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Dec 31, 2020
Codexis Q4 2020 Earnings Report
Codexis reported strong product revenue momentum, driving its seventh consecutive year of YOY revenue growth and achieving a full year product gross margin exceeding 50% for the first time.
Key Takeaways
Codexis delivered strong results in Q4 2020, with total revenues increasing by 12.8% compared to Q4 2019. Product revenues saw a significant increase due to higher sales of branded pharmaceutical products, while R&D revenues decreased due to lower revenue from Novartis. The company's product gross margin also improved, driven by increased sales of higher margin products.
Total revenues for the fourth quarter 2020 were $21.0 million, an increase of 12.8% from $18.7 million in the fourth quarter 2019.
Product revenues for the fourth quarter 2020 were $12.2 million compared to $4.9 million in fourth quarter 2019, driven by higher sales of branded pharmaceutical products.
Product gross margin for the fourth quarter 2020 was 52.0% compared to 30.2% in the fourth quarter 2019, driven by increased sales of higher margin products.
The net loss for the fourth quarter 2020 was $3.9 million, or $0.06 per share, compared to $0.6 million, or $0.01 per share, for the fourth quarter 2019.
Forward Guidance
Codexis is introducing financial guidance for 2021.
Positive Outlook
- Total revenues are expected to be in the range of $82 million to $85 million
- Product revenues are expected to be in the range of $36 million to $39 million
- Gross margin on product revenue is expected to be 54% to 58%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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