NASDAQ$CDXS
Codexis Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Codexis reported first quarter 2023 financial results.
Codexis' total revenues for Q1 2023 were $13.0 million, an 8% decrease compared to Q1 2022 excluding enzyme sales related to PAXLOVID™. The net loss for the quarter was $22.6 million, or $0.34 per share.
- Total revenues for first quarter 2023 were $13.0 million compared to $14.0 million in the prior year, excluding enzyme sales related to PAXLOVID™.
- Product revenues for first quarter 2023 were $8.4 million compared to $9.4 million in the prior year, excluding first quarter 2022 enzyme sales related to PAXLOVID™.
- R&D revenues for first quarter 2023 were $4.6 million compared to $4.7 million in first quarter 2022.
- The net loss for first quarter 2023 was $22.6 million, or $0.34 per share, compared to a net loss of $8.4 million, or $0.13 per share, for first quarter 2022.
Headline financials
Revenue & EPS history
Codexis · Revenue · Quarterly
$13M
Forward guidance
Codexis reiterated its 2023 total revenue guidance range of $63 million to $68 million, excluding enzyme sales related to PAXLOVID™, with adjustments to the mix of product revenues versus R&D revenues. Product revenues are now expected to be in the range of $30 million to $35 million, excluding enzyme sales related to PAXLOVID™, and R&D revenues are now expected to be in the range of $28 million to $33 million. Codexis updated its 2023 guidance for gross margin on product revenue, which is now expected to be in the range of 55% to 65%, excluding enzyme sales related to PAXLOVID™.
Tailwinds
- Total revenue guidance reiterated at $63 million to $68 million, excluding PAXLOVID™ enzyme sales.
- R&D revenues are now expected to be in the range of $28 million to $33 million.
- Gross margin on product revenue expected to be in the range of 55% to 65%, excluding PAXLOVID™ enzyme sales.
- Existing cash and cash equivalents will be sufficient to fund planned operations through the end of 2024.
Headwinds
- Product revenues are now expected to be in the range of $30 million to $35 million, lower than previous guidance.
- Variability in timing of orders of enzyme from a large customer
- Increased volume of lower margin products sold during the first quarter of this year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-0.4%
Avg return
Earnings day
-0.0%
Avg return
5 days after
+1.2%
Avg return
30 days after
48%
31 / 64 earnings
Positive
+33.9%
Q4 2025
Best reaction
-24.5%
Q2 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.0% | -4.5% | -4.5% | |
| Q4 2025 | +33.9% | +15.7% | +76.4% | |
| Q3 2025 | -4.3% | -8.9% | -26.7% | |
| Q1 2025 | +1.2% | -0.8% | -9.7% | |
| Q4 2024 | -22.6% | -30.5% | -28.5% | |
| Q3 2024 | +9.0% | +19.0% | +42.7% | |
| Q2 2024 | -7.3% | -7.3% | -9.3% | |
| Q1 2024 | +26.0% | +13.5% | +8.7% | |
| Q4 2023 | +12.0% | +1.4% | -15.9% | |
| Q3 2023 | +16.3% | +4.8% | +48.8% | |
| Q2 2023 | -10.0% | -28.7% | -43.9% | |
| Q1 2023 | -8.1% | -24.4% | -35.7% | |
| Q4 2022 | -14.0% | -12.0% | -29.5% | |
| Q3 2022 | +10.3% | +4.9% | -1.4% | |
| Q2 2022 | +12.5% | +0.0% | -13.4% | |
| Q1 2022 | -9.2% | -17.3% | -20.9% | |
| Q4 2021 | +15.9% | +13.5% | +13.1% | |
| Q3 2021 | +18.8% | +18.7% | -3.7% | |
| Q2 2021 | +17.2% | +18.6% | +29.2% | |
| Q1 2021 | -5.0% | -9.9% | -0.4% | |
| Q4 2020 | -3.4% | -1.3% | -9.6% | |
| Q3 2020 | +2.3% | +9.1% | +23.9% | |
| Q2 2020 | +6.8% | +1.9% | -4.9% | |
| Q1 2020 | +2.3% | -2.9% | +2.2% | |
| Q4 2019 | -10.2% | -12.2% | -20.6% | |
| Q3 2019 | +10.1% | +11.4% | +10.0% | |
| Q2 2019 | -14.4% | -14.9% | -15.9% | |
| Q1 2019 | -5.7% | -3.3% | -11.9% | |
| Q4 2018 | -1.6% | -5.3% | -7.7% | |
| Q3 2018 | -7.2% | -9.0% | +25.3% | |
| Q2 2018 | +4.0% | +10.4% | +32.0% | |
| Q1 2018 | +9.1% | +14.2% | +25.9% | |
| Q4 2017 | +3.3% | +18.6% | -3.3% | |
| Q3 2017 | -3.1% | -8.5% | +6.2% | |
| Q2 2017 | +5.9% | +5.0% | +10.9% | |
| Q1 2017 | +1.1% | +0.0% | -2.2% | |
| Q4 2016 | +6.0% | +8.3% | +7.1% | |
| Q3 2016 | +2.2% | +10.8% | +8.6% | |
| Q2 2016 | +2.8% | +0.0% | -4.2% | |
| Q1 2016 | +2.5% | — | — | |
| Q4 2015 | -5.9% | — | — | |
| Q3 2015 | +2.9% | — | — | |
| Q2 2015 | -3.1% | — | — | |
| Q1 2015 | -7.4% | — | — | |
| Q4 2014 | +5.4% | — | — | |
| Q3 2014 | -8.1% | — | — | |
| Q2 2014 | +7.1% | — | — | |
| Q1 2014 | +1.3% | — | — | |
| Q4 2013 | +3.1% | — | — | |
| Q3 2013 | -16.6% | — | — | |
| Q2 2013 | -12.5% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2012 | -8.5% | — | — | |
| Q3 2012 | -17.4% | — | — | |
| Q2 2012 | -24.5% | — | — | |
| Q1 2012 | -2.4% | — | — | |
| Q4 2011 | -8.7% | — | — | |
| Q3 2011 | +0.4% | — | — | |
| Q2 2011 | -9.3% | — | — | |
| Q1 2011 | -5.6% | — | — | |
| Q4 2010 | -1.5% | — | — | |
| Q3 2010 | -8.1% | — | — | |
| Q2 2010 | -5.5% | — | — | |
| Q1 2010 | -0.7% | — | — |
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