Codexis, Inc. (CDXS) saw its loss widen to $5.26 million, or $0.13 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.05 million, or $0.05 a share. On an adjusted basis, net loss for the quarter stood at $2.80 million, or $0.07 a share compared with a net profit of $0.62 million, or $0.02 a share in the last year period.
Revenue during the quarter dropped 13.96 percent to $9.97 million from $11.59 million in the previous year period. Operating margin for the quarter stood at negative 52.66 percent as compared to a negative 19.27 percent for the previous year period.
Operating loss for the quarter was $5.25 million, compared with an operating loss of $2.23 million in the previous year period.
"Our solid fourth quarter performance completes a year of consistently strong results for Codexis. Full year 2016 revenues closed at $48.8 million, a growth of 17% versus 2015 and at the top end of our annual guidance," said Codexis president and chief executive officer John Nicols. "This is our third consecutive year to meet or exceed our annual guidance targets and to deliver double-digit revenue growth. In addition to tight execution on the early completion of CodeEvolver platform technology transfers for both GSK and Merck in 2016, we are most proud of stepping up our product sales by 35% in 2016."
For financial year 2017, Codexis, Inc. projects revenue to be in the range of $50 million to $53 million.
Working capital declines
Codexis, Inc. has witnessed a decline in the working capital over the last year. It stood at $14.86 million as at Dec. 31, 2016, down 17.44 percent or $3.14 million from $18 million on Dec. 31, 2015. Current ratio was at 2.20 as on Dec. 31, 2016, down from 2.21 on Dec. 31, 2015.
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