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Mar 31, 2020
Codexis Q1 2020 Earnings Report
Codexis reported strong financial results with R&D revenue increase, driven by Novartis and Takeda collaborations. 2020 financial guidance was withdrawn due to COVID-19 uncertainty.
Key Takeaways
Codexis reported $14.7 million in total revenues for Q1 2020, driven by a 26% year-over-year increase in R&D revenue. The company withdrew its 2020 financial guidance due to the uncertainty of the potential impact of the COVID-19 pandemic.
Total revenues for the first quarter of 2020 were $14.7 million.
R&D revenue increased by 26% to $9.6 million, driven by Novartis and Takeda collaborations.
Product revenue was $5.1 million, a decrease compared to the previous year due to the timing of demand.
Net loss for the first quarter of 2020 was $7.7 million, or $0.13 per share.
Codexis
Codexis
Forward Guidance
Codexis withdrew its full year 2020 financial guidance due to the uncertain scope and duration of the COVID-19 pandemic.