Q1 2024 Schrodinger Inc Earnings Call Transcript
Key Points
- Schrodinger Inc (SDGR) reported a solid start to the year with revenue growth meeting expectations.
- The company announced IND clearance for STR. 35 15, expanding their clinical program portfolio.
- Schrodinger Inc (SDGR) has seen a significant increase in hosted software revenue, growing more than 60% compared to Q1 last year.
- The company continues to advance its proprietary pipeline with multiple clinical programs progressing.
- Schrodinger Inc (SDGR) is actively developing computational solutions to predict drug toxicity risks, enhancing their scientific leadership in the industry.
- Schrodinger Inc (SDGR) experienced a decrease in total revenue in Q1 2024 compared to Q1 2023, primarily due to lower drug discovery revenue.
- The company's business in China has been below expectations this year, impacted by a challenging commercial environment.
- Schrodinger Inc (SDGR) reported a net loss per diluted share of $0.76 in Q1 2024, compared to a profit in Q1 2023.
- Operating loss increased significantly in Q1 2024 to $67 million, compared to $31 million in the same period a year ago.
- The company's gross margin declined to 52% in Q1 2024 from 71% in Q1 2023, driven by lower drug discovery revenue.
Thank you for standing by, and welcome to Schrodinger's conference call to review first quarter and 2024 financial results. My name is Chloe, and I'll be your operator for today's call. Please be advised that this call is being recorded at the company's request.
Now, I would like to introduce your host for today's conference, Ms. Jaren Madden, Senior Vice President of Investor Relations and Corporate Affairs. Please go ahead.
Thank you, and good afternoon, everyone. Welcome to today's call, during which we will provide an update on the company and review our first-quarter 2024 financial results.Earlier today, we issued a press release summarizing our financial results and progress across the company, which is available on our website at schrodinger.com.
Here with me on our call today are Ramy Farid, Chief Executive Officer; Geoff Porges, Chief Financial Officer; and Karen Akinsanya, President of R&D and Therapeutics. Following our
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