Codex DNA Reports Second Quarter 2022 Financial Results
August 09 2022 - 4:10PM
Codex DNA, Inc. (Nasdaq: DNAY), a pioneer in automated benchtop
synthetic biology systems, today reported financial results for the
second quarter ended June 30, 2022.
Recent HighlightsContinued execution across all
areas of the growth strategy:
- Increased total revenue by 98% over prior year period
- Grew revenue by 44% on an organic basis year over year,
excluding contributions from Eton Bioscience acquisition
- Delivered solid growth in BioXp 3250 instrument placements
- Experienced record high BioXp kit revenues, driven by growth in
gene fragments, cloning, and DNA library kits
- Launched MyBioXperience, a new e-commerce solution, which
dramatically simplifies and streamlines the customer ordering
process for BioXp kits across DNA synthesis, cloning, libraries,
and mRNA synthesis
- Strengthened leadership team with the addition of Eric Esser as
Chief Operating Officer
Key advancements on research and development (R&D)
programs:
- Progressing towards a fourth quarter 2022 launch of the
higher-throughput BioXp 9600 instrument and production of an
in-house oligo synthesis platform
- Completed proof-of-concept demonstrations showing that Codex
DNA’s BioXp instrument can be used to effectively encode and
retrieve digital data using DNA sequences
- Advanced the SOLA enzymatic DNA synthesis (EDS) program to
consistently and reliably generate oligos of 20 to 100 base pairs
that are further assembled into genes, mRNA and protein on the
BioXp instrument
“I am pleased to share that this quarter we were able to once
again deliver robust revenue growth across our product portfolio,”
said Todd R. Nelson, Ph.D., Codex DNA’s Chief Executive Officer.
“These financial results reflect the strong underlying momentum
that has been building over the last year and better position the
company for long-term success. We continue to make progress on key
research and development milestones, including multiple
next-generation product launches expected in the fourth quarter of
this year, which we believe will bolster revenue growth.”
Second Quarter 2022 Financial Results
- Revenue was $5.7 million for the second quarter 2022, a 98%
increase from $2.9 million for the same period in the prior
year.
- BioXp 3250 sales of 16 instruments, which was up 23% over the
same period in the prior year. Additionally, BioXp kit revenue
increased 66% to $0.8 million compared to the same period in the
prior year.
- Royalties and other revenue grew at 113% over second quarter
2021 due to revenue from the collaboration with Pfizer and
continued growth of in-licensing royalties.
- Gross margin increased from 33.4% to 48.0%.
- Net loss was $14.8 million for the second quarter 2022,
compared to $9.2 million in the same period in the prior year. Net
loss per share was $0.50 for the second quarter of 2022, compared
to $1.06 for the second quarter of 2021.
- Cash, cash equivalents, and short-term investments were $61.9
million as of June 30, 2022.
Updated 2022 Financial Guidance“We have
experienced strong performance in the first half of 2022, and we
are raising our full-year revenue guidance accordingly,” said Brent
Hunter, Codex DNA’s Vice President of Finance. “This updated
guidance reflects our expectations for strong financial results in
2022, driven by continued growth in our core BioXp business and new
product launches in the fourth quarter.
For the full year 2022, Codex DNA provided the following updated
financial guidance:
- Total revenue in the range of $22 million to $24
million, up from prior guidance of $19 million to $21 million.
- Operating expenses in the range of $62 million to $65
million.
Webcast and Conference Call InformationCompany
management will host a conference call today, August 9, 2022,
at 1:30 p.m. PDT / 4:30 p.m. EDT to discuss the
financial results and other recent corporate highlights.
The press release and live audio webcast can be accessed via the
Investor section of Codex DNA’s website at www.codexdna.com. The
conference call can be accessed by registering at the following
link:
https://register.vevent.com/register/BI3c5895f666544e6abb6418b1b284105e.
Once registered, participants can dial in with an assigned personal
PIN number or select the ‘Call Me’ option for an instant dial to
your phone. Please log in approximately 5-10 minutes before the
event to ensure a timely connection. The archived webcast will
remain available for replay on Codex DNA’s website for 30 days.
About Codex DNACodex DNA is empowering
scientists with the ability to create novel, synthetic
biology-enabled solutions for many of humanity’s greatest
challenges. As inventors of the industry-standard Gibson Assembly®
method and the first commercial automated benchtop DNA and mRNA
synthesis system, Codex DNA is enabling rapid, accurate and
reproducible writing of DNA and mRNA for numerous downstream
markets. The award-winning BioXp™ system consolidates, automates,
and optimizes the entire synthesis, cloning and amplification
workflow. As a result, it delivers virtually error-free synthesis
of DNA and RNA at scale within days and hours instead of weeks or
months. Scientists around the world are using the technology in
their own laboratories to accelerate the design-build-test paradigm
for novel, high-value products for precision medicine, biologics
drug discovery, vaccine and therapeutic development, genome
editing, and cell and gene therapy. Codex DNA is a public company
based in San Diego. For more information, visit codexdna.com.
