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Dec 31, 2021
Codexis Q4 2021 Earnings Report
Codexis reported an increase in fourth quarter revenue and provided 2022 revenue guidance.
Key Takeaways
Codexis announced financial results for Q4 and fiscal year ended December 31, 2021. The company's total revenues for the fourth quarter 2021 were $24.5 million, an increase of 16% from $21.0 million in the fourth quarter 2020.
Total revenues for the fourth quarter 2021 were $24.5 million, an increase of 16% from $21.0 million in the fourth quarter 2020.
Product revenues for the fourth quarter 2021 were $17.0 million compared to $12.2 million in fourth quarter 2020, driven by higher enzyme sales to Pfizer.
Product gross margin for the fourth quarter 2021 was 59.9% compared to 52.0% in the fourth quarter 2020, driven by increased sales of higher margin products.
The net loss for the fourth quarter 2021 was $10.2 million, or $0.16 per share, compared to $3.9 million, or $0.06 per share, for the fourth quarter 2020.
Forward Guidance
Codexis is introducing financial guidance for 2022. Total revenues are expected to be in the range of $152 million to $158 million. Product revenues are expected to be in the range of $112 million to $118 million. Gross margin on product revenue is expected to be 65% to 70%.
Positive Outlook
- Total revenues are expected to be in the range of $152 million to $158 million, an increase of nearly 50% at the midpoint compared to 2021.
Challenges Ahead
- excluding revenue from Pfizer in both periods, revenue growth is projected to be 10% or more.
Historical Earnings Impact
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