EDITAS MEDICINE Reports Fourth Quarter FY2022 Earnings Results on February 22 2023.
March 3, 2023
Earnings report
EDITAS MEDICINE ($NASDAQ:EDIT) recently released their fourth quarter FY2022 earnings results, ending December 31 2022, on February 22 2023. The total revenue reported for the quarter was USD -60.7 million, a 46.6% decrease compared to the same quarter of the previous year. Net income for the quarter was USD 6.5 million, a 47.6% decrease compared to the same period of the previous year. These figures demonstrate a continuing decline in EDITAS MEDICINE’s financial performance and have raised concerns among investors about the company’s long-term prospects.
Despite these figures, EDITAS MEDICINE remains optimistic about the future, stating that they will continue to focus on developing their innovative genomic therapies and exploring new opportunities for growth and expansion. Moving forward, investors will be closely monitoring the company’s progress to judge whether EDITAS MEDICINE is able to turn their financial fortunes around.
Market Price
On the market opening, EDITAS MEDICINE stock opened at $9.5 and closed at $9.8, representing a 6.2% rise from their previous closing price of $9.2. This marks a further success for EDITAS MEDICINE, who are dedicated to translating their pioneering genome editing technology into transformational medicines to benefit people with serious disease. These quarterly results will likely continue to give assurance to the company’s shareholders and potential investors, that EDITAS MEDICINE is on track for continued success. 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 |
| 19.71 | -220.43 | -1118.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Editas Medicine. More…
| Operations | Investing | Financing |
| -177.35 | 114.07 | 1.28 |
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 |
| 514.32 | 153.64 | 5.24 |
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 |
| -1.3% | – | -1146.3% |
| FCF Margin | ROE | ROA |
| -920.6% | -36.4% | -27.5% |
Analysis
At GoodWhale, we recently performed an analysis of EDITAS MEDICINE‘s wellbeing. The results were displayed as a Star Chart which uses four financial health categories: Asset, Growth, Dividend, and Profitability. It was determined that EDITAS MEDICINE had strong asset values and medium growth, however it was weak in dividend and profitability. EDITAS MEDICINE was also classified as an ‘elephant’, which is a type of company that is rich in assets after deducting off liabilities. This type of company is likely to interest investors looking for more stability and less risk due to its large asset sizes. EDITAS MEDICINE had an intermediate health score of 4 out of 10 with regard to cashflows and debt, indicating that the company could safely ride out any crisis without the risk of bankruptcy. This score would likely be attractive to investors seeking to invest in a business with a stable financial situation. 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
EDITAS Medicine had a tough quarter, with total revenue of USD -60.7 million and net income of USD 6.5 million, both decreases of 46.6% and 47.6%, respectively. Despite the financial losses, their stock price moved up the same day. This suggests that investors are still confident in the company’s long-term prospects. However, given the poor quarterly performance, investors should keep a close watch on EDITAS Medicine’s financial performance in the coming quarters to get a fuller assessment of the company’s health.
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