Codexis, Inc (NASDAQ:CDXS) has proceeded to announce its 2017 financial results for the three and 12 months and in the same vein it has also given a business update as well as unveiled its 2018 financial guidance.
John Nicols, who is the current President and CEO of Codexis in making his statement outlined that as a company they had come to the close of an exceptional year with fourth quarter revenues of almost $21 million. According to him, that was about double what the company got in terms of the third quarter revenues.
He delved deeper into the matter to disclose that the 2017 revenues of $50 million was a significant rise from what was witnessed way back in 2016.The company has met its annual guidance after it managed to replace about $22 million of non-recurring revenue in line with the various technology transfers.
The agreement that was struck with Nestlé Health Science was a great validation for the use of the company’s protein engineering technology platform to accomplish much in terms of the biotherapeutic drug discovery.
Nicols went further to outline that the company’s growth momentum and its accomplishments were good signs that it was headed towards another year of exceptional growth. And if all moves according to plan it might end up attaining revenues of about $60 million.
He added that their outlook features formed an important part of their outstanding growth. The company has already set some funds aside which it intends to use in supporting its product development as well as in financing its research and developments activities. It has also been looking forward to that moment when it would succeed in boosting its capital expenditures as well as its working capital.
The company’s spokesperson while addressing several journalists took great pride in the fact that over the years they had done quite much in line with the application of their proprietary CodeEvolver® technology which helped quite a huge deal in developing proteins for a wide range of applications. Some of those included several biocatalysts that would assist in the manufacture of fine chemicals, pharmaceuticals and industrial enzymes.