Codexis Reports First Quarter 2023 Financial Results
REDWOOD CITY, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company, today announced financial results for the first quarter ended March 31, 2023, and provided a business update.
- Company Reiterates 2023 Total Revenue Guidance with Adjustments to Product vs. R&D Revenue Mix and Range on Gross Margin
REDWOOD CITY, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company, today announced financial results for the first quarter ended March 31, 2023, and provided a business update. - Including these enzyme sales, first quarter 2023 total revenues were down 63% compared to $35.3 million in the prior year.
- Product gross margin for first quarter 2023 was 46% compared to 72% in first quarter 2022; the decrease was largely driven by variability in the product mix and reflects the volume of lower margin products sold during first quarter 2023.
- Codexis provided an update to its 2023 financial guidance issued on February 23, 2023.