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

7;s ethanol process.  You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results.  Factors that could materially affect actual results include the risks that our operating results may fluctuate in the future, that we have a history of net losses and that we may be unable to successfully commercialize our technology in biofuels.  Additional factors that could materially affect actual results can be found in Codexis’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 3, 2011, including under the caption “Risk Factors.”  Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. Codexis, Inc.Condensed Consolidated Statements of Operations(Unaudited)(In Thousands, Except Per Share Amounts)Three Months EndedNine Months EndedSeptember 30,September 30,20112010% change20112010% changeRevenues:Product$ 12,199$  9,49129%$  33,528$ 24,25038%Collaborative research and development19,20117,24311%54,07349,4509%Government grants1,882379397%2,7713,593-23%Total revenues 33,28227,11323%90,37277,29317%Costs and operating expenses: Cost of product revenues9,9588,56316%28,71319,85645%Gross margin $2,241928141%4,8154,39410%Gross margin %18%10%14%18%Research and development16,78613,07028%45,50239,05617%Selling, general and administrative8,8717,94012%27,16025,1928% . . Total costs and operating expenses35,61529,57320%101,37584,10421%Loss from operations (2,333)(2,460)-5%(11,003)(6,811)62%Interest income766125%19513544%Interest expense and other, net(411)(35)1074%(378)(1,047)-64%Loss before provision for income taxes (2,668)(2,434)10%(11,186)(7,723)45%Provision for income taxes 74298-75%68324-79%Net loss$ (2,742)$ (2,732)0%$ (11,254)$ (8,047)40%Net loss per shar
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