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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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