Codexis (CDXS) Tops Q2 EPS by 7c

Codexis (NASDAQ: CDXS) reported Q2 EPS of ($0.07), $0.07 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $6 million versus the consensus estimate of $7.34 million.

"Solid year-to-date progress executing our plans encourages us to raise both of our annual financial guidance measures at this stage. Total revenues and gross margin in the second quarter reflected notable strength in biocatalyst research and development revenue which recorded its seventh consecutive quarter of growth," stated Codexis President and CEO John Nicols. "In addition, year-over-year in the second quarter we delivered gross margin expansion and operating cost reductions, which contributed to a reduction in our loss from operations and brought us closer to profitability.

"We recently entered into two agreements that validate the strength of our business strategy," he added. "Last week we announced our second non-exclusive CodeEvolver® protein engineering platform technology licensing agreement with a major pharmaceutical company, this time with current customer Merck. This licensing agreement allows Merck to use our CodeEvolver® platform technology to develop novel enzymes for the manufacture of its pharmaceutical products. It is compelling evidence of the value of our CodeEvolver® technology that Codexis and our license partners GSK and Merck are making long-term investments in our platform.

"Also, earlier today we announced a collaborative research and development agreement with a leading global biopharmaceutical company. This is our first agreement in the biopharmaceutical industry and it is exciting to see our CodeEvolver® protein engineering platform applied in the field of biologic drug development for this new customer," said Mr. Nicols.

For earnings history and earnings-related data on Codexis (CDXS) click here.

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