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Sep 30, 2021
Codexis Q3 2021 Earnings Report
Codexis reported record quarterly total revenue, product revenue and product gross margin.
Key Takeaways
Codexis reported a strong third quarter, with a 100% increase in total revenues to $36.8 million, driven by significant growth in the Sustainable Manufacturing business, particularly sales of enzymes for Pfizer's COVID-19 antiviral therapeutic candidate. The company also saw record product gross margin and established new agreements to extend its sitagliptin product business.
Product revenues increased 242% to $28.7 million due to sales of enzymes for Pfizer's COVID antiviral therapeutic candidate.
Product gross margin increased to a record 76% due to a shift in sales mix to higher margin products.
Codexis had 19 customers who contributed over $100,000 in revenue, with seven contributing over $1 million.
First commercial sale of Codex® HiFi DNA polymerase was recorded.
Forward Guidance
Codexis is updating its financial guidance issued on August 5, 2021, as follows:
Positive Outlook
- FY 2021 total revenues continue to be expected in the range of $98 - $103 million
- FY 2021 product revenues are now expected to be in the range of $63 - $66 million compared to $59 - $63 million previously
- FY 2021 gross margin on product revenue is expected to be in the range of 68% to 71% compared to 65% to 68% previously
Historical Earnings Impact
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Avg. Return Before/After Earnings
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