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Sep 30, 2023
Schrodinger Q3 2023 Earnings Report
Reported strong revenue growth and significant pipeline progress.
Key Takeaways
Schrödinger reported a strong third quarter with total revenue of $42.6 million, a 15.1% increase compared to the third quarter of 2022. The company saw growth in both software and drug discovery revenue. They updated their financial guidance for 2023.
Total revenue for the third quarter was $42.6 million, up from $37.0 million in the third quarter of 2022.
Software revenue increased to $28.9 million, compared to $24.7 million in the same period last year.
Drug discovery revenue rose to $13.7 million, up from $12.3 million year-over-year.
Phase 1 clinical study of SGR-2921 was initiated, and the Phase 1 study of SGR-1505 in healthy volunteers is nearing completion.
Schrodinger
Schrodinger
Schrodinger Revenue by Segment
Revenue by Segment
Drug Discovery Revenue
CapyFin.com Forward Guidance
Schrödinger updated its financial guidance for 2023.
Positive Outlook
- Software revenue growth is expected to be in the range of 15 percent to 18 percent.
- Drug discovery revenue is expected to range from $50 million to $70 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.
Challenges Ahead
- Cash used for operating activities is now expected to be higher in 2023 than 2022, based on the mix of revenue, the timing and size of milestones and expectations for new business development activity this year.