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Jun 30, 2022
Codexis Q2 2022 Earnings Report
Reported a 51% increase in total revenue and a 135% increase in product revenue year-over-year.
Key Takeaways
Codexis reported a strong second quarter with a 51% increase in total revenue and a 135% increase in product revenue compared to the same period last year. The company is making progress across its growth drivers and is particularly pleased with the strength of its product revenue, driven by sales of CDX-616 for Pfizer's PAXLOVID™ and strong sales to other key pharma manufacturing customers.
Product revenues increased 135% to $34.6 million in the second quarter, driven by revenue from sales of CDX-616 used in the manufacture of PAXLOVID™.
Codexis had 18 customers who contributed over $100,000 in revenue, six of which contributed over $1 million in revenue.
MAI and Codexis announced a Commercial License and Enzyme Supply Agreement.
seqWell and Codexis announced a partnership and strategic investment, with Codexis leading seqWell’s Series C financing with a $5.0 million investment.
Codexis
Codexis
Forward Guidance
Codexis reiterates its financial guidance for 2022 issued on July 14, 2022.
Positive Outlook
- Total revenues are expected to be in the range of $135 million to $141 million.
- Product revenues are expected to be in the range of $112 million to $118 million, including approximately $75 million from Pfizer.
- Gross margin on product revenue is expected to be in the range of 65% to 70%.
- Existing cash and cash equivalents, combined with the Company’s future expectations for product revenues, R&D revenues, and expense management will be sufficient to fund its planned operations through the end of 2024.
- Codexis is making solid progress across its many exciting growth drivers.
Challenges Ahead
- We are dependent on a limited number of customers, including Pfizer.
- We are dependent on our collaborators, and our failure to successfully manage these relationships could prevent us from developing and commercializing many of our products.
- We or our customers may not be able to obtain regulatory approval for the use of our products in food and food ingredients, if required.
- Our biotherapeutic programs are early stage, highly regulated and expensive.
- Our ability to obtain additional development partners for the programs, to advance our product candidates to clinical trials and to ultimately receive regulatory approvals is highly uncertain.