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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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