In California, Codexis reported its closely-watched third quarter results. The company reported revenues of $33.3 million, an increase of 23% from $27.1 million in the third quarter of 2010. Product revenue of $12.2 million increased 29% over the prior year quarter driven primarily by an increase in product sales to both generic and innovator pharmaceutical customers.
Net loss was ($2.7) million, the same loss as record in Q3 2011.
Pavel Molchanov of Raymond James, commenting on the results, noted, “On the plus side, product gross margin – a function of the mix between intermediates and enzymes as well as innovator drugs vs. generics – continued to improve, hitting 18.4%, up from 15.4% in 2Q and 9.9% in 1Q. Codexis reaffirmed revenue and adjusted EBITDA guidance of at least $120 million and $5 million, respectively.”
More background on the story from the Digest
Category: Producer News