CDXS - Codexis shares jump 18% after Q3 earnings beat

Codexis shares jump (CDXS +18.5%) after the company posted third-quarter revenue and profit that beat Wall Street estimates. Quarterly revenue nearly doubled to $36.77M, beating analysts' average estimate by $8.25M. Product revenues increased 242% to $28.7M in Q3’21, primarily driven by the sale of a proprietary Codexis enzyme to manufacture Pfizer’s clinical-stage COVID antiviral therapeutic candidate. The company raised its FY 2021 product revenues to be in the range of $63M - $66M compared to $59M - $63M previously. Codexis also reiterated FY 2021 total revenue forecast to be in the range of $98M - $103M. Net income for the third quarter 2021 was $2.2M, or $0.03 per share, compared to a net loss of $6.1M, or $0.10 per share, for the third quarter 2020. As of September 30, 2021, the Company had $119.2M in cash and cash equivalents. Previously (Nov. 4): Codexis EPS beats by $0.12, beats on revenue.

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Codexis shares jump 18% after Q3 earnings beat