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Codexis Reports 2017 Fourth Quarter and Full Year Financial Results
Mar. 09, 2018 08:43AM PST
Genetics Investing
Codexis (NASDAQ:CDXS), a leading protein engineering company, announces financial results for the three and 12 months ended December 31, 2017, provides a business update and introduces 2018 financial guidance. As quoted in the press release: “We closed out an exceptional year with fourth quarter revenues exceeding $21 million, more than double third quarter revenues,” said Codexis …
Codexis (NASDAQ:CDXS), a leading protein engineering company, announces financial results for the three and 12 months ended December 31, 2017, provides a business update and introduces 2018 financial guidance.
As quoted in the press release:
“We closed out an exceptional year with fourth quarter revenues exceeding $21 million, more than double third quarter revenues,” said Codexis President and CEO John Nicols. “Revenues for 2017 of $50 million increased slightly over 2016 and met our annual guidance as we replaced more than $22 million of non-recurring revenue related to technology transfers. Product sales of $27 million increased 74% and reached the top of our guidance range, and product gross margin of 46% exceeded our guidance range. Our many 2017 accomplishments include our new agreement with Nestlé Health Science, which validated the use of our protein engineering technology platform for biotherapeutic drug discovery, and our second agreement with Tate & Lyle, which further strengthened our partnership with this world leader in food ingredients.