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Codexis Reports Fourth Quarter and Full Year 2010 Results
Date:2/3/2011

REDWOOD CITY, Calif., Feb. 3, 2011 /PRNewswire/ -- Codexis, Inc. (Nasdaq: CDXS) today announced financial results for the fourth quarter and year ended December 31, 2010.  

Full Year 2010 Financial Highlights:Revenue:  Revenue increased 29% to $107.1 million, driven by a 77% increase in sales of pharmaceutical products, from $18.6 million in 2009 to $32.8 million in 2010, and increases in collaborative R&D and government grants.

Operating Expenses:  Full year operating expenses increased 2% to $86.2 million.  R&D expenses decreased 4% to $52.4 million, primarily from the elimination of royalty payments to Maxygen, Inc. as a result of our acquisition of Maxygen's gene shuffling IP portfolio in October, 2010.  SG&A expenses increased 13% to $33.8 million driven by increases in compensation and benefits and outside services costs associated with becoming a public company.

Net Loss:  Net loss was ($8.5) million, or ($0.35) per share, based on 24.6 million weighted average common shares outstanding for the full year 2010.   This compares to a net loss of ($20.3) million in 2009.  

Adjusted EBITDA:  On a non-GAAP basis, Adjusted EBITDA was $9.9 million compared to a loss of ($7.3) million in 2009. Adjusted EBITDA is calculated by adjusting net loss for net 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.

Fourth Quarter Financial Highlights:Revenue: For the fourth quarter of 2010, the company reported revenues of $29.8 million, an increase of 23% from $24.2 million in the fourth quarter of 2009, primarily due to an increase of $3.4 million in product revenue, representing an increase of 67% over the same time period of 2009.


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