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OncoCyte

AMEX:OCX
Snowflake Description

Excellent balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
OCX
AMEX
$131M
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

OncoCyte Corporation engages in the development and commercialization of non-invasive blood-based diagnostic tests for the early detection of cancer. The last earnings update was 44 days ago. More info.


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  • OncoCyte has significant price volatility in the past 3 months.
OCX Share Price and Events
7 Day Returns
-30.2%
AMEX:OCX
-0.8%
US Biotechs
-0.4%
US Market
1 Year Returns
-3.1%
AMEX:OCX
-3.7%
US Biotechs
4.3%
US Market
OCX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
OncoCyte (OCX) -30.2% -42.9% -36.2% -3.1% -29.2% -
US Biotechs -0.8% 2% -1.7% -3.7% 18% 5.6%
US Market -0.4% 2.8% 2.7% 4.3% 40.9% 38.2%
1 Year Return vs Industry and Market
  • OCX matched the Biotechs industry (-3.7%) over the past year.
  • OCX underperformed the Market in United States of America which returned 4.3% over the past year.
Price Volatility
OCX
Industry
5yr Volatility vs Market
Related Companies

OCX Value

 Is OncoCyte undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of OncoCyte to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for OncoCyte.

AMEX:OCX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AMEX:OCX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.32
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.32 (1 + (1- 21%) (1.07%))
1.222
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.22
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.222 * 5.96%)
10.01%

Discounted Cash Flow Calculation for AMEX:OCX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for OncoCyte is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

AMEX:OCX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.01%)
2019 -17.80 Analyst x1 -16.18
2020 -17.60 Analyst x1 -14.54
2021 -18.30 Analyst x1 -13.75
2022 -7.80 Analyst x1 -5.33
2023 19.00 Analyst x1 11.79
2024 21.56 Est @ 13.5% 12.17
2025 23.78 Est @ 10.27% 12.19
2026 25.68 Est @ 8.01% 11.97
2027 27.33 Est @ 6.42% 11.58
2028 28.78 Est @ 5.32% 11.09
Present value of next 10 years cash flows $21.00
AMEX:OCX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $28.78 × (1 + 2.73%) ÷ (10.01% – 2.73%)
$406.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $406.16 ÷ (1 + 10.01%)10
$156.44
AMEX:OCX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $21.00 + $156.44
$177.44
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $177.44 / 51.97
$3.41
AMEX:OCX Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.41
Current discount Discount to share price of $2.52
= -1 x ($2.52 - $3.41) / $3.41
26.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price OncoCyte is available for.
Intrinsic value
26%
Share price is $2.52 vs Future cash flow value of $3.41
Current Discount Checks
For OncoCyte to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • OncoCyte's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • OncoCyte's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for OncoCyte's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are OncoCyte's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AMEX:OCX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.38
AMEX:OCX Share Price ** AMEX (2019-06-26) in USD $2.52
United States of America Biotechs Industry PE Ratio Median Figure of 35 Publicly-Listed Biotechs Companies 18.55x
United States of America Market PE Ratio Median Figure of 3,094 Publicly-Listed Companies 17.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of OncoCyte.

AMEX:OCX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AMEX:OCX Share Price ÷ EPS (both in USD)

= 2.52 ÷ -0.38

-6.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • OncoCyte is loss making, we can't compare its value to the US Biotechs industry average.
  • OncoCyte is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does OncoCyte's expected growth come at a high price?
Raw Data
AMEX:OCX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -6.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
46.6%per year
United States of America Biotechs Industry PEG Ratio Median Figure of 26 Publicly-Listed Biotechs Companies 1.01x
United States of America Market PEG Ratio Median Figure of 2,133 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for OncoCyte, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on OncoCyte's assets?
Raw Data
AMEX:OCX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $0.73
AMEX:OCX Share Price * AMEX (2019-06-26) in USD $2.52
United States of America Biotechs Industry PB Ratio Median Figure of 431 Publicly-Listed Biotechs Companies 3x
United States of America Market PB Ratio Median Figure of 5,255 Publicly-Listed Companies 1.78x
AMEX:OCX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AMEX:OCX Share Price ÷ Book Value per Share (both in USD)

