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Dec 31, 2019
Codexis Q4 2019 Earnings Report
Codexis reported a 16% increase in Q4 revenues, reaching $18.7 million, and closed 2019 with a 13% total revenue growth.
Key Takeaways
Codexis reported strong fourth-quarter revenues of $18.7 million, a 16% increase over the prior-year quarter. The Performance Enzymes segment led the way in 2019 with a 24% increase in revenues. The company's outlook for 2020 is for another year of double-digit revenue growth, up 14% to 20% over 2019.
Total revenues for the fourth quarter of 2019 were $18.7 million, up 16% from $16.1 million for the fourth quarter of 2018.
Product revenue was $4.9 million, compared with $7.3 million for the fourth quarter of 2018, with the decrease due to timing in the demand for various enzymes.
Research and development (R&D) revenue for the fourth quarter of 2019 was $13.8 million, up 57% from $8.8 million for the prior-year period.
The net loss for the fourth quarter of 2019 was $0.6 million, or $0.01 per share, compared with a net loss for the fourth quarter of 2018 of $0.5 million, or $0.01 per share.
Codexis
Codexis
Forward Guidance
Codexis is introducing financial guidance for 2020, expecting total revenues to be $78 million to $82 million and product revenues to be $25 million to $27 million, with gross margin on product revenue expected to be 43% to 47%.