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Sep 30, 2023
Codexis Q3 2023 Earnings Report
Codexis reported a decrease in revenue due to lower enzyme sales related to PAXLOVID™ and announced a strategic shift towards ECO Synthesis™ platform and Pharmaceutical Manufacturing business.
Key Takeaways
Codexis reported a decrease in total revenue to $9.3 million for Q3 2023, compared to $34.5 million in Q3 2022. The company is focusing on its ECO Synthesis™ platform and Pharmaceutical Manufacturing business, with expectations to fund operations to positive cash flow around the end of 2026.
Total revenues decreased to $9.3 million in Q3 2023 from $34.5 million in Q3 2022, impacted by lower enzyme sales related to PAXLOVID™.
The company is prioritizing its ECO Synthesis™ technology platform and Pharmaceutical Manufacturing business.
Codexis expects to fund its planned operations to positive cash flow around the end of 2026.
Codexis is on track to demonstrate gram-scale synthesis with its ECO Synthesis™ platform by the end of the year.
Codexis
Codexis
Forward Guidance
Codexis reiterated its 2023 financial guidance ranges originally issued on July 20, 2023, and reiterated on August 3, 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%, excluding enzyme sales related to PAXLOVID™.