= 2.52 ÷ 0.73

3.43x

* Primary Listing of OncoCyte.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • OncoCyte is overvalued based on assets compared to the US Biotechs industry average.
X
Value checks
We assess OncoCyte's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Biotechs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Biotechs industry average (and greater than 0)? (1 check)
  5. OncoCyte has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

OCX Future Performance

 How is OncoCyte expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
46.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is OncoCyte expected to grow at an attractive rate?
  • OncoCyte's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • OncoCyte's earnings growth is expected to exceed the United States of America market average.
  • Unable to compare OncoCyte's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
AMEX:OCX Future Growth Rates Data Sources
Data Point Source Value (per year)
AMEX:OCX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 46.6%
United States of America Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 22.9%
United States of America Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 18.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AMEX:OCX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AMEX:OCX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 92 23 16 2
2022-12-31 54 -5 -2 2
2021-12-31 25 -16 -17 2
2020-12-31 1 -17 -21 5
2019-12-31 0 -18 -18 5
AMEX:OCX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 -16 -16
2018-12-31 -12 -16
2018-09-30 -13 -15
2018-06-30 -14 -19
2018-03-31 -13 -18
2017-12-31 -13 -19
2017-09-30 -13 -19
2017-06-30 -10 -14
2017-03-31 -9 -13
2016-12-31 -8 -11
2016-09-30 -7 -12
2016-06-30 -7 -11

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • OncoCyte's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if OncoCyte is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AMEX:OCX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from OncoCyte Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:OCX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.27 0.40 0.14 2.00
2022-12-31 -0.03 0.02 -0.08 2.00
2021-12-31 -0.30 -0.29 -0.31 2.00
2020-12-31 -0.39 -0.29 -0.53 5.00
2019-12-31 -0.36 -0.31 -0.41 5.00
AMEX:OCX Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.38
2018-12-31 -0.42
2018-09-30 -0.43
2018-06-30 -0.58
2018-03-31 -0.60
2017-12-31 -0.64
2017-09-30 -0.63
2017-06-30 -0.50
2017-03-31 -0.47
2016-12-31 -0.42
2016-09-30 -0.45
2016-06-30 -0.49

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if OncoCyte will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
X
Future performance checks
We assess OncoCyte's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
OncoCyte has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

OCX Past Performance

  How has OncoCyte performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare OncoCyte's growth in the last year to its industry (Biotechs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • OncoCyte does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare OncoCyte's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare OncoCyte's 1-year growth to the US Biotechs industry average as it is not currently profitable.
Earnings and Revenue History
OncoCyte's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from OncoCyte Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:OCX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 -15.84 8.90 5.77
2018-12-31 -15.75 8.69 5.89
2018-09-30 -15.21 8.23 6.19
2018-06-30 -19.15 11.73 6.50
2018-03-31 -18.45 11.42 6.80
2017-12-31 -19.38 11.68 7.17
2017-09-30 -18.52 10.95 7.10
2017-06-30 -14.21 7.17 6.62
2017-03-31 -12.94 6.92 5.82
2016-12-31 -11.17 5.46 5.68
2016-09-30 -11.60 5.91 5.68
2016-06-30 -11.43 6.00 5.41
2016-03-31 -10.29 5.18 5.10
2015-12-31 -8.74 4.19 4.53
2015-09-30 -6.70 2.45 4.22
2015-06-30 -5.34 1.33 3.99
2015-03-31 -5.14 1.04 4.09
2014-12-31 -4.99 1.01 3.96
2013-12-31 -3.50 0.55 2.94

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if OncoCyte has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if OncoCyte has efficiently used its assets last year compared to the US Biotechs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if OncoCyte improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess OncoCyte's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Biotechs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
OncoCyte has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

OCX Health

 How is OncoCyte's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up OncoCyte's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • OncoCyte is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • OncoCyte's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of OncoCyte's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 29.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from OncoCyte Company Filings, last reported 2 months ago.

