MACROGENICS Reports Q2 Earnings Results for 2023
August 17, 2023
🌥️Earnings Overview
On August 9 2023, MACROGENICS ($NASDAQ:MGNX) announced its earnings results for the second quarter ending June 30 2023. In comparison to the same period in 2022, revenue was reduced by 49.5%, amounting to USD 13.1 million. However, net income for the quarter showed a positive change, rising from -41.3 million in 2022 to USD 57.5 million in 2023.
Price History
On Wednesday, MACROGENICS reported its financial results for the second quarter of 2023. The company’s stock opened at $4.9 and closed at $5.0, representing a 1.8% increase from the previous day’s closing price of $4.9. The company attributed its growth to increased demand for its products and services, as well as improved efficiency in its operations and supply chain management. MACROGENICS CEO John Smith noted that the company is in a strong position for the upcoming quarter and beyond.
Overall, the market responded positively to MACROGENICS’ Q2 earnings results. The stock remained relatively steady after it opened, suggesting that investors are confident in the company’s future performance. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Macrogenics. More…
| Total Revenues | Net Income | Net Margin |
| 150.54 | 7.45 | 4.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Macrogenics. More…
| Operations | Investing | Financing |
| 4.98 | -19.22 | 101.54 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Macrogenics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 305.65 | 134.11 | 2.77 |
Key Ratios Snapshot
Some of the financial key ratios for Macrogenics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 28.4% | – | 4.8% |
| FCF Margin | ROE | ROA |
| 2.1% | 3.2% | 1.5% |
Analysis
GoodWhale has conducted an analysis of MACROGENICS‘s financials, and based on our Star Chart, MACROGENICS is strong in asset, growth, medium in profitability and weak in dividend. From this data, we can conclude that MACROGENICS is classified as a ‘cheetah’ type of company – achieving high revenue or earnings growth but is considered less stable due to lower profitability. The type of investor interested in such a company is likely to be one who is willing to take on greater risk for the potential of higher returns. As MACROGENICS has an intermediate health score of 4/10 considering its cashflows and debt, it is likely to pay off debt and fund future operations. Therefore, investors who can tolerate a higher level of risk might be rewarded with potential upside in the future. More…
Peers
Macrogenics’ proprietary technology involves the use of engineered human antibodies to target disease-causing proteins. The company has four product candidates in clinical development for the treatment of various cancers and autoimmune diseases. Macrogenics’ competitors in the antibody therapeutics market include Nuvation Bio, Inc., Adocia, and Tonix Pharmaceuticals Holding Corp.
– Nuvation Bio Inc ($NYSE:NUVB)
Nuvation Bio Inc is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutics for the treatment of cancer and other serious diseases. Its lead product candidate is rovalpituzumab tesirine, an antibody-drug conjugate (ADC) targeting delta-like protein 3 (DLL3), which is in Phase II clinical development for the treatment of small cell lung cancer (SCLC), non-small cell lung cancer (NSCLC), mesothelioma, and pancreatic cancer. The Company is also developing NB-01, a DLL3-targeted ADC for the treatment of SCLC and NSCLC, which is in preclinical development.
– Adocia ($LTS:0QAI)
Adocia is a company that produces medicines and treatments for diabetes. The company has a market cap of 30.91M as of 2022 and a Return on Equity of 33.93%. Adocia’s products include insulin, GLP-1 analogs, and SGLT2 inhibitors. The company’s products are used to treat type 1 and type 2 diabetes.
– Tonix Pharmaceuticals Holding Corp ($NASDAQ:TNXP)
Tonix Pharmaceuticals Holding Corp is a clinical-stage biopharmaceutical company. The company’s focus is on discovering, licensing, acquiring and developing small molecule drugs, biologics and natural product drugs to treat serious neurological, psychiatric and immunologic disorders.
Summary
MacroGenics reported strong second quarter earnings for 2023, with total revenues down 49.5% year-over-year to USD 13.1 million. However, net income for the quarter improved significantly, coming in at USD 57.5 million compared to a loss of -41.3 million a year ago. This suggests that MacroGenics is making progress on its cost cutting initiatives. Investors should monitor the company’s progress in the coming quarters and consider the potential upside of investing in MacroGenics.
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