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Mar 31, 2021
Codexis Q1 2021 Earnings Report
Codexis' Q1 2021 financial results were released, with total revenue up 23% and product revenue doubling year over year.
Key Takeaways
Codexis reported a 23% increase in total revenue to $18.0 million, driven by a 101% increase in product revenue. The company's product gross margin climbed to 59%. Net loss for the quarter was $9.1 million, or $0.14 per share.
Product revenues increased 101% to $10.2 million, driven by enzymes used to manufacture branded pharmaceutical products.
Product gross margin climbed to 59%, driven by a shift in the sales mix to higher margin products.
Codexis had 15 customers who contributed over $100,000 in revenue and five customers who contributed over $1 million in revenue.
The first quarter of 2021 was Codexis’ strongest ever for new Life Science Tools customer-partnered R&D programs.
Codexis
Codexis
Forward Guidance
Codexis reiterates its previously issued financial guidance for 2021.
Positive Outlook
- Total revenues are expected to be in the range of $82 million to $85 million
- Product revenues are expected to be in the range of $36 million to $39 million
- Gross margin on product revenue is expected to be 54% to 58%