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Dec 31, 2023
Codexis Q4 2023 Earnings Report
Codexis reported an increase in revenue excluding PAXLOVID™ enzyme sales and a reduced net loss compared to the previous year. The company highlighted progress with its ECO Synthesis™ manufacturing platform and strategic partnerships.
Key Takeaways
Codexis reported a 42% increase in total revenues, excluding enzyme sales related to PAXLOVID™, reaching $18.4 million for Q4 2023. The company's net loss decreased to $7.2 million, or $0.10 per share, compared to a net loss of $12.6 million, or $0.19 per share, for Q4 2022.
Total revenues, excluding enzyme sales related to PAXLOVID™, increased by 42% to $18.4 million.
Product revenues, excluding enzyme sales related to PAXLOVID™, increased by 69% to $9.9 million.
Net loss for Q4 2023 was $7.2 million, an improvement from the $12.6 million net loss in Q4 2022.
Codexis achieved gram-scale synthesis with its ECO Synthesis™ technology platform in December 2023.
Codexis
Codexis
Codexis Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comResearch and Development Revenue
CapyFin.com Forward Guidance
Codexis anticipates product revenues between $38 million and $42 million, excluding revenue related to PAXLOVID™. R&D revenues are expected to be in the range of $18 million to $22 million. The company expects its existing cash and cash equivalents will be sufficient to fund its planned operations through positive cash flow, expected around the end of 2026.
Positive Outlook
- Product revenues are expected to be in the range of $38 million to $42 million, excluding revenue related to PAXLOVID™.
- R&D revenues are expected to be in the range of $18 million to $22 million.
- Gross margin on product revenue is expected to be in the range of 58% to 63%, excluding revenue related to PAXLOVID™.
- Existing cash and cash equivalents will be sufficient to fund its planned operations through positive cash flow, expected around the end of 2026.
- Codexis Pharmaceutical Manufacturing business will return to growth in 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income