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Codexis Reports First Quarter 2011 Results
Date:5/5/2011

REDWOOD CITY, Calif., May 5, 2011 /PRNewswire/ -- Codexis, Inc. (NASDAQ: CDXS) today announced financial results for the first quarter ended March 31, 2011.  

First Quarter Financial Highlights:Revenue: For the first quarter of 2011, the company reported revenues of $31.0 million, an increase of 21% from $25.7 million in the first quarter of 2010.  Product revenue of $12.9 million increased 106% over the same time period driven by more than $5 million in sales of the boceprevir intermediate to be used in Merck's investigational Hepatitis C drug trade named Victrelis.  Collaborative R&D revenue of $2.7 million increased from $0.7 million in the first quarter of 2010, driven mainly by funded research for our carbon capture program.

Operating Expenses:  Research and development expenses in the first quarter of 2011 were $13.8 million, compared to $13.0 million for the first quarter of 2010.  The increase was primarily due to an increase in amortization related to intellectual property purchased from Maxygen, Inc. in the fourth quarter of 2010 and higher depreciation and stock compensation expenses. Selling, general and administrative expenses in the first quarter of 2011 increased to $9.0 million compared to $8.6 million over the same period of 2010, driven by higher stock compensation expense and higher compensation expense due to headcount increases.

Net Loss:  Net loss was ($3.5) million, or ($0.10) per share, based on 35.1 million weighted average common shares outstanding in the first quarter of 2011.   This compares to a net loss of ($1.4) million or ($0.50) per share during the first quarter of 2010.  

Adjusted EBITDA:  On a non-GAAP basis, Adjusted EBITDA decreased from $2.8 million in the first quarter of 2010 to $1.8 million in 2011. Adjusted EBITDA is calculated by adjusting net loss for ne
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SOURCE Codexis, Inc.
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