Business
Schrödinger, Inc. Reports Third Quarter 2020 Financial Results and Business Update
Total revenue of $25.8 million, up 29% year-over-year; Software revenue of $22.9 million, up 42% year-over-year Raised $325.6 million net proceeds in equity
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nTotal revenue of $25.8 million, up 29% year-over-year;\n\nSoftware revenue of $22.9 million, up 42% year-over-year\n\nRaised $325.6 million net proceeds in equity financing\n\nPresenting data on our MALT 1 inhibitor program at the American Society of Hematology (ASH) Annual Meeting & Exposition\n\nConference call today, Thursday, Nov. 12, 2020 at 8:30 a.m. ET\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced financial results for the third quarter ended September 30, 2020.\n\n“We are executing on our strategic plan across every area of our business,” said Schrödinger CEO Ramy Farid, Ph.D. “We’re excited about the strong growth we’ve seen in our software business and the rapid progress of our internal and collaborative programs to discover and develop therapeutics.”\n\nThird Quarter Financial Results\n\nRevenue was $25.8 million for the third quarter of 2020, an increase of 29% compared to the third quarter of 2019.\n\nSoftware revenue was $22.9 million for the third quarter of 2020, an increase of 42% over the third quarter in 2019. Drug discovery revenue was $2.9 million for the third quarter of 2020, a decline of 24% versus the third quarter of 2019.\n\nGross profit reached $15.3 million in the third quarter of 2020, an increase of 43% over the third quarter in 2019. Software gross margin was 81% in the third quarter, unchanged versus the third quarter of 2019.\n\nOperating expenses for the third quarter of 2020 were $30.7 million, an increase of 40% over the third quarter of 2019.\n\nOther income, which includes gains on equity investments and changes in fair value of such investments, was $18.7 million in the third quarter of 2020 versus a loss of $0.9 million in the third quarter of 2019. Other income for the third quarter of 2020 included an $18.0 million non-cash gain from our equity in Relay Therapeutics which completed its IPO in July 2020.\n\nNet income, after adjusting for non-controlling interests, was $3.9 million for the third quarter of 2020, compared to a net loss of $11.5 million in the third quarter of 2019.\n\nSchrödinger ended the third quarter of 2020 with cash, cash equivalents, restricted cash and marketable securities of $599.5 million, an increase of $315.0 million f...