Codexis' Q1 2013 net loss expands

(SeeNews) - May 8, 2013 - US Codexis Inc (NASDAQ:CDXS), which makes biocatalysts for pharmaceuticals and biofuels, on Tuesday said its first-quarter net loss had widened to USD 9.6 million (EUR 7.3m) from USD 7.5 million a year ago.

As a result, loss per share deepened to USD 0.25 from USD 0.21 a year before.

Revenues in January-March gained 45% quarter-on-quarter to USD 11.5 million but declined on a yearly basis as in August the company cancelled its collaborative research agreement with oil and gas major Shell (LON:RDSA). Codexis' revenue in the first quarter of 2012 stood at USD 31.1 million.

In the reporting period product revenue rose by 34% sequentially to USD 9.1 million but dropped from USD 15.2 million a year back. Collaborative research and development revenue fell to USD 2.3 million from USD 14.6 million in 2012.

For 2013 Codexis affirmed its forecast for pharmaceutical revenues of between USD 35 million and USD 40 million, with product revenue totalling USD 30 million.

(USD 1.0 = EUR 0.763)

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