Business
Schrödinger Reports Strong Second Quarter 2024 Financial Results
Second Quarter Total Revenue of $47.3 Million, Software Revenue of $35.4 Million Launches Major Initiative to Expand Application of Computational Tools for
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nSecond Quarter Total Revenue of $47.3 Million, Software Revenue of $35.4 Million\n\n\nLaunches Major Initiative to Expand Application of Computational Tools for Predictive Toxicology\n\n\nInitial Clinical Data Expected for SGR-1505 in 1H25, SGR-2921 and SGR-3515 Data in 2H25\n\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 second quarter of 2024.\n\n\n“We are very pleased with our results for the second quarter. We delivered 21% software revenue growth, and we see many opportunities for customers to increase their scale of adoption of our technology. Our recently announced predictive toxicology initiative reflects our commitment to investing in the science underlying our platform to drive future growth,” said Ramy Farid, Ph.D., chief executive officer of Schrödinger. “Recent clinical and corporate milestones at co-founded companies further validate our platform and underscore the strength of our business model. Our proprietary therapeutics pipeline also continues to progress, and we look forward to sharing the initial Phase 1 data from each of our three lead programs next year, starting with SGR-1505 in the first half of 2025.”\n\n\nSecond Quarter 2024 Financial Results\n\n\n\nTotal revenue for the second quarter was $47.3 million, compared to $35.2 million in the second quarter of 2023.\n\n\n\nSoftware revenue for the second quarter increased 21% to $35.4 million, compared to $29.4 million in the second quarter of 2023. The increase reflects increased contribution from new and existing customers purchasing hosted licenses as well as the renewal of several multi-year deals.\n\n\n\nDrug discovery revenue was $11.9 million for the second quarter, compared to $5.8 million in the second quarter of 2023. The increase was primarily due to the recognition of milestone revenue associated with the progression of ongoing collaboration programs.\n\n\n\nSoftware gross margin increased to 80% for the second quarter, compared to 77% in the second quarter of 2023, primarily due to increased revenue in the period.\n\n\n\nOperating expenses were $84.1 million for the second quarter, compared to $74.9 million for the second quarter of 2023. The increase was primarily due to h...