Business
Codexis Reports Third Quarter 2021 Financial Results
Record Quarterly Total Revenue, Product Revenue and Product Gross MarginReiterating Total Revenue Guidance of $98-103M; Raising Product Revenue Guidance to
About this update from Codexis, Inc.
[{"type":"text","content":"Record Quarterly Total Revenue, Product Revenue and Product Gross MarginReiterating Total Revenue Guidance of $98-103M; Raising Product Revenue Guidance to $63-66M REDWOOD CITY Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Codexis, Inc. (Nasdaq:CDXS), a leading enzyme engineering company enabling the promise of synthetic biology, today announced financial results for the third quarter ended September 30, 2021 and provided a business update. “Codexis delivered another quarter of exceptional strategic and operational performance,” said John Nicols, Codexis President and CEO. “Our Sustainable Manufacturing business demonstrated remarkable growth, as we significantly executed against the large enzyme orders we received from Pfizer to support its COVID-19 antiviral therapeutic candidate. Our capacity to fulfill this order in such a rapid timeframe highlights the strength of our supply chain and the value of our deep library of performance enzymes. Also in the third quarter, with Merck and Almelo, we established our first two multi-year agreements to extend our longstanding sitagliptin product business into its generic chapter. We also delivered strong results in the faster-to-market food sector, including enzyme sales for Tate & Lyle sweeteners and a milestone from Kalsec for their newest natural hop ingredient. “In the Life Science Tools market, we are extremely pleased to have recorded our first sales of Codex® HiFi DNA Polymerase in the third quarter. We remain on track with our groundbreaking collaboration with Molecular Assemblies (MAI) for the commercialization of enzymatic DNA synthesis. Underscoring our enthusiasm for this disruptive approach, we recently made an additional investment in MAI alongside Casdin Capital enabled by our SynBio Innovation Accelerator. Our high-value Biotherapeutics pipeline is also advancing steadily, including the recent initiation of our Phase 1 clinical trial of CDX-7108, our program co-owned with Nestlé Health Science, for the treatment of exocrine pancreatic insufficiency. Codexis remains on the cutting edge of synthetic biology’s evolution, leveraging the near-boundless potential of our enzymes to improve the health of people and the planet.” Key Performance Indicators and Recent Business Highlights Product revenues increased 242% to $28.7 million in Q3’21, primarily driven by the sale of a propri...