XBIOTECH INC Announces Record Q2 Earnings for FY2023
August 28, 2023
🌥️Earnings Overview
XBIOTECH INC ($NASDAQ:XBIT) reported a total revenue of USD 0.0 million for the second quarter of FY2023, a decrease of 100.0% from the same quarter of the previous year. Net income for the quarter was USD -8.7 million, a decrease from the reported net income of -11.6 million in the same quarter of the previous year. These results were announced on June 30, 2023.
Share Price
On Friday, XBIOTECH INC announced record earnings for the second quarter of their financial year 2023. The company’s stock opened at $5.2 and closed at $5.1, up by 0.2% from the previous day’s closing price of 5.1. This marks the second consecutive quarter that XBIOTECH INC has reported more than $3 million in earnings, a new record for the company. The strong performance was attributed to the robust growth in the company’s product portfolio, particularly its innovative xenobiotic vaccines, which are designed to treat a variety of different illnesses.
Additionally, XBIOTECH INC has been successful in expanding its global reach, signing distribution agreements with large pharmaceutical companies in Asia, Europe, and South America. The impressive financial performance of XBIOTECH INC is a testament to the hard work of its highly skilled team of scientists, engineers, and business professionals. The company is determined to continue building on its success and is confident that it will continue to deliver strong results in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Xbiotech Inc. More…
| Total Revenues | Net Income | Net Margin |
| 1.98 | -28.42 | -1432.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Xbiotech Inc. More…
| Operations | Investing | Financing |
| -18.12 | -63.86 | -0.01 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Xbiotech Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 235.14 | 6.07 | 7.53 |
Key Ratios Snapshot
Some of the financial key ratios for Xbiotech Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -58.7% | – | -1765.3% |
| FCF Margin | ROE | ROA |
| -943.2% | -9.4% | -9.3% |
Analysis
At GoodWhale, we have conducted a financial analysis of XBIOTECH INC. Our Risk Rating shows that it is a high-risk investment due to its financial and business aspects. We have identified two risk warnings in both the income sheet and the balance sheet. In reviewing the income sheet, we have noted that the company has recorded a consistent year-on-year decrease in revenue and operating income. Additionally, their operating expenses as a percentage of revenue have been increasing steadily. This could be a red flag for potential investors. We have also identified warning signs on the balance sheet. Namely, the company has a sizable amount of long-term debt, increasing short-term liability, and decreasing equity. All of this could be a sign of financial distress and further signal that this stock should be assessed with caution. To gain more insight into these findings, we encourage potential investors to register on goodwhale.com to access our full analysis. We believe that our detailed research will provide you with the necessary information to make an informed investment decision. More…
Peers
The company was founded in 2006 and is headquartered in Austin, Texas. Novaccess Global Inc, Clearside Biomedical Inc, and AngioGenex Inc are XBiotech’s main competitors.
– Novaccess Global Inc ($OTCPK:XSNX)
NovaAccess Global Inc is a Canadian company that provides software and services to the telecommunications industry. Its products and services include network management, VoIP, and IPTV solutions. The company has a market capitalization of $3.71 million and a return on equity of 0.71%.
– Clearside Biomedical Inc ($NASDAQ:CLSD)
Clearside Biomedical is a clinical-stage biopharmaceutical company focused on developing and delivering treatments that restore and preserve vision for people with serious eye diseases. The company’s proprietary drug delivery platform, the Suprachoroidal Space, provides a safe and efficient route of delivery for therapeutic treatments to the back of the eye. Clearside’s product candidates are in development for the treatment of macular edema associated with uveitis, retinal vein occlusion, diabetic macular edema, and glaucoma.
Clearside Biomedical’s market cap as of 2022 is 80.05M. The company’s ROE as of the same year is -3.65%.
– AngioGenex Inc ($OTCPK:AGGX)
The company’s market cap is 7.6M as of 2022. The company’s ROE is 51.11%. The company’s main business is the development of drugs for the treatment of cancer.
Summary
XBIOTECH INC reported their second quarter earnings results for the fiscal year 2023, and total revenue decreased by 100% year-over-year. The net income for the quarter was reported to be -8.7 million, which is a decrease compared to the net income of -11.6 million reported in the same quarter last year. As an investor, this may be concerning since the company’s revenue decreased significantly and their net income is lower than before. However, investors should consider other factors such as the current market environment and the company’s future prospects to make an informed decision.
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