Codexis expands net loss in Q4 2012

(SeeNews) - Mar 1, 2013 - US Codexis Inc (NASDAQ:CDXS), which makes biocatalysts for pharmaceuticals and biofuels, said Wednesday its fourth-quarter net loss had widened to USD 15.5 million (EUR 12m) from a year-ago loss of USD 5.3 million, due to a sharp fall in revenues.

Loss per basic and diluted share amounted to USD 0.41, widening from a loss of USD 0.15.

Operating profit came negative at USD 15.7 million, compared to the operating loss of USD 4.9 million in the corresponding period of 2011.

Revenue dropped 76% in annual terms to USD 7.9 million after in August the company cancelled its collaborative research agreement with oil and gas major Shell (LON:RDSA). Product revenue eased 56% to USD 6.8 million.

Codexis closed 2012 with a net loss of USD 30.9 million, versus a deficit of USD 16.6 million a year before. Sales fell 29% to USD 88.3 million, with product revenue down 27% to USD 35.9 million.

For 2013 Codexis forecast its pharmaceutical revenue to stand at between USD 35 million and USD 40 million, with product revenue totalling USD 30 million.

(USD 1.0 = EUR 0.764)

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