AMEX:OCX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 38.19 0.96 39.86
2018-12-31 3.42 1.15 8.46
2018-09-30 7.52 1.33 11.65
2018-06-30 6.85 1.51 11.02
2018-03-31 9.02 1.69 13.56
2017-12-31 4.40 1.87 8.36
2017-09-30 8.05 1.98 12.03
2017-06-30 5.64 1.95 9.76
2017-03-31 8.77 1.92 13.00
2016-12-31 9.86 0.00 12.41
2016-09-30 12.68 0.00 15.09
2016-06-30 4.47 0.00 5.62
2016-03-31 6.90 0.00 7.64
2015-12-31 10.42 0.00 10.54
2015-09-30 8.94 3.30 12.01
2015-06-30 2.87 3.30 5.59
2015-03-31 -1.07 0.00 3.54
2014-12-31 -1.07 0.00 3.54
2013-12-31 3.62 0.00 4.73
  • OncoCyte's level of debt (3.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 3.7% today).
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.

  • OncoCyte has sufficient cash runway for 2.5 years based on current free cash flow.
  • OncoCyte has sufficient cash runway for 2.2 years if free cash flow continues to grow at historical rates of 25.4% each year.
X
Financial health checks
We assess OncoCyte's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. OncoCyte has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

OCX Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from OncoCyte dividends.
If you bought $2,000 of OncoCyte shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate OncoCyte's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate OncoCyte's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AMEX:OCX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Global Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 2.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2012 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AMEX:OCX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as OncoCyte has not reported any payouts.
  • Unable to verify if OncoCyte's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of OncoCyte's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as OncoCyte has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess OncoCyte's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can OncoCyte afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. OncoCyte has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

OCX Management

 What is the CEO of OncoCyte's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Annett
COMPENSATION $925,808
AGE 64
TENURE AS CEO 4 years
CEO Bio

Mr. William Annett, also known as Bill, MBA, has been the Chief Executive Officer of OncoCyte Corporation since June 16, 2015 and also serves as its President. Mr. Annett has extensive experience within the biotechnology and diagnostics industry, having held the position of Chief Executive Officer at six organizations as well as having experience in senior management positions at Genentech, Accenture and other companies. Mr. Annett was a Managing Director at Accenture from 2011 to 2014. He served as the Chief Executive Officer of BioFX Laboratories. from 1999 to 2000. In 2001 he founded and led Corra Life Sciences until 2003. He founded Western Canada Water and led it for six years as Chief Executive Officer. At Genentech, from 2003 to 2011 he led the Commercial Strategy group and managed large operational projects with several hundred team members. He directed the Project Finance function for R&D, which supported all development pipeline products with more than 200 clinical trials. He led one of Genentech's largest change initiatives, a $150 million/450 person effort that transformed that organization's commercial systems and business processes. He served as Managing Director of Accenture, where he founded, built and led Accenture's west coast Life Sciences practice, with sales, marketing and delivery responsibility for all lines of business and all clients in the territory. He has been a Director of OncoCyte Corporation since June 2015 and California Life Sciences Association since November 23, 2015. Mr. Annett holds a BA and an MA degrees and an MBA from the Harvard Business School.

CEO Compensation
  • Bill's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bill's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the OncoCyte management team in years:

1.2
Average Tenure
65
Average Age
  • The average tenure for the OncoCyte management team is less than 2 years, this suggests a new team.
Management Team

Bill Annett

TITLE
President
COMPENSATION
$926K
AGE
64
TENURE
4 yrs

Mitch Levine

TITLE
Chief Financial Officer
COMPENSATION
$873K
TENURE
1.6 yrs

Lyndal Hesterberg

TITLE
Chief Scientific Officer
COMPENSATION
$851K
TENURE
0.3 yrs

Al Parker

TITLE
Chief Operating Officer
TENURE
0.8 yrs

Padma Sundar

TITLE
Senior Vice President of Marketing & Market Access
TENURE
0.1 yrs

Mike West

TITLE
Scientific Advisor
COMPENSATION
$329K
AGE
65
TENURE
3.7 yrs

Judith Segall

TITLE
Secretary
AGE
65
Board of Directors Tenure

Average tenure and age of the OncoCyte board of directors in years:

