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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.
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™.
Historical Earnings Impact
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