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Mar 31, 2024
Codexis Q1 2024 Earnings Report
Codexis reported a strong start to the year with a 32% increase in total revenue and secured a significant order for dsRNA ligase, reinforcing the path to positive cash flow.
Key Takeaways
Codexis reported a 32% increase in total revenue to $17.1 million for Q1 2024, driven by a 14% increase in product revenue and a significant order for its double-stranded RNA (dsRNA) ligase. The company is finalizing the enzymatic synthesis of a full-length oligonucleotide and expects to complete this by TIDES USA. Codexis reiterated its 2024 financial guidance and expects to fund its planned operations through positive cash flow, expected around the end of 2026.
Total revenues increased by 32% to $17.1 million compared to Q1 2023.
Product revenues increased by 14% to $9.6 million compared to Q1 2023.
The company received a low-to-mid-single-digit million-dollar order for its double-stranded RNA (dsRNA) ligase from a top tier pharmaceutical company.
Codexis is in the final stages of enzymatically synthesizing a full-length oligonucleotide with ECO Synthesis™ Manufacturing Platform.
Codexis
Codexis
Forward Guidance
Codexis reiterated its 2024 financial guidance issued on February 28, 2024.
Positive Outlook
- Product revenues are expected to be in the range of $38 million to $42 million, excluding revenue related to PAXLOVID™.
- R&D revenues are expected to be in the range of $18 million to $22 million.
- Gross margin on product revenue is expected to be in the range of 58% to 63%, excluding revenue related to PAXLOVID™.