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Jun 30, 2023
Codexis Q2 2023 Earnings Report
Codexis reported financial results for the second quarter ended June 30, 2023 and provided a business update.
Key Takeaways
Codexis' total revenues, excluding enzyme sales related to PAXLOVID™, increased by 46% to $21.3 million for Q2 2023 compared to $14.6 million in Q2 2022. The company is prioritizing the advancement and commercialization of its ECO Synthesis™ technology platform and its highly complementary Pharmaceutical Manufacturing business. They streamlined operations, including a 25% headcount reduction, extending the projected cash runway to mid-2026.
Total revenues, excluding enzyme sales related to PAXLOVID™, increased by 46% to $21.3 million for second quarter 2023.
Product revenues, excluding enzyme sales related to PAXLOVID™, increased by 2% to $11.0 million for second quarter 2023.
R&D revenues for second quarter 2023 were $10.3 million.
Net loss for second quarter 2023 was $11.5 million, or $0.17 per share.
Forward Guidance
Codexis reiterated its 2023 financial guidance issued on July 20, 2023.
Positive Outlook
- Product revenues are expected to be in the range of $30 million to $35 million, excluding enzyme sales related to PAXLOVID™.
- R&D revenues are expected to be in the range of $21 million to $24 million.
- Gross margin on product revenue is expected to be in the range of 55% to 65%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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