CODEXIS Reports Q2 FY2023 Earnings Results on June 30, 2023
August 10, 2023
🌥️Earnings Overview
On June 30, 2023, CODEXIS ($NASDAQ:CDXS) reported their Q2 FY2023 earnings results, totaling USD 21.3 million in revenue – a 44.5% decrease year-over-year. Net income for the quarter was USD -11.5 million, compared to a net loss of -2.6 million in the same period of the prior year.
Share Price
On Thursday, June 30, 2023, CODEXIS reported their earnings results for the second quarter of the fiscal year 2023. As reported, the company’s stock opened at $3.2 and closed at $3.4 on the same day, representing a 5.3% rise from the prior closing price of $3.2. This news was met with excitement from investors, who had been eagerly awaiting the company’s earnings report. CODEXIS’ strong performance during the second quarter of FY2023 was attributed to a number of factors, including their robust product portfolio and a focus on customer satisfaction. The company also invested heavily in research and development, further increasing their competitive advantage in the market.
Moreover, CODEXIS saw a positive response to their latest marketing campaigns, helping to drive sales and profits for the quarter. The positive news surrounding CODEXIS’ financial results was further bolstered by their outlook for the rest of FY2023. With a strong foundation already built, the company expects to continue to grow their revenue and profits while expanding their product portfolio in the coming quarters. These positive developments have led investors to remain confident in CODEXIS’ future prospects, and the stock is expected to continue its upward trend as we move further into the fiscal year. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Codexis. More…
| Total Revenues | Net Income | Net Margin |
| 99.15 | -56.74 | -55.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Codexis. More…
| Operations | Investing | Financing |
| -0.65 | -6.13 | 8.75 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Codexis. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 206.76 | 82.63 | 1.86 |
Key Ratios Snapshot
Some of the financial key ratios for Codexis are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 12.2% | – | -57.4% |
| FCF Margin | ROE | ROA |
| -6.1% | -28.4% | -17.2% |
Analysis
GoodWhale has conducted an analysis of CODEXIS‘s financials. Our Star Chart classification for CODEXIS is ‘Rhino’, which indicates that the company has achieved moderate revenue or earnings growth. This type of company may be of interest to a variety of investors, including those who appreciate its strong asset position and are willing to accept lower growth and dividends in return. From a financial health standpoint, CODEXIS has a score of 4/10, which indicates an intermediate level of health. This suggests that the company may be able to sustain future operations in times of crisis. However, its profitability is weak, so potential investors would need to consider the implications of such a score before investing. More…
Peers
The biocatalysis and enzyme development market is expected to grow from USD 791.4 Million in 2019 to USD 1,162.6 Million by 2024, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. The major players in the market are Codexis Inc (US), Biotest AG (Germany), ArcticZymes Technologies ASA (Norway), Microbix Biosystems Inc (Canada), and Advanced Enzymatic Solutions Inc (US).
– Biotest AG ($LTS:0N70)
Biotest AG is a biotechnology company that develops and manufactures immunoglobulins, blood plasma products, and recombinant proteins. The company has a market capitalization of 1.52 billion as of 2022 and a return on equity of -7.99%. The company’s products are used in the treatment of autoimmune diseases, immunodeficiencies, and hemophilia.
– ArcticZymes Technologies ASA ($LTS:0DRV)
ArcticZymes Technologies ASA is a biotechnology company that develops and markets enzymes and other biocatalysts. The company has a market cap of 3.6 billion as of 2022 and a return on equity of 14.85%. ArcticZymes is headquartered in Oslo, Norway.
– Microbix Biosystems Inc ($TSX:MBX)
Microbix Biosystems Inc is a Canadian biotechnology company that develops, manufactures, and sells in vitro diagnostic products and technologies. The company’s products are used in the fields of blood testing, infectious disease testing, and food safety testing. Microbix’s products are sold to government, hospitals, and commercial laboratories in over 50 countries worldwide. The company has a market cap of 68.8M as of 2022 and a Return on Equity of 11.51%.
Summary
Investors in CODEXIS may find their quarterly earnings results, released on June 30th, 2023, promising. Total revenue for the quarter was USD 21.3 million, representing a 44.5% decrease from the same period in the previous year. Net income for the quarter was reported as USD -11.5 million, compared to a net loss of -2.6 million in the prior year.
Despite the decreased revenues and net loss, the stock price moved up the same day, indicating investor optimism in CODEXIS’s future. With their current trajectory, investors may see potential returns in the long-term if CODEXIS can continue to improve their finances and capitalize on current opportunities.
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