Schrodinger Inc. (NASDAQ: SDGR) reported Q3 EPS of ($0.70), $0.01 better than the analyst estimate of ($0.71). Revenue for the quarter came in at $42.6 million versus the consensus estimate of $37.53 million.

2023 Financial Outlook

Schrödinger today updated its financial guidance for 2023. The company’s financial expectations for the fiscal year ending December 31, 2023 are as follows:

Software revenue growth is expected to be in the range of 15 percent to 18 percent.
Drug discovery revenue is expected to range from $50 million to $70 million.
Software gross margin is expected to be similar to software gross margin for the full year 2022.
Operating expense growth in 2023 is expected to be significantly lower than operating expense growth in 2022.
Cash used for operating activities is now expected to be higher in 2023 than 2022, based on the mix of revenue, the timing and size of milestones and expectations for new business development activity this year.

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