NASDAQ$OABI
OmniAb Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported financial results for the first quarter of 2024 and provided operating and partner program updates.
OmniAb reported a decrease in revenue for Q1 2024 to $3.8 million, compared to $16.9 million in the same period in 2023, primarily due to the recognition of a $10 million milestone in 2023 and lower service revenue. The company's net loss increased to $19.0 million, or $0.19 per share, compared to a net loss of $6.1 million, or $0.06 per share, for the same period in 2023.
- Added three new platform license agreements, bringing the total active partners to 80.
- The decrease in revenue was primarily due to the recognition in the 2023 period of a $10 million milestone and lower service revenue.
- Net loss for the first quarter of 2024 was $19.0 million, or $0.19 per share.
- As of March 31, 2024, OmniAb had cash, cash equivalents and short-term investments of $69.0 million.
Headline financials
Revenue & EPS history
OmniAb · Revenue · Quarterly
$3.8M
Revenue by segment
OmniAb · $5.48M total across 3 segments · Q3 2023
- Service Revenue$3.02M—55.1%
- License and Milestone$2.01M—36.7%
- Royalty Revenue$451K—8.2%
Forward guidance
OmniAb continues to expect operating expense and cash use in 2024 to be approximately the same as in 2023. The company expects its cash use in 2025 to be substantially lower than in 2024 and anticipates that its current cash balance and cash from operations will provide sufficient capital to fund operations for the foreseeable future.
Tailwinds
- Operating expense in 2024 is expected to be approximately the same as in 2023.
- Cash use in 2024 is expected to be relatively similar to cash use in 2023, excluding the $35 million TECVAYLI milestone payment received in 2023.
- Cash use in 2025 is expected to be substantially lower than in 2024.
- Current cash balance and cash from operations are expected to provide sufficient capital to fund operations for the foreseeable future.
- Company is now staffed and resourced to leverage the future growth of the business.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports · overlaid with Q1 2024
-2.1%
Avg return
Earnings day
+1.5%
Avg return
5 days after
+4.1%
Avg return
30 days after
39%
7 / 18 earnings
Positive
+9.9%
Q4 2025
Best reaction
-20.4%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.1% | +29.4% | +72.7% | |
| Q4 2025 | +9.9% | +9.9% | -14.9% | |
| Q3 2025 | -4.1% | +0.7% | +31.8% | |
| Q1 2025 | -7.2% | -3.2% | -4.5% | |
| Q4 2024 | -20.4% | -20.4% | -43.9% | |
| Q3 2024 | -11.5% | -15.7% | -13.0% | |
| Q2 2024 | +4.4% | +4.9% | -2.2% | |
| Q1 2024 | +3.1% | -0.9% | +2.2% | |
| Q4 2023 | -2.5% | +0.8% | -11.4% | |
| Q3 2023 | -6.8% | +3.5% | +7.3% | |
| Q2 2023 | -5.7% | -3.8% | -10.4% | |
| Q1 2023 | +6.1% | +16.1% | +37.3% | |
| Q4 2022 | +9.5% | +10.1% | +3.6% | |
| Q3 2022 | -15.5% | -4.1% | +19.3% | |
| Q2 2022 | +0.2% | +0.1% | +0.3% | |
| Q1 2022 | -0.0% | +0.0% | +0.1% | |
| Q4 2021 | -0.0% | -0.1% | -0.1% | |
| Q3 2021 | +0.0% | +0.0% | -0.1% |
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