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Mar 31, 2022
Codexis Q1 2022 Earnings Report
Codexis' financial performance was led by the growth of high margin commercial product sales.
Key Takeaways
Codexis reported a strong first quarter in 2022, with total revenues up 96% year-over-year and product revenues up 200%. The company is reiterating its full-year revenue guidance of $152 million to $158 million.
Product revenues increased 200% to $30.7 million in Q1’22, primarily driven by revenue from sales of CDX-616 used in the manufacture of PAXLOVIDTM, Pfizer’s COVID-19 therapeutic.
Product gross margin increased to 72% in Q1’22, driven by a shift in the sales mix to higher margin products.
In the first quarter, Codexis had 16 customers who contributed over $100,000 in revenue, eight of which contributed over $1 million in revenue.
Codexis led seqWell’s Series C financing with a $5.0 million investment, and the companies plan to collaborate using Codexis’ CodeEvolver® platform for enzyme optimization in seqWell’s growing portfolio of genomics workflow and library preparation products.
Forward Guidance
Codexis reiterates its financial guidance for 2022 issued on February 24, 2022, as follows: Total revenues are expected to be in the range of $152 million to $158 million, an increase of nearly 50% at the midpoint compared to 2021; excluding revenue from Pfizer in both periods, revenue growth is projected to be 10% or more. Product revenues are expected to be in the range of $112 million to $118 million, including approximately $75 million to $80 million related to sales of CDX-616 to Pfizer to manufacture PAXLOVID™. Gross margin on product revenue is expected to be 65% to 70%.
Positive Outlook
- Total revenues are expected to be in the range of $152 million to $158 million.
- Revenue is expected to increase of nearly 50% at the midpoint compared to 2021
- Excluding revenue from Pfizer in both periods, revenue growth is projected to be 10% or more.
- Product revenues are expected to be in the range of $112 million to $118 million
- Gross margin on product revenue is expected to be 65% to 70%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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