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Codexis Reports Third Quarter 2011 Results
Date:11/1/2011

REDWOOD CITY, Calif., Nov. 1, 2011 /PRNewswire/ -- Codexis, Inc. (NASDAQ: CDXS) today announced financial results for the third quarter ended September 30, 2011.  

Third Quarter Financial Highlights:Revenue: For the third quarter of 2011, the company reported revenues of $33.3 million, an increase of 23% from $27.1 million in the third quarter of 2010.  Product revenue of $12.2 million increased 29% over the prior year quarter driven primarily by an increase in product sales to both generic and innovator pharmaceutical customers.  Collaborative R&D revenue of $19.2 million increased from $17.2 million in the third quarter of 2010, driven mainly by milestones earned in the company’s Shell collaboration and by funded research for Codexis’ carbon capture program.

Operating Expenses:  Research and development expenses in the third quarter of 2011 were $16.8 million, compared to $13.1 million for the third quarter of 2010.  The increase was primarily due to additional headcount, an increase in amortization related to intellectual property purchased from Maxygen, Inc. and stock compensation expenses. Selling, general and administrative expenses in the third quarter of 2011 increased to $8.9 million compared to $7.9 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 ($2.7) million, or ($0.08) per share, based on 35.9 million weighted average common shares outstanding in the third quarter of 2011.  This compares to a net loss of ($2.7) million or ($0.08) per share during the third quarter of 2010.  

Adjusted EBITDA:  On a non-GAAP basis, Adjusted EBITDA increased from $2.1 million in the third quarter of 2010 to $2.6 million in 2011. Adjusted EBITDA is calculated by adjusting net lo
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SOURCE Codexis, Inc.
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