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

t interest expense, income taxes, depreciation, amortization, stock-based compensation and preferred stock warrant fair market valuation.  A reconciliation of net loss to Adjusted EBITDA is presented below.

Cash:  Cash, cash equivalents and marketable securities at March 31, 2011, increased to $82.0 million compared to $74.0 million at December 31, 2010.  The company generated $7.3 million in cash from operations in the first quarter.

OutlookCodexis' statements with regard to its outlook are based on current expectations. The following statements are forward looking, and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.

For the full year 2011, Codexis forecasts revenues of $120 million or greater, which would represent growth of 12% or greater compared to 2010. Codexis expects 2011 Adjusted EBITDA will be $5 million or greater.

Recent EventsOn April 7, 2011, Codexis announced a partnership with Alcoa and CO2 Solution, Inc. for a carbon capture technology pilot test designed to turn emissions into beneficial commercial products.  The collaboration will use proprietary enzyme technologies to reduce the environmental impact of industrial byproducts.  This new pilot program will be funded by Alcoa and includes $13.5 million from the U.S. Department of Energy.

On March 8, 2011, Codexis named Jacques Beaudry-Losique VP Corporate Development & Strategy.  Mr. Beaudry-Losique joined Codexis from the U.S. Department of Energy, and is responsible for corporate strategic planning for Codexis' bioindustrials businesses and directing the company's government relations programs.

On February 17, 2011, Codexis announced that Byron Dorgan, former U.S. Senator from North Dakota, had been elected to the company's Board of Directors.  Senator Dorgan retired from the Senate in January 2011 after a 30-y
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SOURCE Codexis, Inc.
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