2.8
Average Tenure
58.5
Average Age
  • The average tenure for the OncoCyte board of directors is less than 3 years, this suggests a new board.
Board of Directors

Cavan Redmond

TITLE
Chairman of the Board
COMPENSATION
$155K
AGE
57
TENURE
1.2 yrs

Bill Annett

TITLE
President
COMPENSATION
$926K
AGE
64
TENURE
4 yrs

Andy Arno

TITLE
Independent Director
COMPENSATION
$138K
AGE
59
TENURE
4 yrs

Andy Last

TITLE
Independent Director
COMPENSATION
$143K
AGE
58
TENURE
3.5 yrs

Al Kingsley

TITLE
Director
COMPENSATION
$119K
AGE
75
TENURE
9.8 yrs

Adi Mohanty

TITLE
Director
COMPENSATION
$9K
AGE
51
TENURE
4.2 yrs

Thomas Bauer

TITLE
Member of Medical Advisory Board
TENURE
2.1 yrs

D. Hogarth

TITLE
Member of Medical Advisory Board
TENURE
2.1 yrs

Ned Patz

TITLE
Member of Medical Advisory Board
TENURE
2.1 yrs

Anil Vachani

TITLE
Member of Medical Advisory Board
TENURE
2.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Feb 19 Buy Broadwood Capital, Inc. Company 08. Feb 19 08. Feb 19 533,333 $3.75 $1,999,999
X
Management checks
We assess OncoCyte's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. OncoCyte has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

OCX News

Simply Wall St News

Is OncoCyte Corporation (NYSEMKT:OCX) Expensive For A Reason? A Look At Its Intrinsic Value

Today, we will estimate the stock's intrinsic value by taking the expected future cash flows and discounting them to their present value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $-17.80 $-17.60 $-18.30 $-7.80 $19.00 $21.52 $23.70 $25.57 $27.19 $28.62 Growth Rate Estimate Source Analyst x1 Analyst x1 Analyst x1 Analyst x1 Analyst x1 Est @ 13.27% Est @ 10.11% Est @ 7.9% Est @ 6.35% Est @ 5.26% Present Value ($, Millions) Discounted @ 10.26% $-16.14 $-14.48 $-13.65 $-5.28 $11.66 $11.98 $11.96 $11.71 $11.29 $10.78 Present Value of 10-year Cash Flow (PVCF)= $19.84m "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = US$29m × (1 + 2.7%) ÷ (10.3% – 2.7%) = US$391m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = $US$391m ÷ ( 1 + 10.3%)10 = $147.16m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $167.00m.

Simply Wall St -

What Percentage Of OncoCyte Corporation (NYSEMKT:OCX) Shares Do Insiders Own?

Every investor in OncoCyte Corporation (NYSEMKT:OCX) should be aware of the most powerful shareholder groups. … With a market capitalization of US$223m, OncoCyte is a small cap stock, so it might not be well known by many institutional investors. … Check out our latest analysis for OncoCyte

Simply Wall St -

Do Insiders Own Shares In OncoCyte Corporation (NYSEMKT:OCX)?

A look at the shareholders of OncoCyte Corporation (NYSEMKT:OCX) can tell us which group is most powerful. … Generally speaking, as a company grows, institutions will increase their ownership. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

Does OncoCyte Corporation's (NYSEMKT:OCX) CEO Pay Compare Well With Peers?

Recognizing whether CEO incentives are aligned with shareholders is a crucial part of investing. … This is because, if incentives are aligned, more value is created for shareholders which directly impacts your returns as an investor. … Annett’s pay and compare this to the company’s performance over the same period, as well as measure it against other

Simply Wall St -

When Will OncoCyte Corporation (NYSEMKT:OCX) Become Profitable?

