Codexis Inc (CDXS) Q3 2024 Earnings Call Highlights: Strong Revenue Growth and Strategic Focus ...

GuruFocus.com11-01

Total Revenue: $12.8 million for Q3 2024, up from $9.3 million in Q3 2023. Product Revenue: $11.2 million for Q3 2024, compared to $5.4 million in Q3 2023. R&D Revenue: $1.7 million for Q3 2024, down ...

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GuruFocus has detected 6 Warning Signs with CDXS.\n\nRelease Date: October 31, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nCodexis Inc (NASDAQ:CDXS) strengthened its balance sheet by adding $31 million in net proceeds from existing institutional investors.\nThe company delivered strong revenue growth in pharma manufacturing and initiated several technical collaborations on its ECO Synthesis manufacturing platform.\nCodexis Inc (NASDAQ:CDXS) completed the divestiture of its legacy genomics enzyme portfolio to focus on its core business.\nThe company has a clear path to profitability by the end of 2026, supported by growth in pharma manufacturing revenues and increasing orders for its double-stranded RNA ligase offering.\nCodexis Inc (NASDAQ:CDXS) is in a strong cash position, sufficient to fund operations until profitability is reached, expected by 2027.\n\n Negative Points \n\nTotal revenues for the third quarter of 2024 were $12.8 million, which, while an increase from the previous year, may still be considered modest.\nR&D revenue decreased to $1.7 million from $3.9 million in the third quarter of 2023, primarily due to lower non-recurring items.\nThe company reported a net loss of $20.6 million for the third quarter of 2024, although this was an improvement from the previous year's loss.\nSG&A expenses increased to $13.6 million from $12.3 million in the third quarter of 2023, largely due to an increase in consulting and outside services.\nCodexis Inc (NASDAQ:CDXS) is not assuming any revenue from PAXLOVID, indicating uncertainty or lack of reliance on this potential revenue stream.\n\n Q & A Highlights \nQ: What are the key parameters to determine the success of the synthesis process for an undisclosed asset? A: Stefan Lutz, SVP of Research, explained that the two key parameters are the overall yield of the full-length product and the impurity or quality of the material, represented by the impurity profile. Both sets of information will be provided.\nQ: Can you provide details on future partnerships or collaborations, such as company names or program specifics? A: Kevin Norrett, COO, stated that while they aim to provide as much detail as possible, the specifics will depend on the partner. The focus is on moving projects from proof of concept to revenue-generating development projects within their ECO Innovation Lab.\nQ: Are there any expectations for PAXLOVID sales, given the higher-than-expected sales reported this quarter? A: Stephen Dilly, CEO, mentioned that they are not assuming anything regarding PAXLOVID sales and are not planning for any contributions from it.\nQ: What type of clients are showing interest in the ECO Synthesis technology, and how are you prioritizing these projects? A: Kevin Norrett, COO, noted that there is significant interest from large siRNA drug developers. They are prioritizing quality over quantity and focusing on proving their technology to major players, while also working with CDMOs to establish a GMP scale-up partnership.\nQ: What are the major hurdles in forming partnerships, and how do they differ between pharma and CDMOs? A: Stephen Dilly, CEO, and Kevin Norrett, COO, explained that for CDMOs, the focus is on identifying a major siRNA-producing partner for GMP scale-up. For large drug innovators, the focus is on traditional ECO-innovation development projects. The key is showing a path to GMP and ensuring raw material supply security.\nQ: How will the technical collaboration for ECO Synthesis be structured, and what might the first collaboration look like? A: Kevin Norrett, COO, stated that it depends on the partner. Collaborations could range from straightforward development contracts to joint development collaborations with upfront milestones and royalties. The preference is to fill the ECO Innovation Lab with current development contracts.\nQ: What is the expected impact of bringing enzyme production in-house on gross margins and capacity? A: Stephen Dilly, CEO, indicated that bringing enzyme production in-house should improve margins due to higher-margin new enzymes. The current facilities can accommodate this production, and they are considering where to locate a future kilo lab.\nQ: Why do customers prefer enzymatic production of RNA building blocks, and what is the potential revenue opportunity? A: Stephen Dilly, CEO, explained that enzymatic production offers better quality and environmental benefits. It also provides leverage in pricing negotiations with chemical producers. Kevin Norrett, COO, added that the opportunity could be significant, especially as mRNA production scales up.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480883983"}