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Jun 30, 2024
Codexis Q2 2024 Earnings Report
Codexis' second quarter revenues aligned with expectations, and the company reiterated its 2024 financial guidance.
Key Takeaways
Codexis reported total revenues of $8.0 million for Q2 2024, compared to $21.3 million in Q2 2023. The company reiterated its full-year 2024 financial guidance. They had $73.2 million in cash, cash equivalents and short-term investments as of June 30, 2024.
Codexis presented enzymatic synthesis data from its ECO Synthesis™ technology platform at the TIDES USA annual meeting.
The company launched its double-stranded RNA (dsRNA) ligase screening and optimization services and received a low-to-mid single-digit million-dollar order.
Codexis appointed Britton Jimenez to Senior Vice President, Commercial Operations.
The company finalized a purchase agreement with Crosswalk Therapeutics for two gene therapy assets.
Codexis
Codexis
Codexis Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comResearch and Development Revenue
CapyFin.com Forward Guidance
Codexis reiterated its full-year 2024 financial guidance originally 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™.
- Company expects to enter its first technical collaboration with the ECO Synthesis™ manufacturing platform by the end of 2024.
- The Company expects to complete the build-out of its ECO Synthesis™ Innovation Lab around the end of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income