NASDAQ$SDGR
Schrodinger Inc/United States · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported first quarter financial results with software revenue increasing and announced FDA clearance of IND application for SGR-3515.
Schrödinger reported a decrease in total revenue due to a large collaboration milestone payment in the previous year, while software revenue increased. The company announced FDA clearance of its IND application for SGR-3515 and expects initial data readouts for SGR-1505 and SGR-2921 in late 2024 or 2025.
- Total revenue for the first quarter was $36.6 million, compared to $64.8 million in the first quarter of 2023.
- Software revenue for the first quarter increased 3.7% to $33.4 million, compared to $32.2 million in the first quarter of 2023.
- FDA cleared the investigational new drug (IND) application for SGR-3515, its Wee1/Myt1 inhibitor.
- Phase 1 clinical studies of SGR-1505 and SGR-2921 remain on track, and initial data is expected in late 2024 or 2025.
Headline financials
Revenue & EPS history
Schrodinger · Revenue · Quarterly
$36.6M
Revenue by segment
Schrodinger · $13.7M total across 1 segment · Q3 2023
- Drug Discovery$13.7M+11.3%100.0%
Forward guidance
Schrödinger maintained its financial guidance for the fiscal year ending December 31, 2024. For the second quarter of 2024, software revenue is expected to range from $31 million to $33 million.
Tailwinds
- Software revenue growth is expected to range from 6% to 13%.
- Drug discovery revenue is expected to range from $30 million to $35 million.
- Software gross margin is expected to be similar to software gross margin for the full year 2023.
- Operating expense growth in 2024 is expected to range from 8% to 12%.
- The company expects to initiate a Phase 1 dose-escalation trial of SGR-3515 in patients with solid tumors in the third quarter of 2024.
Headwinds
- Cash used for operating activities in 2024 is expected to be above cash used for operating activities in 2023.
- Total revenue decreased due to a large collaboration milestone payment that favorably impacted revenue in the first quarter of 2023.
- Software gross margin decreased to 76% for the first quarter, compared to 78% in the first quarter of 2023, largely due to higher technology expenses.
- Operating expenses were $86.3 million for the first quarter, compared to $76.2 million for the first quarter of 2023, primarily due to higher R&D expenses.
- Net loss for the first quarter was $54.7 million, compared to net income of $129.1 million in the first quarter of 2023.
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 2024
-2.2%
Avg return
Earnings day
-1.6%
Avg return
5 days after
+1.8%
Avg return
30 days after
42%
11 / 26 earnings
Positive
+31.4%
Q4 2021
Best reaction
-29.9%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.2% | +1.9% | +23.0% | |
| Q4 2025 | +8.3% | +5.9% | -6.1% | |
| Q3 2025 | -5.8% | -7.4% | -10.8% | |
| Q1 2025 | +0.6% | +0.2% | +3.8% | |
| Q4 2024 | +2.5% | -2.9% | -8.0% | |
| Q3 2024 | +13.1% | -5.1% | +7.8% | |
| Q2 2024 | +0.1% | -15.7% | -6.8% | |
| Q1 2024 | -4.9% | -1.4% | -11.7% | |
| Q4 2023 | -23.1% | -23.7% | -18.4% | |
| Q3 2023 | +15.3% | +27.5% | +49.7% | |
| Q2 2023 | -26.9% | -27.3% | -29.8% | |
| Q1 2023 | -5.1% | -6.4% | +22.3% | |
| Q4 2022 | +14.5% | +21.7% | +16.8% | |
| Q3 2022 | -14.6% | -15.6% | -29.2% | |
| Q2 2022 | +1.5% | -4.9% | -19.1% | |
| Q1 2022 | -5.5% | -10.5% | +1.5% | |
| Q4 2021 | +31.4% | +45.4% | +36.4% | |
| Q3 2021 | -16.1% | -15.6% | -31.6% | |
| Q2 2021 | -5.1% | -12.1% | -0.1% | |
| Q1 2021 | -6.8% | -4.3% | +19.4% | |
| Q4 2020 | -29.9% | -29.7% | -20.8% | |
| Q3 2020 | +12.4% | +15.8% | +39.6% | |
| Q3 2019 | +12.4% | +15.8% | +39.6% | |
| Q2 2020 | -2.5% | -2.4% | -24.2% | |
| Q1 2020 | -8.1% | +0.5% | +3.0% | |
| Q4 2019 | -14.6% | +8.3% | +1.5% | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — |
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