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REDWOOD CITY, Calif. - Codexis , Inc. (NASDAQ:CDXS) shares plunged 10.4% after the enzymatic solutions provider reported fourth-quarter results that fell short of analyst expectations and provided a tepid outlook for 2025.
The company posted a loss of -$0.13 per share for Q4, significantly wider than the -$0.04 loss analysts had forecast. Revenue came in at $21.5 million, well below the consensus estimate of $28.2 million and down 19.2% YoY when including 2023 PAXLOVID-related enzyme sales.
For the full year 2024, Codexis reported total revenue of $59.3 million, a 4% decrease from 2023 excluding PAXLOVID sales. The company’s product revenue increased 6% to $36.8 million, while R&D revenue declined to $22.6 million from $27.2 million in 2023.
Looking ahead, Codexis provided 2025 revenue guidance of $64-68 million, the midpoint of which is roughly in line with analyst expectations of $66.6 million. The company expects to achieve double-digit revenue growth in 2025 as it accelerates commercial growth through its double-stranded RNA ligase and GLP-grade siRNA material offerings.
"Throughout 2024, we continued to execute our strategy to advance the ECO Synthesis™ platform," said Stephen Dilly, Chairman and CEO of Codexis. "As we look to the year ahead, we will be focused on delivering a wide array of services to siRNA innovators."
The company aims to sign its first development contract for ECO Synthesis™ manufacturing services in the first half of 2025 and secure a GMP scale-up partner by year-end to enable larger scale clinical and commercial siRNA production.
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