Business
Schrödinger Reports Strong Fourth Quarter and Full-Year 2022 Financial Results
Delivered 31% Annual Total Revenue Growth, with Total Revenue of $181.0 Million Achieved Fourth Quarter Software Revenue of $47.8 Million, a 24% Increase
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nDelivered 31% Annual Total Revenue Growth, with Total Revenue of $181.0 Million\n\nAchieved Fourth Quarter Software Revenue of $47.8 Million, a 24% Increase Over Fourth Quarter 2021\n\nExpects Continued Revenue Growth and Reduced Cash Burn in 2023\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR), whose physics-based computational platform is transforming the way therapeutics and materials are discovered, today announced financial results for the fourth quarter and full-year ended December 31, 2022, and provided its financial outlook for 2023.\n\n“We are very pleased with our performance across all areas of our business last year, with strong fourth quarter 2022 software revenue growth even in a challenging macroeconomic environment. Drug discovery revenue for 2022 nearly doubled compared to the prior year, our portfolio advanced and expanded, and we added two new collaborations,” stated Ramy Farid, Ph.D., chief executive officer of Schrödinger. “Looking ahead, we are focused on our strategic priorities of driving continued growth in use of our technology, further enhancing the capabilities of our platform, and advancing our collaborative and proprietary pipeline. We are already making important progress on these priorities, and today we announced the selection of our Wee1 development candidate, SGR-3515, and have initiated IND-enabling studies for this program.”\n\n“We are pleased that we overcame several headwinds specific to our business in 2022 to deliver strong fourth quarter and full-year financial results. Our software revenue growth was driven by larger renewals from existing customers, including collaborators who significantly scaled up their adoption of our software in their internal discovery programs, and accelerated renewal of multi-year agreements,” stated Geoff Porges, MBBS, chief financial officer of Schrödinger. “We expect both software and drug discovery to contribute to revenue growth this year. With significant operating leverage emerging from our business and a strong balance sheet, we are very well positioned for continued growth and investment in the unique opportunities offered by our technology platform.”\n\nFourth Quarter 2022 Financial Results\n\n\nTotal revenue for the fourth quarter increased 23% to $56.8 million, compared to $46.2 million in the fourth quarter of 2021.\n\n\nSoftwar...