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Mar 31, 2023
Codexis Q1 2023 Earnings Report
Codexis reported first quarter 2023 financial results.
Key Takeaways
Codexis' total revenues for Q1 2023 were $13.0 million, an 8% decrease compared to Q1 2022 excluding enzyme sales related to PAXLOVID™. The net loss for the quarter was $22.6 million, or $0.34 per share.
Total revenues for first quarter 2023 were $13.0 million compared to $14.0 million in the prior year, excluding enzyme sales related to PAXLOVID™.
Product revenues for first quarter 2023 were $8.4 million compared to $9.4 million in the prior year, excluding first quarter 2022 enzyme sales related to PAXLOVID™.
R&D revenues for first quarter 2023 were $4.6 million compared to $4.7 million in first quarter 2022.
The net loss for first quarter 2023 was $22.6 million, or $0.34 per share, compared to a net loss of $8.4 million, or $0.13 per share, for first quarter 2022.
Codexis
Codexis
Forward Guidance
Codexis reiterated its 2023 total revenue guidance range of $63 million to $68 million, excluding enzyme sales related to PAXLOVID™, with adjustments to the mix of product revenues versus R&D revenues. Product revenues are now expected to be in the range of $30 million to $35 million, excluding enzyme sales related to PAXLOVID™, and R&D revenues are now expected to be in the range of $28 million to $33 million. Codexis updated its 2023 guidance for gross margin on product revenue, which is now expected to be in the range of 55% to 65%, excluding enzyme sales related to PAXLOVID™.
Positive Outlook
- Total revenue guidance reiterated at $63 million to $68 million, excluding PAXLOVID™ enzyme sales.
- R&D revenues are now expected to be in the range of $28 million to $33 million.
- Gross margin on product revenue expected to be in the range of 55% to 65%, excluding PAXLOVID™ enzyme sales.
- Existing cash and cash equivalents will be sufficient to fund planned operations through the end of 2024.
Challenges Ahead
- Product revenues are now expected to be in the range of $30 million to $35 million, lower than previous guidance.
- Variability in timing of orders of enzyme from a large customer
- Increased volume of lower margin products sold during the first quarter of this year.