Q3 2024 Codexis Inc Earnings Call Transcript
Key Points
- Codexis Inc (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 (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 (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 (CDXS) is not assuming any revenue from PAXLOVID, indicating uncertainty or lack of reliance on this potential revenue stream.
Welcome to the Codexis' Third Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded. And now I'll turn the call over to Carrie McKim, Director of Investor Relations. Please go ahead.
Thank you, operator. With me today are Dr. Stephen Dilly, Codexis President and Chief Executive Officer; Kevin Norrett, Chief Operating Officer; and Georgia Erbez, Chief Financial Officer. Dr. Stefan Lutz, our SVP of Research, is also here and will be available for any questions during the Q&A.
During this call, management will be making a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our guidance for 2024 revenue, product revenues, and gross margin on product revenues, anticipated milestones, including product launches, facility expansions, technical milestones and public announcements related thereto, as well as our strategies and prospects for revenue growth, path to profitability and
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
