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Mar 31, 2023
Schrodinger Q1 2023 Earnings Report
Delivered strong first quarter total revenue, driven by drug discovery revenue and reported first subjects enrolled in Phase 1 studies.
Key Takeaways
Schrödinger reported a strong first quarter with total revenue of $64.8 million, a 33% increase compared to Q1 2022. The company's drug discovery collaborations advanced, and they initiated Phase 1 studies. A $147.3 million distribution from the sale of Nimbus’s TYK2 inhibitor to Takeda significantly strengthened their cash position.
Total revenue for the first quarter increased 33% to $64.8 million.
Drug discovery revenue was $32.6 million, including a $25 million milestone from BMS.
Net income for the first quarter was $129.1 million, compared to a net loss of $34.4 million in the first quarter of 2022.
Schrödinger had cash, cash equivalents, restricted cash and marketable securities of approximately $532 million at March 31, 2023.
Schrodinger
Schrodinger
Schrodinger Revenue by Segment
Revenue by Segment
Software Products and Services Revenue
CapyFin.comDrug Discovery Revenue
CapyFin.com Forward Guidance
Schrödinger maintained its financial guidance for the fiscal year ending December 31, 2023.
Positive Outlook
- Software revenue growth is expected to be in the range of 13 to 17 percent
- Drug discovery revenue is expected to range from $70 million to $90 million
- Software gross margin is expected to be similar to software gross margin for the full year 2022
- Operating expense growth in 2023 is expected to be significantly lower than operating expense growth in 2022 and to be similar to revenue growth in 2023
- Cash used for operating activities in 2023 is expected to be below cash used for operating activities in 2022
Revenue & Expenses
Visualization of income flow from segment revenue to net income