Schrodinger Inc. (NASDAQ: SDGR) reported Q1 EPS of ($0.34), $0.12 worse than the analyst estimate of ($0.22). Revenue for the quarter came in at $26.2 million versus the consensus estimate of $22.37 million.

First Quarter Financial Results

• Revenue was $26.2 million for the first quarter of 2020, a year-over-year increase of 26%.
• Software revenue was $23.8 million for the quarter, representing a 28% increase from the first quarter of 2019. Drug discovery revenue was $2.4 million for the quarter, representing an 11% increase from the first quarter of 2019.
• Gross profit reached $15.6 million in the first quarter versus $13.0 million in the first quarter of 2019. Software gross margin in the first quarter was 83%, unchanged from the first quarter of 2019.
• Operating expenses for the first quarter of 2020 were $27.4 million, representing an increase of 47% from the first quarter of 2019.
• Net loss, after adjusting for non-controlling interests, was $13.8 million, compared to $5.8 million in the same period in 2019.
• Schrödinger ended the first quarter with cash, cash equivalents, restricted cash and marketable securities of $288.8 million.

“The first quarter was marked by a significant milestone for Schrödinger with the completion of our successful IPO, which is a credit to our employees and our commitment to advancing the science underlying our platform,” said Schrödinger CEO Ramy Farid, Ph.D. “We are proud of what our team has accomplished, and we will continue to innovate as we work towards our mission of improving human health and quality of life by transforming the way therapeutics and materials are discovered.”

“We are very pleased with our performance in the first quarter of 2020. Our revenue growth reflects the continuing trend of increased adoption of our physics-based solutions by pharmaceutical, biotechnology, and industrial companies,” said Schrödinger CFO Joel Lebowitz. “This quarter we also continued to invest heavily in research and development to advance our wholly-owned programs and the science underlying our platform.”

For earnings history and earnings-related data on Schrodinger Inc. (SDGR) click here.