Codexis Raises 2021 Revenue Outlook After New Order For Its Enzyme Product

Codexis Inc CDXS raised its guidance for 2021 following the receipt of a binding purchase order for up to $13.9 million of a proprietary high-performance enzyme product from an undisclosed pharmaceutical company.
Now, the Company expects 2021 total revenues in the range of $89 million to $93 million, up from previous guidance of $82 million to $85 million, higher than the $83.7 million consensus.
It expects product revenue in the band of $45 million to $48 million, compared to the earlier outlook of $36 million to $39 million.
In addition, the Company also raised 2021 guidance for product gross margin to 60-64%, up from 54-58% guided earlier.
HC Wainwright analyst Swayampakula Ramakanth maintained Codexis with a Buy and raised the price target from $26 to $27 (almost 40% upside).
Price Action: CDXS shares closed at $19.64 on Thursday.

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