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Dec 31, 2022
Codexis Q4 2022 Earnings Report
Codexis reported a net loss for Q4 2022, but total revenues increased compared to Q4 2021.
Key Takeaways
Codexis reported a 24% increase in total revenue for Q4 2022, driven by enzyme sales related to PAXLOVIDTM. However, excluding these sales, total revenues decreased slightly. The company is prioritizing programs in life sciences, biotherapeutics, and pharmaceutical manufacturing.
Total revenues for Q4 2022 increased by 24% to $30.4 million compared to $24.5 million in Q4 2021.
Excluding PAXLOVIDTM enzyme sales, total revenues for Q4 2022 decreased by 2% to $13.0 million.
Net loss for Q4 2022 was $12.6 million, or $0.19 per share, compared to $10.2 million, or $0.16 per share, for Q4 2021.
Codexis is focusing on life sciences, biotherapeutics, and pharmaceutical manufacturing, with upcoming milestones including IND applications for PKU, EPI, and Fabry disease.
Forward Guidance
Codexis expects total revenues to be in the range of $63 million to $68 million in 2023, excluding revenue from enzyme sales related to PAXLOVIDTM. The company anticipates that its existing cash and cash equivalents will be sufficient to fund its planned operations through the end of 2024.
Positive Outlook
- Total revenues are expected to be in the range of $63 million to $68 million.
- Product revenues are expected to be in the range of $35 million to $40 million, excluding enzyme sales related to PAXLOVIDTM.
- Gross margin on product revenue is expected to be 68% to 73%, excluding enzyme sales related to PAXLOVIDTM.
- Existing cash and cash equivalents will be sufficient to fund planned operations through the end of 2024.
- Focus on high-potential development programs.
Challenges Ahead
- Revenue guidance excludes enzyme sales related to PAXLOVIDTM.
- Dependent on collaborators.
- Biotherapeutic programs are early stage and expensive.
Historical Earnings Impact
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