Friday, November 22, 2024

Codexis Inc (CDXS) Q3 2024 Earnings Call Highlights: Strong Revenue Growth and Strategic Focus …

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  • Total Revenue: $12.8 million for Q3 2024, up from $9.3 million in Q3 2023.

  • Product Revenue: $11.2 million for Q3 2024, compared to $5.4 million in Q3 2023.

  • R&D Revenue: $1.7 million for Q3 2024, down from $3.9 million in Q3 2023.

  • Product Gross Margin: 61% for Q3 2024, up from 58% in Q3 2023.

  • R&D Expenses: $11.5 million for Q3 2024, down from $13.7 million in Q3 2023.

  • SG&A Expenses: $13.6 million for Q3 2024, up from $12.3 million in Q3 2023.

  • Net Loss: $20.6 million for Q3 2024, compared to $34.9 million in Q3 2023.

  • Cash Position: $90 million in cash, cash equivalents, and investments at the end of Q3 2024.

Release Date: October 31, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

  • Codexis Inc (NASDAQ:CDXS) strengthened its balance sheet by adding $31 million in net proceeds from existing institutional investors.

  • The company delivered strong revenue growth in pharma manufacturing and initiated several technical collaborations on its ECO Synthesis manufacturing platform.

  • Codexis Inc (NASDAQ:CDXS) completed the divestiture of its legacy genomics enzyme portfolio to focus on its core business.

  • The company has a clear path to profitability by the end of 2026, supported by growth in pharma manufacturing revenues and increasing orders for its double-stranded RNA ligase offering.

  • Codexis Inc (NASDAQ:CDXS) is in a strong cash position, sufficient to fund operations until profitability is reached, expected by 2027.

  • Total revenues for the third quarter of 2024 were $12.8 million, which, while an increase from the previous year, may still be considered modest.

  • R&D revenue decreased to $1.7 million from $3.9 million in the third quarter of 2023, primarily due to lower non-recurring items.

  • The company reported a net loss of $20.6 million for the third quarter of 2024, although this was an improvement from the previous year’s loss.

  • SG&A expenses increased to $13.6 million from $12.3 million in the third quarter of 2023, largely due to an increase in consulting and outside services.

  • Codexis Inc (NASDAQ:CDXS) is not assuming any revenue from PAXLOVID, indicating uncertainty or lack of reliance on this potential revenue stream.

Q: What are the key parameters to determine the success of the synthesis process for an undisclosed asset? A: Stefan Lutz, SVP of Research, explained that the two key parameters are the overall yield of the full-length product and the impurity or quality of the material, represented by the impurity profile. Both sets of information will be provided.

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