EDITAS MEDICINE Reports Earnings Results for Second Quarter of Fiscal Year 2023 on June 30
August 4, 2023
🌥️Earnings Overview
EDITAS ($NASDAQ:EDIT): Net income improved slightly from -53.4 million in the same period in the previous year to -40.3 million on June 30 2023.
Stock Price
EDITAS MEDICINE, a company dedicated to developing transformative gene editing technologies and products to treat a range of serious diseases, reported its earnings results for the second quarter of fiscal year 2023 on June 30. On Wednesday, the stock opened at $8.5 and closed at $9.1, representing a 5.7% rise from its previous day’s closing price of $8.6. This increase in stock price reflects the company’s strong quarterly performance, which exceeded analysts’ expectations on both the top and bottom line.
Despite the decreased profits, EDITAS MEDICINE’s strong quarterly performance was reflected in its stock performance, as investors responded positively to the results and pushed the stock up by 5.7%. Going forward, EDITAS MEDICINE plans to continue its focus on developing gene editing technologies that can change the way serious diseases are treated and managed. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Editas Medicine. More…
| Total Revenues | Net Income | Net Margin |
| 19.32 | -205.79 | -1065.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Editas Medicine. More…
| Operations | Investing | Financing |
| -164.76 | 97.95 | 118.22 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Editas Medicine. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 541.95 | 142.04 | 4.9 |
Key Ratios Snapshot
Some of the financial key ratios for Editas Medicine are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -16.0% | – | -1118.4% |
| FCF Margin | ROE | ROA |
| -875.8% | -37.6% | -24.9% |
Analysis
At GoodWhale, we have looked into the fundamentals of EDITAS MEDICINE and given them a Star Chart health score of 4/10. This means that EDITAS MEDICINE has an intermediate score and might be able to safely ride out any crisis without the risk of bankruptcy. We classify them as an ‘elephant’ type of company, implying that they have a lot of assets after deducting off liabilities. For investors looking to invest in EDITAS MEDICINE, it is important to note that the company is strong in assets, but has weaker metrics when it comes to growth, dividend yield, and profitability. Therefore, investors should be aware that EDITAS MEDICINE may not provide the returns they would expect from a growth-oriented investment strategy. More…
Peers
In the world of gene-editing, three companies have emerged as leaders in the race to develop CRISPR-based treatments: Editas Medicine Inc, Intellia Therapeutics Inc, and CRISPR Therapeutics AG. All three companies are working on treatments for a variety of diseases, ranging from cancer to blindness. However, only Editas has begun to clinical trials on humans. This gives them a significant advantage over their competitors. While all three companies are working on cutting-edge science, Editas is in the lead to bring these treatments to market.
– Intellia Therapeutics Inc ($NASDAQ:NTLA)
Intellia Therapeutics Inc is a genomic editing company. Its technology involves the use of meganucleases and CRISPR/Cas9 to edit genomes. The company was founded in 2014 and is headquartered in Cambridge, Massachusetts.
As of 2022, Intellia Therapeutics Inc has a market cap of 4.19B and a Return on Equity of -43.06%. The company’s technology involves the use of meganucleases and CRISPR/Cas9 to edit genomes. Intellia Therapeutics Inc was founded in 2014 and is headquartered in Cambridge, Massachusetts.
– CRISPR Therapeutics AG ($NASDAQ:CRSP)
CRISPR Therapeutics AG is a clinical-stage biopharmaceutical company focused on developing transformative gene-based medicines for serious diseases. Its proprietary CRISPR/Cas9 platform enables it to target and edit genes with precision. The company is advancing a broad portfolio of first-in-class gene-edited therapies in hemoglobinopathies, oncology, and rare diseases.
– Beam Therapeutics Inc ($NASDAQ:BEAM)
Beam Therapeutics Inc is a clinical-stage biotechnology company. The Company focuses on developing precision genetic medicines through its proprietary base editing technology. Its product candidates include BTX-A51, BTX-A52, BTX-B18, BTX-B19 and BTX-B20. The Company’s base editor technology enables it to make precise, predictable and permanent changes to single base nucleotides in genomic DNA without making double-stranded breaks or requiring a donor template.
Summary
Investors in EDITAS MEDICINE have recently been presented with a mixed bag of results. On June 30 2023, the company announced their earnings results for the second quarter of the fiscal year 2023 which showed a 54.6% year-over-year decrease in total revenue, earning USD 2.9 million. Net income was reported as USD -40.3 million, slightly better than the -53.4 million reported for the same period in the prior year.
Despite this, investors responded positively to the results as the stock price moved up on the day of the announcement. Investors should continue to monitor EDITAS MEDICINE closely as their future performance could be indicative of future investment opportunities.
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