Moderna, Inc. stock research
FY2024 Q1
Moderna (MRNA) Gross Margin — Quarter Ended Mar 31, 2024
Revenue declined substantially compared to both the prior quarter and the same quarter a year earlier, while cost of revenue declined by a smaller proportion. As a result, gross profit fell and gross margin weakened significantly.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue declined substantially compared to both the prior quarter and the same quarter a year earlier, while cost of revenue declined by a smaller proportion. As a result, gross profit fell and gross margin weakened significantly.
- The most observable margin driver is the sharp decline in revenue relative to the reduction in cost of revenue, which compressed gross profit and pulled the gross margin lower.
- Compared with the immediately preceding quarter, revenue, gross profit, and gross margin were all lower, while cost of revenue was also lower but by a smaller magnitude. Versus the same quarter one year earlier, all four metrics were lower, with gross margin weakening.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
42.5%
Gross profit
$71.0M
Revenue
$167.0M
Cost of revenue
$96.0M
Quarter-over-quarter change
-24.4 pts
Year-over-year change
-15.0 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $344.0M | -$387.0M | $731.0M | -112.5% |
| Sep 30, 2023 | $1.8B | -$410.0M | $2.2B | -22.4% |
| Dec 31, 2023 | $2.8B | $1.9B | $929.0M | 67.0% |
| Mar 31, 2024 | $167.0M | $71.0M | $96.0M | 42.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
-24.4 pts
Year-over-year change
Mar 31, 2023
-15.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable margin driver is the sharp decline in revenue relative to the reduction in cost of revenue, which compressed gross profit and pulled the gross margin lower.
Compared with the immediately preceding quarter, revenue, gross profit, and gross margin were all lower, while cost of revenue was also lower but by a smaller magnitude. Versus the same quarter one year earlier, all four metrics were lower, with gross margin weakening.
Monitor the company's cash, cash equivalents, and investments, which decreased during the period, as well as the net cash outflow from operating activities noted in the filing.