Codexis, Inc. (CDXS) Reports Financial Results For The Third Quarter Of 2016
11/9/2016 8:27:53 AM
REDWOOD CITY, Calif. , Nov. 08, 2016 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company, announces financial results for the three and nine months ended September 30, 2016, and provides a business update.
“Our exceptional third quarter financial results feature revenues of $14.9 million and I’m pleased to report that $4.1 million came from product revenues,” said Codexis President and CEO John Nicols. “Through the first nine months of 2016, product revenues have grown by over 60% versus the same period last year, highlighting the growing momentum of our engineered enzymes being increasingly used in our customers’ processes. Revenues for both the quarter and year to date reflect the recognition of an $8.0 million milestone earned in September from the successful technology transfer of our CodeEvolver® protein engineering platform technology to Merck. Payment for this milestone was received in October 2016. Net income for the third quarter of $1.4 million was positive for the second quarter in a row.
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