Codexis’ revenues up on 2010

Biotechnology company Codexis says its revenues for the third quarter of 2011 were up 23% on the same period last year, increasing from $27.1 million (€19.6 million) to $33.3 million.

The revenue from products also increased by 29% to $12.2 million, mainly because of the progress made through the collaboration with Shell into the company’s carbon capture programme.

Operating expenses for the third quarter amounted to $16.8 million, which was a more than a $3 million rise on the same period in 2010. Codexis says this was because the number of staff rose, there was an increase in amortisation relating to intellectual property bought from Maxygen and Codexis also had to pay stock compensation expenses.

The company made a net loss of $2.7 million and the adjusted EBITDA rose from $2.1 million in the third quarter of 2010 to $2.6 million in 2011.

Codexis has predicted it will hit $120 million for its total revenues this year, or more, which would be a growth of 12% compared to last year.

EBITDA is forecasted to be $5 million or more.

‘While more than half of our revenue today comes from R&D funding, we expect in the future to earn revenue from three sources – the sale of enzymes, the sale of products made using our enzymes and microbes, and royalties from the use of our technology,’ says Alan Shaw, CEO of Codexis.