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Sep 30, 2022
Schrodinger Q3 2022 Earnings Report
Reported strong third quarter results with total revenue growth driven by drug discovery portfolio progress, narrowed full-year revenue guidance with mix shifting toward drug discovery, and advanced clinical and preclinical programs.
Key Takeaways
Schrödinger reported a strong third quarter with software revenue in line with expectations and strong drug discovery revenue. The company initiated a Phase 1 study for its MALT1 program and is preparing to present new preclinical data from its CDC7 program. The company's total revenue increased by 24% compared to Q3 2021.
Total revenue increased by 24% year-over-year, reaching $37.0 million.
Drug discovery revenue saw a significant increase of 121% compared to the same quarter last year, amounting to $12.3 million.
Initiated Phase 1 clinical trial of MALT1 inhibitor, SGR-1505, for patients with relapsed or refractory B-cell malignancies.
New preclinical data for CDC7 inhibitor, SDGR-2921, will be presented at the American Society of Hematology 2022 Annual Meeting.
Revenue by Segment
Forward Guidance
Schrödinger narrowed its total revenue guidance for 2022 to a range of $167 million to $175 million, representing growth of 21% to 27% over 2021. The company expects software revenue to range from $122 million to $127 million and drug discovery revenue to range from $45 million to $48 million.
Positive Outlook
- Total revenue is now expected to range from $167 million to $175 million, representing growth of 21 percent to 27 percent over 2021.
- Total software revenue is now expected to range from $122 million to $127 million, representing eight percent to 12 percent growth over 2021.
- Total drug discovery revenue is now expected to range from $45 million to $48 million, representing 82 percent to 94 percent growth over 2021.
- Software gross margin percentage is still expected to be in the mid-70s.
- Operating expense growth is now expected to be approximately 40 percent for 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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