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At this point this company is beginning to excite many visionary realtors who are changing the old brick and mortar expensive ways of doing business for them to what is the obvious future of real estate. Most average people in this industry have not even heard of this company yet. But people in retail had never heard of Amazon.com early in it’s development either. The investment community will soon get wind of what is happening here and at that point institutional investors as well as mom and pop investors will want a piece of the future of real estate.
“Get’um while they are cheap “
Yepper!!!
Very well explained.
first mike you are a treasure to this message board.
I did the way you write man!
Always have.
“ KBLB is not a penny stock. It is a stock that sells for
Pennies”
Anonymous quote
Yes the photographs are nice to see.
Friday may be a good day to add?
I am looking for a little traction on the PPS going forward.
Codexis Reports Financial Results for the Third Quarter of 2017
Nov. 9, 2017 4:05 PM
Product sales increase 71% over the prior year
Affirms 2017 revenue guidance
Conference call begins at 4:30 pm Eastern time today
REDWOOD CITY, Calif., Nov. 09, 2017 (GLOBE NEWSWIRE) -- Codexis, Inc. (CDXS), a leading protein engineering company, announces financial results for the three and nine months ended September 30, 2017, and provides a business update.
“We continue to deliver excellent results in 2017, highlighted by the creation of our new partnership with Nestlé Health Science, as well as a solid financial performance,” said Codexis President and CEO John Nicols. “Our recently announced strategic collaboration with Nestlé Health Science validates the use of our CodeEvolver® protein engineering technology platform for biotherapeutic drug discovery and demonstrates our ability to partner with yet another of the world’s leading companies. Regarding the third quarter financial results, once again we are most proud of the growth in product sales, which increased 71% for the third quarter and 73% year-to-date, with gross margin on product sales again toward the high end of our guidance range.
“Collaboration efforts with Nestlé Health Science have already begun and are expected to contribute significantly to our fourth quarter revenues,” he added. “Together with continued strength in product sales, our fourth quarter is set up to produce the highest revenue quarter for the year and we are reaffirming our total revenue guidance for 2017 of $50 million to $53 million. Delivering on our 2017 revenue guidance will be an exceptional accomplishment by the Codexis team, especially given that over $20 million of last year’s revenues were from non-recurring milestone payments and deferred revenues related to the completion of our two pharmaceutical partners’ platform license technology transfers. The new 2017 revenue sources that offset those headwinds continue to gain momentum as we end this year, setting us up for double-digit revenue growth in 2018.”
Third Quarter Financial Highlights
Total revenues for the third quarter of 2017 were $10.0 million compared with $14.9 million for the third quarter of 2016. The prior year period included the recognition of an $8.0 million milestone payment and $0.6 million in deferred revenue under the platform licensing deal with Merck. Product sales for the third quarter of 2017 increased 71% to $6.9 million from $4.1 million for the prior-year period, primarily due to higher demand for enzymes. Research and development service revenues for the third quarter of 2017 were $2.9 million compared with $10.4 million for the third quarter of 2016, which included $8.6 million of revenue from Merck described above. Revenue from the revenue-sharing arrangement with Exela PharmSci for sales of the argatroban injectable drug was $0.1 million for the third quarter of 2017 compared with $0.4 million for third quarter of 2016.
Gross margin on product sales for the third quarter of 2017 increased to 43% from 32% for the third quarter of 2016, mainly due to an increase in sales of higher-margin products.
Research and development (R&D) expenses were $8.1 million for the third quarter of 2017 compared with $5.5 million for the third quarter of 2016, with the increase due primarily to higher outside services expense related to CDX-6114, our lead candidate for the treatment of phenylketonuria (PKU), and increased costs associated with higher headcount, partially offset by the absence of amortization of intangibles. Selling, general and administrative (SG&A) expenses for the third quarter of 2017 were $8.0 million compared with $5.2 million for the third quarter of 2016, due primarily to an increase in legal fees and increased costs associated with higher headcount, partially offset by lower depreciation expense.
Net loss for the third quarter of 2017 was $10.2 million, or $0.21 per share, compared with net income for the third quarter of 2016 of $1.4 million, or $0.04 per basic share and $0.03 per diluted share. Non-GAAP net loss for the third quarter of 2017 was $8.2 million, or $0.17 per share, compared with non-GAAP net income for the third quarter of 2016 of $4.0 million, or $0.10 per basic share and $0.09 per diluted share. A reconciliation of GAAP to non-GAAP measures is provided below.
Year-to-date Financial Results
Total revenues for the nine months ended September 30, 2017 were $28.3 million compared with $38.9 million for the first nine months of 2016. The prior year period included the recognition of $20.4 million in milestone payments and deferred revenue from platform licensing deals with GSK and Merck. Total revenues for the first nine months of 2017 included $19.1 million in product sales, $8.3 million in R&D revenue and $0.8 million from the revenue-sharing arrangement with Exela.
