OncoCyte (NasdaqGM:OCX) - Share price, News & Analysis

OCX fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	2/6
Past Performance	0/6
Financial Health	3/6
Dividends	0/6

OCX Stock Overview

Rewards

Revenue is forecast to grow 77.52% per year

Risk Analysis

Has less than 1 year of cash runway

Currently unprofitable and not forecast to become profitable over the next 3 years

Shareholders have been diluted in the past year

OncoCyte Competitors

Price History & Performance

Summary of all time highs, changes and price drops for OncoCyte
Historical stock prices
Current Share Price	US$1.02
52 Week High	US$6.25
52 Week Low	US$0.84
Beta	1.88
1 Month Change	4.06%
3 Month Change	-27.14%
1 Year Change	-82.44%
3 Year Change	-59.04%
5 Year Change	-80.38%
Change since IPO	-83.68%

Recent News & Updates

May 04

Revisiting OncoCyte Corp.

We circle back on OncoCyte Corp. for the first time in just over one year. This oncology diagnostic concern has several new products it plans to launch on the near-term horizon. A beneficial owner was a heavy buyer of a recent secondary offering. A full investment analysis is provided in the paragraphs below.

Shareholder Returns

	OCX	US Biotechs	US Market
7D	5.7%	10.3%	6.6%
1Y	-82.4%	-24.4%	-18.5%

Return vs Industry: OCX underperformed the US Biotechs industry which returned -25.1% over the past year.

Return vs Market: OCX underperformed the US Market which returned -20.5% over the past year.

Price Volatility

Is OCX's price volatile compared to industry and market?
OCX volatility
OCX Average Weekly Movement	8.9%
Biotechs Industry Average Movement	13.0%
Market Average Movement	8.0%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.1%

Stable Share Price: OCX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: OCX's weekly volatility (9%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2009	113	Ronnie, Ron Andrews	https://oncocyte.com

OncoCyte Corporation, a molecular diagnostics company, researches, develops, and commercializes proprietary laboratory-developed tests for the detection of cancer in the United States and internationally. The company offers DetermaRx, a molecular test for early-stage adenocarcinoma of the lung; and DetermaIO, a proprietary gene expression assay. It also provides biomarker discovery testing, assay design and development, and clinical trial support services, as well as various biomarker tests for pharmaceutical companies.

OncoCyte Fundamentals Summary

How do OncoCyte's earnings and revenue compare to its market cap?
OCX fundamental statistics
Market Cap	US$125.33m
Earnings (TTM)	-US$70.47m
Revenue (TTM)	US$8.03m

15.6x

P/S Ratio

-1.8x

P/E Ratio

Is OCX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
OCX income statement (TTM)
Revenue	US$8.03m
Cost of Revenue	US$7.82m
Gross Profit	US$205.00k
Other Expenses	US$70.67m
Earnings	-US$70.47m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.57
Gross Margin	2.55%
Net Profit Margin	-877.90%
Debt/Equity Ratio	1.7%

How did OCX perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is OCX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for OCX?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for OCX. This is calculated by dividing OCX's market cap by their current preferred multiple.
What is OCX's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$125.33m

OCX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	13.6x
Enterprise Value/EBITDA	-2.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does OCX's PS Ratio compare to its peers?

OCX PS Ratio vs Peers

The above table shows the PS ratio for OCX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	29.1x

Forward PS

Price-To-Sales vs Peers: OCX is good value based on its Price-To-Sales Ratio (15.6x) compared to the peer average (29.1x).

Price to Earnings Ratio vs Industry

How does OCX's PE Ratio compare vs other companies in the U.S. Biotechs Industry?

Price-To-Sales vs Industry: OCX is expensive based on its Price-To-Sales Ratio (15.6x) compared to the US Biotechs industry average (13.8x)

Price to Sales Ratio vs Fair Ratio

What is OCX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

OCX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	15.6x
Fair PS Ratio	13.5x

Price-To-Sales vs Fair Ratio: OCX is expensive based on its Price-To-Sales Ratio (15.6x) compared to the estimated Fair Price-To-Sales Ratio (13.5x).

Share Price vs Fair Value

What is the Fair Price of OCX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate OCX's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate OCX's fair value for valuation analysis.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate OCX's PEG Ratio to determine if it is good value.

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Future Growth

How is OncoCyte forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

6.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: OCX is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: OCX is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: OCX is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: OCX's revenue (77.5% per year) is forecast to grow faster than the US market (8.3% per year).

High Growth Revenue: OCX's revenue (77.5% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if OCX's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has OncoCyte performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-28.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: OCX is currently unprofitable.

Growing Profit Margin: OCX is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: OCX is unprofitable, and losses have increased over the past 5 years at a rate of 28.7% per year.

Accelerating Growth: Unable to compare OCX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: OCX is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (96.9%).

Return on Equity

High ROE: OCX has a negative Return on Equity (-123.7%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is OncoCyte's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: OCX's short term assets ($24.6M) exceed its short term liabilities ($14.0M).

Long Term Liabilities: OCX's short term assets ($24.6M) do not cover its long term liabilities ($75.4M).

Debt to Equity History and Analysis

Debt Level: OCX has more cash than its total debt.

Reducing Debt: OCX's debt to equity ratio has reduced from 22% to 1.7% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: OCX has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: OCX has less than a year of cash runway if free cash flow continues to reduce at historical rates of 29% each year

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Dividend

What is OncoCyte current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate OCX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate OCX's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if OCX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if OCX's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as OCX has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

2.3yrs

Average management tenure

CEO

Ronnie, Ron Andrews (61 yo)

2.92yrs

Tenure

US$2,921,838

Compensation

Mr. Ronald A. Andrews, Jr., also known as Ronnie or Ron, has been an Independent Director of Precipio, Inc. since March 01, 2021. Mr. Andrews has been the Chief Executive Officer and President of OncoCyte...

CEO Compensation Analysis

Compensation vs Market: Ronnie, Ron's total compensation ($USD2.92M) is above average for companies of similar size in the US market ($USD758.64K).

Compensation vs Earnings: Ronnie, Ron's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: OCX's management team is considered experienced (2.3 years average tenure).

Board Members

Experienced Board: OCX's board of directors are considered experienced (3.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: OCX insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 36.7%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/24 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31