Enzymatic therapeutics maker Codexis' Q3 net loss narrows

Overview

• US enzymatic therapeutics maker's Q3 revenue more than doubled yr/yr on new product launches

• Net loss for Q3 narrowed compared to prior year period

• Company reiterated full-year revenue guidance and refinanced debt with new $60 mln loan facility

Outlook

• Codexis reiterates 2026 revenue guidance of $72 mln to $76 mln

• Company expects 2026 gross margin in the low 70% range

• Codexis expects existing cash to fund operations through end of 2028

Result Drivers

• NEW PRODUCT LAUNCHES - Higher product revenue driven by customer approval and launch of new, higher-margin products

• PRODUCT MIX SHIFT - Gross margin rose due to increased sales of more profitable products and declines in less profitable, established products

• LOWER OPERATING COSTS - R&D and SG&A expenses fell due to lower employee-related costs and reduced spending on outside services

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Codexis, Inc. is $5.00, about 412.1% above its November 11 closing price of $0.98

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)