Codexis Inc · Q1 2022 earnings

Briefing

Codexis' financial performance was led by the growth of high margin commercial product sales.

Codexis reported a strong first quarter in 2022, with total revenues up 96% year-over-year and product revenues up 200%. The company is reiterating its full-year revenue guidance of $152 million to $158 million.

• Product revenues increased 200% to $30.7 million in Q1’22, primarily driven by revenue from sales of CDX-616 used in the manufacture of PAXLOVIDTM, Pfizer’s COVID-19 therapeutic.
• Product gross margin increased to 72% in Q1’22, driven by a shift in the sales mix to higher margin products.
• In the first quarter, Codexis had 16 customers who contributed over $100,000 in revenue, eight of which contributed over $1 million in revenue.
• Codexis led seqWell’s Series C financing with a $5.0 million investment, and the companies plan to collaborate using Codexis’ CodeEvolver® platform for enzyme optimization in seqWell’s growing portfolio of genomics workflow and library preparation products.

Headline financials

Revenue & EPS history

Codexis reiterates its financial guidance for 2022 issued on February 24, 2022, as follows: Total revenues are expected to be in the range of $152 million to $158 million, an increase of nearly 50% at the midpoint compared to 2021; excluding revenue from Pfizer in both periods, revenue growth is projected to be 10% or more. Product revenues are expected to be in the range of $112 million to $118 million, including approximately $75 million to $80 million related to sales of CDX-616 to Pfizer to manufacture PAXLOVID™. Gross margin on product revenue is expected to be 65% to 70%.