Gross margin on product sales for the first nine months of 2017 was 44% compared with 33% for the first nine months of 2016, due to an increase in sales of higher-margin products.
R&D expenses for the first nine months of 2017 were $20.2 million compared with $16.3 million for the first nine months of 2016, with the increase primarily due to higher outside service fees related to CDX-6114 and increased costs associated with higher headcount. SG&A expenses for the first nine months of 2017 were $21.1 million compared with $18.5 million for the prior-year period, primarily due to an increase in legal expenses and increase in costs associated with higher headcount, partially offset by lower depreciation expense.
Net loss for the first nine months of 2017 was $24.0 million, or $0.53 per share, compared with a net loss for the first nine months of 2016 of $3.3 million, or $0.08 per share. Non-GAAP net loss for the first nine months of 2017 was $18.0 million, or $0.39 per share, compared with non-GAAP net income for the first nine months of 2016 of $4.5 million, or $0.11 per basic and diluted share.
Cash and cash equivalents as of September 30, 2017 were $23.8 million, compared with $19.2 million as of December 31, 2016.
Financial Outlook
Codexis affirms financial guidance for 2017, as follows:
Total revenues of $50 million to $53 million, which includes revenue from the Nestlé Health Science strategic collaboration announced in October 2017.
Product sales are expected to be between $25 million and $27 million, reflecting an increase of 63% to 76% over 2016.
Gross margin on product sales is expected to be between 40% and 43%.
Codexis expects fourth quarter operating expenses, which is the combined total of R&D and SG&A expenses, to be approximately $16 million, which is higher than our previous forecast due mainly to higher legal expenses. The guidance assumes expenses associated with the company’s accelerated development activities to initiate human trials for CDX-6114 in early 2018.
Non-GAAP Financial Measures
Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude non-cash items such as depreciation expense, intangible asset amortization expense and stock-based compensation expense. Non-GAAP financial measures presented are: non-GAAP net income or loss, non-GAAP net income or loss per share (basic and diluted), and non-GAAP operating expenses, including non-GAAP research and development expense and non-GAAP selling, general and administrative expense. Non-GAAP operating expenses exclude stock-based compensation expense, amortization of intangible assets and depreciation of fixed assets.
Codexis management uses these non-GAAP financial measures to monitor and evaluate its operating results and trends on an ongoing basis, and internally for operating, budgeting and financial planning purposes. Codexis management believes the non-GAAP information is useful for investors by offering them the ability to identify trends in what management considers to be Codexis’ core operating results and to better understand how management evaluates the business. These non-GAAP measures have limitations, however, because they do not include all items of expense that affect Codexis. These non-GAAP financial measures are not prepared in accordance with, and should not be considered in isolation of, or as an alternative to, measurements required by GAAP, and therefore these non-GAAP results should only be used for evaluation in conjunction with the corresponding GAAP measures. A description of the non-GAAP calculations and reconciliation to comparable GAAP financial measures is provided in the accompanying table entitled “Reconciliation of GAAP to Non-GAAP Financial Measures.”
Conference Call and Webcast
Codexis will hold a conference call and audio webcast today beginning at 4:30 p.m. Eastern time. A slide presentation featuring an updated chart of the company’s product pipeline to accompany the conference call commentary is available on the Investors section of the company’s website at www.codexis.com. The conference call dial-in numbers are 855-890-8665 for domestic callers and 720-634-2938 for international callers, and the passcode is 5797258. A live webcast of the call will be available on the Investors section of www.codexis.com.
A recording of the call will be available for 48 hours beginning approximately two hours after the completion of the call by dialing 855-859-2056 for domestic callers or 404-537-3406 for international callers. Please use the passcode 5797258 to access the recording. A webcast replay will be available on the Investors section of www.codexis.com for 30 days, beginning approximately two hours after the completion of the call.
About Codexis, Inc.
Codexis, Inc. is a leading protein engineering company that applies its technology to the development of biocatalysts for commercial manufacture of pharmaceuticals and fine chemicals, as well as the development of enzymes as biotherapeutics and for molecular diagnostics. Codexis’ proven technology enables implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable manufacturing. For more information, see www.codexis.com.
Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Codexis’ expectations regarding fourth quarter 2017 and 2017 total revenues, product sales, gross margin on product sales, and operating expenses, 2018 revenue growth, and its anticipated timeline to initiate human trials for CDX-6114 and associated expenditures. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis’ control and that could materially affect actual results. Factors that could materially affect actual results include, among others: Codexis’ dependence on its licensees and collaborators; Codexis’ dependence on a limited number of products and customers in its biocatalysis business; potential adverse effects to Codexis’ business if its customers’ pharmaceutical or food products are not received well in the markets; risks, uncertainties and costs associated with the successful development of biotherapeutic candidates, including obtaining development partners for its biotherapeutic programs and progressing such programs to clinical trials and regulatory approvals; Codexis’ ability to develop and commercialize new products for the biocatalysis markets; Codexis’ dependence on a limited number of contract manufacturers for large-scale production of its enzymes; Codexis’ ability to deploy its technology platform in new market spaces, including the fine chemicals, therapeutics and in vitro molecular diagnostics markets; Codexis’ ability to comply with the terms of its credit facility and its associated debt service obligations; Codexis’ need for additional capital in the future in order to expand its business or to adjust for market conditions or strategic considerations, which may involve Codexis entering into equity offerings, debt financings, credit facilities and/or strategic collaborations; Codexis’ dependence on key personnel; risks associated with the patent litigation that Codexis initiated in February 2016; Codexis’ ability to establish and maintain adequate protection for intellectual property, trade secrets and other proprietary rights covering its technologies; and any claims by third parties that Codexis is infringing their intellectual property rights or other proprietary rights. Additional information about factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 9, 2017 and Form 10-Q filed August 9, 2017, including under the caption “Risk Factors” and in Codexis’ other periodic reports filed with the SEC. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
Codexis Contacts:
Investors
LHA Investor Relations
Jody Cain, 310-691-7100
jcain@lhai.com
Financial Tables to Follow
Codexis, Inc.
Condensed Consolidated Statements of Opera
You are obviously more clairvoyant than I am my friend.
That’s obvious Johnny. But not relevant. Conjecture on your part. He was actually harassed vehemently. Check your history.
I doubt it. You would think he made that calculation prior to becoming publicly involved.
Dr. Kaplan stepped back after being barraged and overwhelmed by questions from various IHub members and aggressively curious investors or potential investors.
It would be interesting to see the process that they are using with regular cocoons used on Kblb’s transgenic cocoons.
I’m generally very optimistic however I’m just hoping the Trump Vietnam experience is benign as the potential pitfalls could be devastating considering the president’s unpredictability and potential irrational statements or petulant tweets. Hoping for the best. I would love for my suspicions to be proven wrong and Trump create a positive condition going forward. Fingers crossed.
I could not have said it better
Always good to have the perspective of the duck.
Sweet find there!
I agree with you Truth about that information not being made public. However, they will indirectly tip their hat as to whether expectations are met or exceeded if we see substantial additional funding for KBLB.
My guess is they are using the word Warfighter to indicate possibly broader military use than just
Army soldiers and the capitalization could be a typo. Maybe KBLB is considering this money to be the genesis of all branches of military service to have the finest and most protective underwear conceivable that is silkier than silk.
Wow nojo I mean mojo. Just read one of your post for the first time in quite a while. You gave me a warm fuzzy. Hope you have completed your position. Good luck to all.
Well said rayo.
Dr. Fraser developed the PiggyBac technique and used it to create the first transgenic silkworms. Years later he used Zinc Finger knockouts and knockin developed by SGMO. Piggyback is like shooting your target with a shotgun where as Zinc Finger is like using a rifle.
I share your concerns regarding all those same questions and many more questions SilkRoad. I would be freaking out now if those transgenic modifications of silkworms were modifications introducing spider genes. They are making some beautiful colors but not something that can compete in the technical textiles market. Trying to see some sort of positive here. Maybe now that the door to large scale transgenic silkworm production has been opened by the Japanese it will be easier to walk through by KBLB.
I see. My bad. I have not been reading all of the posts lately. Thanks
Lebbe1, thank you for that very interesting information.
"I know he had many invitiations last months to go there: he refused each time, unless to sign the suang nam deal... "
Could you please tell us how you know this?
Thanks again.
Getting the nod to buy a little more? I like it.
I second.
Work it!
Good answer ??
Thanks guys. I am on a South Carolina sea island. Should not get here until Monday. I hope our Florida board members are getting out of Dodge.
Wish I had a strong spider silk anchor line.
Thanks for pointing out that it's a category five. I am aware of this. Irma will be knocking on my door in a few days it looks like.
Better check your source on that. Category six is not a thing!
Very well said DanishDragon. My hopes and prayers to you HighPower and your fellow citizens of Texas. Good luck and stay safe.
"Now it is possible to produce incredibly robust, skin friendly and at the same time environmentally friendly clothes.”
Bravo for them!
Now it is possible for Kraig Biocraft to produce far more robust fibers that will go far beyond sporty clothing. But we might as well kick their ass in that market too. Happy weekend!
At some point the tide will turn on the "private money interest in spidersilk" that is propping up all the goo companies and their investors will realize the quality, application and platform of KBLB's silkworms is the answer. Those deep pocket investors will come to us.