investment. Risk Rating considers both financial and business elements to determine this rating. Additionally, GoodWhale has detected three risk warnings in the balance sheet, cashflow statement, and non-financial categories. These categories allow investors to gain a comprehensive overview of the company’s risks and opportunities. To find out more about these risk warnings, investors can register on GoodWhale.com. Here, they can access this analysis and gain important insights into CYTOKINETICS’s financials and performance. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Cytokinetics. More…
| Total Revenues | Net Income | Net Margin |
| 9.95 | -539.62 | -5198.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Cytokinetics. More…
| Operations | Investing | Financing |
| -426.32 | -15.5 | 417.2 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Cytokinetics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 779.9 | 1.11k | -3.48 |
Key Ratios Snapshot
Some of the financial key ratios for Cytokinetics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -18.9% | – | -4832.9% |
| FCF Margin | ROE | ROA |
| -4390.8% | 107.0% | -38.5% |
Peers
The company’s main competitors are Rubius Therapeutics Inc, XSpray Pharma AB, and Proteo Inc.
– Rubius Therapeutics Inc ($NASDAQ:RUBY)
Rubius Therapeutics Inc is a clinical-stage biopharmaceutical company focused on the development of a new class of therapeutics called Red Cell Therapeutics (RCTs). RCTs are living medicines that are derived from red blood cells and have the potential to treat a wide range of diseases with a single administration. The company’s lead product candidate, RTX-134, is in development for the treatment of severe combined immunodeficiency (SCID), a rare and potentially fatal genetic disease. Rubius has completed a Phase 1/2 clinical trial of RTX-134 in SCID patients and is preparing for a Phase 3 clinical trial.
Rubius has a market capitalization of $31.69 million and a negative return on equity of 105.38%. The company’s lead product candidate, RTX-134, is in development for the treatment of severe combined immunodeficiency (SCID), a rare and potentially fatal genetic disease. Rubius has completed a Phase 1/2 clinical trial of RTX-134 in SCID patients and is preparing for a Phase 3 clinical trial.
– XSpray Pharma AB ($LTS:0GHZ)
Spray Pharma AB is a pharmaceutical company with a market cap of 1.28B as of 2022. The company has a Return on Equity of -12.71%. Spray Pharma AB focuses on the development and commercialization of drugs for the treatment of rare diseases.
Summary
CYTOKINETICS reported dismal results for their fiscal year 2023 second quarter, with total revenue of just USD 0.9 million, representing a 99.0% decrease year over year. This resulted in a net loss of USD 128.6 million, a significant decline from the previous period’s loss of -19.8 million. Investors should take these results into account when considering whether or not to invest in CYTOKINETICS. However, the company recently received FDA approval for a new drug, and has an experienced management team in place, which may make it an attractive investment opportunity in the long term.
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