Business
Codexis Reports Third Quarter 2020 Financial Results
Stronger than expected total revenues of $18.4 million delivered in the quarterHigher sequential sales expected again in the fourth quarter, showing growing
About this update from Codexis, Inc.
[{"type":"text","content":"Stronger than expected total revenues of $18.4 million delivered in the quarterHigher sequential sales expected again in the fourth quarter, showing growing momentum as we close 2020\n Conference call begins at 4:30 p.m. Eastern time today REDWOOD CITY, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (Nasdaq: CDXS), a leading protein engineering company, announces financial results for the three and nine months ended September 30, 2020 and provides a business update. “We are reporting another quarter of exceptional financial performance with total revenues of $18.4 million,” said Codexis President and CEO John Nicols. “Product revenue once again exceeded our expectations with Merck, Allergan, and Urovant Sciences as leading contributors to the quarter. Given our strong showing to date and our outlook for the fourth quarter, we expect full year product revenue to be above our pre-COVID-19 guidance range and very close to what we delivered in 2019. “The team has done an outstanding job to bring us back onto our strong growth track as we close out 2020,” Mr. Nicols added. “All of the growth verticals are reporting solid progress, including our advancing and widening Novel Biotherapeutics pipeline, our new life science and diagnostic enzyme launches, sales into food and other industrial verticals, on top of solid base revenues serving half of the world’s top 20 largest pharmaceutical companies in the quarter. Our expectation is to deliver 2020 total revenues near or above last year, despite the impact of the COVID-19 pandemic; this is a testament to the strength of the team and the business, and positions us well for continued momentum into 2021.” Third Quarter Financial ResultsCodexis is reporting two business segments: the Performance Enzymes segment, which consists of its protein catalyst and enzyme product and service offerings with a focus on pharmaceutical, food, molecular diagnostics and other industrial markets; and the Novel Biotherapeutics discovery and development segment. Total revenues for the third quarter of 2020 were $18.4 million, compared with $21.9 million for the third quarter of 2019. Product revenue was $8.4 million, compared with $10.4 million for the third quarter of 2019 with the decrease due to the timing of demand for branded and generic products. Research and development (R&D) revenue for the thir...