Codexis widens Q2 2013 net loss, lowers guidance

(SeeNews) - Aug 12, 2013 - US Codexis Inc (NASDAQ:CDXS) said on Friday its second-quarter net loss had deepened to USD 12.6 million (EUR 9.4m) from USD 5.5 million a year earlier and cut its full-year product revenue forecast.

The firm, which makes biocatalysts for pharmaceuticals and biofuels, now expects to generate product revenue of USD 25 million, rather than the USD 30 million from its previous forecast. Product gross margin will be at 30%-35%.

Revenues in April-June declined to USD 7 million from USD 22.9 million. The result was lower on a quarterly basis as well, marking a 39% drop. Second-quarter product revenue contracted to USD 4.9 million from USD 6.8 million a year back.

Product gross margin stood at 27%, falling by 38% sequentially.

Codexis posted a first-half 2013 net loss of USD 22.2 million, expanding from USD 13 million a year before. Revenue dropped to USD 18.5 million from USD 54 million.

(USD 1.0 = EUR 0.750)

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