The US$116.24m market-cap company’s loss lessens since it announced a -US$19.37m bottom-line in the full financial year, compared to the latest trailing-twelve-month loss of -US$18.45m, as it approaches breakeven? … The most pressing concern for investors is OCX’s path to profitability – when will it breakeven. … I’ve put together a brief outline of industry analyst expectations for OCX, its year of breakeven and its implied growth rate

Simply Wall St -

OncoCyte Corporation (NYSEMKT:OCX): Is Breakeven Near?

In this article, I will touch on the expectations for OCX’s growth and when analysts expect the company to become profitable. … For a more comprehensive look at OCX, take a look at OCX’s company page on Simply Wall St. … Go into more detail in the past track record analysis and take a look at the free visual representations of our analysis for more clarity.

Simply Wall St -

Is OncoCyte Corporation's (NYSEMKT:OCX) CEO Incentives Align With Yours?

Performance can be measured based on factors such as earnings and total shareholder return (TSR). … Despite the fact that no standard benchmark exists, as remuneration should account for specific factors of the company and market, we can estimate a high-level base line to see if OCX is an outlier. … Normally I would use earnings and market cap to account for variations in performance, however, OCX's negative earnings lower the usefulness of my formula.

Simply Wall St -

What You Must Know About OncoCyte Corporation's (NYSEMKT:OCX) Market Risks

An asset-heavy company tends to have a higher beta because the risk associated with running fixed assets during a downturn is highly expensive. … As a result, the company may be less volatile relative to broad market movements, compared to a company of similar size but higher proportion of fixed assets. … However, this is the opposite to what OCX’s actual beta value suggests, which is higher stock volatility relative to the market.

Simply Wall St -

What Are Analysts Saying About OncoCyte Corporation's (NYSEMKT:OCX) Earnings Outlook?

The latest earnings update OncoCyte Corporation's (AMEX:OCX) released in December 2017 revealed company earnings became less negative compared to the previous year's level - great news for investors Investors may find it useful to understand how market analysts predict OncoCyte's earnings growth trajectory over the next few years and whether the future looks brighter. … Check out our latest analysis for OncoCyte Market analysts' consensus outlook for next year seems relatively unexciting, with earnings continuing to flop around in the negative territory, arriving at -US$17.91M in 2019. … The slope of this line is the rate of earnings growth, which in this case is 46.47%.

Simply Wall St -

OncoCyte Corporation (NYSEMKT:OCX): Are Analysts Optimistic?

In this article, I will touch on the expectations for OCX’s growth and when analysts expect the company to become profitable. … AMEX:OCX Past Future Earnings Mar 5th 18 Given this is a high-level overview, I won’t go into detail the detail of OCX’s upcoming projects, but, take into account that generally a biotech has lumpy cash flows which are contingent on the product type and stage of development the company is in. … For a more comprehensive look at OCX, take a look at OCX’s company page on Simply Wall St.

Simply Wall St -

OCX Company Info

Description

OncoCyte Corporation engages in the development and commercialization of non-invasive blood-based diagnostic tests for the early detection of cancer. The company is developing DetermaVu, a non-invasive molecular lung cancer confirmatory diagnostic that is administered to patients as a blood test. It also develops diagnostic tests based on liquid biopsies for detecting breast cancer. The company was founded in 2009 and is based in Alameda, California.

Details
Name: OncoCyte Corporation
OCX
Exchange: AMEX
Founded: 2009
$130,971,531
51,972,830
Website: http://www.oncocyte.com
Address: OncoCyte Corporation
1010 Atlantic Avenue,
Suite 102,
Alameda,
California, 94501,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AMEX OCX Common Shares NYSE MKT LLC US USD 31. Dec 2015
DB 7OC Common Shares Deutsche Boerse AG DE EUR 31. Dec 2015
LSE 0KCC Common Shares London Stock Exchange GB USD 31. Dec 2015
Number of employees
Current staff
Staff numbers
12
OncoCyte employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/27 00:49
End of day share price update: 2019/06/26 00:00
Last estimates confirmation: 2019/06/26
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.