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Jun 30, 2020
Codexis Q2 2020 Earnings Report
Codexis's Q2 2020 financial results were reported, showing a revenue increase of 21% to $15 million, driven by a 72% rise in R&D revenue which included a significant contribution from the Takeda biotherapeutics partnership.
Key Takeaways
Codexis reported better-than-expected revenues of $15.0 million for Q2 2020, a 21% increase year-over-year, driven by strong growth in R&D revenues, which grew 72%. The partnership with Takeda contributed significantly to the quarter's revenues.
Total revenues for the second quarter of 2020 were $15.0 million, up 21% from $12.3 million for the second quarter of 2019.
Product revenue was $4.5 million, compared with $6.2 million for the second quarter of 2019.
Research and development (R&D) revenue for the second quarter of 2020 was $10.5 million, up 72% from $6.1 million for the prior-year period.
The net loss for the second quarter of 2020 was $6.3 million, or $0.11 per share, compared with a net loss for the second quarter of 2019 of $6.5 million, or $0.12 per share.
Codexis
Codexis
Forward Guidance
Due to the uncertain scope and duration of the pandemic, and uncertain timing of global recovery and economic normalization, Codexis cannot at this time estimate the future impact on its operations and financial results. As a result, they have withdrawn their full year 2020 financial guidance.