Business
Schrödinger, Inc. Reports Second Quarter 2020 Financial Results and Business Updates
Total revenue of $23.1 million, up 21% year-over-year Software revenue of $20.9 million, up 44% year-over-year New strategic agreements with Thermo Fisher
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nTotal revenue of $23.1 million, up 21% year-over-year\n\n\nSoftware revenue of $20.9 million, up 44% year-over-year\n\n\nNew strategic agreements with Thermo Fisher and Viva Biotech\n\n\n Rapid progress across internal pipeline; three programs in late-stage discovery\n\n\nConference call today, Monday, August 10, 2020 at 8:30 a.m. ET\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform enables discovery of high-quality, novel molecules for therapeutics and materials, today announced financial results for the second quarter ended June 30, 2020.\n\n\n“We made excellent progress during the second quarter across our entire business, including growing our software business, advancing our drug discovery programs, and developing new platform capabilities,” said Schrödinger CEO Ramy Farid, Ph.D. “We are excited about the opportunities across our business to continue transforming drug discovery and materials design for our customers, our collaborators, and for our own internal programs.”\n\n\nSecond Quarter Financial Results\n\n\nRevenue was $23.1 million for the second quarter of 2020, an increase of 21% compared to the second quarter of 2019.\n\n\nSoftware revenue was $20.9 million for the second quarter of 2020, representing a 44% increase from the second quarter of 2019. Drug discovery revenue was $2.2 million for the second quarter of 2020, representing a 52% decrease from the second quarter of 2019.\n\n\nGross profit reached $13.6 million in the second quarter of 2020, an increase of 38% over the second quarter of 2019. Software gross margin in the second quarter of 2020 was 82%, compared to 75% in the second quarter of 2019.\n\n\nOperating expenses for the second quarter of 2020 were $30.7 million, representing an increase of 29% from the second quarter of 2019.\n\n\nOther income, which includes gains on equity investments and changes in fair value of such investments, was $13.1 million in the second quarter of 2020 versus $13.2 million in the second quarter of 2019.\n\n\nNet loss, after adjusting for non-controlling interests, was $3.4 million, compared to a loss of $0.5 million in the second quarter of 2019.\n\n\nSchrödinger ended the second quarter with cash, cash equivalents, restricted cash and marketable securities of $284.5 million, a decrease of $4.2 million from the en...