Codexis (CDXS) Raises 2021 Guidance Following Receipt of Significant New Order for a Proprietary Enzyme
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Codexis, Inc. (Nasdaq: CDXS), a leading enzyme engineering company enabling the promise of synthetic biology, is raising its guidance for 2021, following the receipt of a binding purchase order for up to $13.9 million of a proprietary high performance enzyme product from an undisclosed global pharmaceutical company. The majority of this order was not included in Codexis’ prior guidance for 2021; accordingly, the Company is raising its 2021 guidance for total revenues to a range of $89 million to $93 million, up from previous guidance of $82 million to $85 million. Codexis is also increasing its 2021 guidance for product revenue to a range of $45 million to $48 million, up from previous guidance of $36 million to $39 million. In addition, the Company is raising 2021 guidance for product gross margin to a range of 60% to 64%, up from previous guidance of 54% to 58%.
(*Consensus sees FY revenue of $83.7 million)
“We are delighted to be able to supply one of our proprietary, high performance enzyme products to assist a key partner in the manufacture of commercial quantities of a critical intermediate for one of their Active Pharmaceutical Ingredients (APIs),” said John Nicols, President and CEO of Codexis. “Leveraging our CodeEvolver® enzyme engineering platform, Codexis is able to design enzymes with remarkable performance improvements for our customers, dramatically reducing the cost and improving the efficiency and sustainability of their API production. This increase in guidance showcases the capacity of our business model to continue accelerating revenue growth, projecting product sales 50% higher year over year, at significantly higher gross margins.”
“This project has progressed rapidly in the past six months, starting with sampling of research quantities of enzyme for process screening in late 2020, followed by very rapid scale up to hundreds of kilograms of enzyme to support the manufacture of significant quantities of API,” commented Rob Wilson, SVP and General Manager of Codexis’ Performance Enzymes business unit. “We are actively mobilizing our supply chain to produce at the metric tons scale in the second half of the 2021, in order to fulfill the recently confirmed purchase order.”
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