REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Codexis, Inc. (NASDAQ: CDXS), a developer of cost-advantaged processes
for the production of biofuels, bio-based chemicals, and pharmaceutical
intermediates, today announced financial results for the first quarter
ended March 31, 2012.
"In the first quarter of 2012, we saw increased sales in our
pharmaceutical business and made continued progress with our development
projects and partnerships in bio-based fuels and chemicals," said Peter
Strumph, interim CEO of Codexis. "We remain focused on growing our
pharmaceutical portfolio while continuing to advance CodeXyme? cellulase
enzymes and CodeXol? detergent alcohols toward commercialization."
First Quarter Financial Highlights:
Revenue: For the first quarter of 2012, the company reported revenues of
$31.1 million, in line with $31.0 million from the first quarter of
2011. Product revenue in the first quarter of 2012 was $15.2 million, a
17% increase over $12.9 million in the prior year quarter, primarily
driven by increased sales of atorvastatin-related intermediates.
Collaborative research and development revenue of $14.6 million
decreased 16% from $17.5 million in the first quarter of 2011.
Operating Expenses: Research and development expenses in the first
quarter of 2012 were $16.3 million, an increase of 19% from $13.8
million for the first quarter of 2011. The increase was primarily due to
continued development of CodeXol? detergent alcohol. Selling, general
and administrative expenses in the first quarter of 2012 were $9.4
million, an increase of 4% compared to $9.0 million in the same period
of 2011.
Net Loss: Net loss was ($7.5) million, or ($0.21) per share, based on
36.1 million weighted average common shares outstanding in the first
quarter of 2012. This compares to a net loss of ($3.5) million or
($0.10) per share during the first quarter of 2011.
Adjusted EBITDA: On a non-GAAP basis, Adjusted EBITDA was ($3.1) million
in the first quarter of 2012 compared to $1.8 million for the first
quarter of 2011. Adjusted EBITDA is calculated by adjusting net loss for
net interest expense, income taxes, depreciation, amortization, and
stock-based compensation. A reconciliation of net loss to Adjusted
EBITDA is presented below.
Cash: Cash, cash equivalents, and marketable securities at March 31,
2012 were $62.2 million, a 3% decrease compared to $63.8 million at
December 31, 2011. The company generated $0.6 million in cash from
operations in the first quarter of 2012.
Outlook
Codexis' statements with regard to its outlook are based on current
expectations. The following statements are forward looking, and actual
results could differ materially depending on market conditions and the
factors set forth under "Forward-Looking Statements" below.
For the full year 2012, Codexis forecasts revenues in line with or
exceeding 2011 results. Codexis expects 2012 Adjusted EBITDA will be
positive, and expects total cash burn to be in line with 2011 levels.
Conference Call
Codexis will hold a conference call on Thursday, May 10, 2012 at 1:30
p.m. PT (4:30 p.m. ET). The conference call dial-in numbers are US:
866-788-0541 or International: 857-350-1679, access code 54501345. A
live webcast of the call will also be available from the Investors
section of www.codexis.com.
A recording of the call will be available by calling US: 888-286-8010 or
International: 617-801-6888, access code 93747367 beginning
approximately two hours after the call, and will be available for up to
seven days. A webcast replay will also be available from the Investors
section of www.codexis.com
approximately two hours after the call, and will be available for up to
30 days.
About Codexis, Inc.
Codexis, Inc. is a developer of cost-advantaged processes for the
production of biofuels, bio-based chemicals, and pharmaceutical
intermediates. Codexis' product lines include CodeXyme?Cellulase
Enzymes and CodeXol? Detergent Alcohol. Partners and customers include
global leaders such as Shell, Merck and Pfizer. For more information,
see www.codexis.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to
Codexis' forecast for 2012 revenue, Adjusted EBITDA and total cash burn,
and Codexis' ability to deliver sales growth in its pharmaceutical
products and services in 2012. You should not place undue reliance on
these forward-looking statements because they involve known and unknown
risks, uncertainties and other factors that are, in some cases, beyond
our control and that could materially affect actual results. Factors
that could materially affect actual results include the risks that our
operating results may fluctuate in the future and that we are dependent
on a limited number of products and customers in our pharmaceutical
business. Additional factors that could materially affect actual results
can be found in Codexis' Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 5, 2012, including under the
caption "Risk Factors." Codexis expressly disclaims any intent or
obligation to update these forward-looking statements, except as
required by law.
Codexis, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In Thousands, Except Per Share Amounts)
Three Months Ending
March 31,
2012
2011
% change
Revenues:
Product
$
15,167
$
12,932
17
%
Collaborative research and development
14,612
17,486
-16
%
Government grants
1,357
616
120
%
Total revenues
31,136
31,034
0
%
Costs and operating expenses:
Cost of product revenues
12,642
11,650
9
%
Gross margin $
2,525
1,282
97
%
Gross margin %
17
%
10
%
Research and development
16,349
13,750
19
%
Selling, general and administrative
9,395
9,013
4
%
Total costs and operating expenses
38,386
34,413
12
%
Loss from operations
(7,250
)
(3,379
)
115
%
Interest income
75
49
53
%
Interest expense and other, net
(118
)
17
nm
Loss before provision for income taxes
(7,293
)
(3,313
)
120
%
Provision for income taxes
197
158
25
%
Net loss
$
(7,490
)
$
(3,471
)
116
%
Net loss per share of common stock, basic and diluted
$
(0.21
)
$
(0.10
)
Weighted average common shares used in computing net loss per share
of common stock, basic and diluted
36,057
35,116
Codexis, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands)
March 31,
December 31,
2012
2011
Assets
Current assets:
Cash and cash equivalents
$
26,604
$
25,762
Marketable securities
26,679
27,720
Accounts receivable, net
18,548
18,917
Inventories
4,814
4,488
Prepaid expenses and other current assets
4,063
2,345
Total current assets
80,708
79,232
Restricted cash
1,511
1,511
Non-current marketable securities
8,867
10,348
Property and equipment, net
24,001
24,176
Intangible assets, net
15,526
16,442
Goodwill
3,241
3,241
Other non-current assets
747
972
Total assets
$
134,601
$
135,922
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
8,978
$
10,364
Accrued compensation
4,387
6,785
Other accrued liabilities
10,813
7,354
Deferred revenues
9,070
3,789
Total current liabilities
33,248
28,292
Deferred revenues, net of current portion
1,439
1,485
Other long-term liabilities
3,649
3,455
Total liabilities
38,336
33,232
Stockholders' equity:
Common stock
4
4
Additional paid-in capital
288,991
287,792
Accumulated other comprehensive income (loss)
(541
)
(407
)
Accumulated deficit
(192,189
)
(184,699
)
Total stockholders' equity
96,265
102,690
Total liabilities and stockholders' equity
$
134,601
$
135,922
Codexis, Inc.
Condensed Consolidated Statements of Cash Flow
(Unaudited)
(In Thousands)
Three Months Ending
March 31,
2012
2011
Operating activities:
Net loss
$
(7,490
)
$
(3,471
)
Adjustments to reconcile net loss to net cash provided by operating
activities:
Amortization of intangible assets
916
941
Depreciation and amortization of property and equipment
2,203
1,895
Loss on disposal of property and equipment
79
-
Gain from extinguishment of asset retirement obligation
-
(124
)
Stock-based compensation
1,169
2,307
Accretion of asset retirement obligation
7
17
Amortization of premium / accretion of discount on marketable
securities
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