Codexis loss widens in Q2, cuts 2012 forecast

(SeeNews) - Aug 10, 2012 - US Codexis Inc (NASDAQ:CDXS), which makes biocatalysts for pharmaceuticals and biofuels, yesterday reported a second-quarter net loss of USD 5.5 million (EUR 4.5m), compared with USD 5 million a year ago, and cut its 2012 projections.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came negative at USD 400,000 from a positive result of USD 100,000.

Revenue declined by 12% in annual terms to USD 22.9 million. Of the total, USD 15.9 million came from collaborative research and development.

Codexis said it now expected full-year revenues of less than last year's USD 124 million, while earlier it had guided for flat or higher sales. It also changed its adjusted EBITDA forecast to negative from positive. The company explained that it now expected a reduction in funding under its collaborative deal with oil and gas major Shell (LON:RDSA) and no such funding after the end of October.

(USD 1 = EUR 0.815)

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