Codex DNA, the Codex DNA logo, Gibson Assembly, and BioXp are
trademarks of Codex DNA Inc.
Forward-Looking StatementsThis press release
contains forward-looking statements. All statements other than
statements of historical facts contained herein 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. These statements
include statements and guidance regarding Codex DNA’s future
financial performance as well as statements regarding the future
release and success of products and services. Such statements are
based on current assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially.
These risks and uncertainties, many of which are beyond our
control, include risks described in the section entitled Risk
Factors and elsewhere in our Quarterly Report on Form 10-Q, which
is anticipated to be filed with the Securities and Exchange
Commission on August 10, 2022. These forward-looking statements
speak only as of the date hereof and should not be unduly relied
upon. Codex DNA disclaims any obligation to update these
forward-looking statements.
Codex DNA, Inc. |
|
|
|
Selected Balance Sheet Financial Data |
|
|
|
(in thousands) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
Balance Sheet Data: |
|
|
|
Cash, cash equivalents and short-term investments |
$ |
61,889 |
|
|
$ |
82,806 |
|
Working capital |
|
53,783 |
|
|
|
83,451 |
|
Total assets |
|
97,284 |
|
|
|
116,257 |
|
Total liabilities |
|
32,564 |
|
|
|
25,473 |
|
Accumulated deficit |
|
(93,295 |
) |
|
|
(65,270 |
) |
Total stockholders’ equity |
|
64,720 |
|
|
|
90,784 |
|
|
|
|
|
Codex DNA, Inc. |
|
|
|
|
|
|
|
Selected Statements of Operations Financial
Data |
|
|
|
|
|
|
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
(unaudited) |
|
(unaudited) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
Product sales |
$ |
4,092 |
|
|
$ |
2,120 |
|
|
$ |
8,220 |
|
|
$ |
3,919 |
|
Royalties and other revenue |
|
1,563 |
|
|
|
732 |
|
|
|
3,071 |
|
|
|
1,260 |
|
Total revenue |
|
5,655 |
|
|
|
2,852 |
|
|
|
11,291 |
|
|
|
5,179 |
|
Cost of revenue |
|
2,943 |
|
|
|
1,899 |
|
|
|
5,801 |
|
|
|
2,924 |
|
Gross Profit |
|
2,712 |
|
|
|
953 |
|
|
|
5,490 |
|
|
|
2,255 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
7,124 |
|
|
|
2,746 |
|
|
|
13,505 |
|
|
|
5,624 |
|
Sales and marketing |
|
4,514 |
|
|
|
2,630 |
|
|
|
7,975 |
|
|
|
4,905 |
|
General and administrative |
|
5,561 |
|
|
|
3,149 |
|
|
|
11,360 |
|
|
|
5,562 |
|
Total operating expenses |
|
17,199 |
|
|
|
8,525 |
|
|
|
32,840 |
|
|
|
16,091 |
|
Loss from operations |
|
(14,487 |
) |
|
|
(7,572 |
) |
|
|
(27,350 |
) |
|
|
(13,836 |
) |
Interest expense, net |
|
(299 |
) |
|
|
(379 |
) |
|
|
(635 |
) |
|
|
(620 |
) |
Change in fair value of derivative liabilities |
|
(27 |
) |
|
|
(1,251 |
) |
|
|
(4 |
) |
|
|
(1,547 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(618 |
) |
Other expense, net |
|
(12 |
) |
|
|
3 |
|
|
|
(24 |
) |
|
|
(16 |
) |
Provision for income taxes |
|
(6 |
) |
|
|
(2 |
) |
|
|
(12 |
) |
|
|
(6 |
) |
Net loss |
$ |
(14,831 |
) |
|
$ |
(9,201 |
) |
|
$ |
(28,025 |
) |
|
$ |
(16,643 |
) |
Net loss per share, basic and diluted |
$ |
(0.50 |
) |
|
$ |
(1.06 |
) |
|
$ |
(0.95 |
) |
|
$ |
(2.39 |
) |
Weighted average common shares used to compute net loss per share,
basic and diluted |
|
29,435,838 |
|
|
|
8,697,707 |
|
|
|
29,383,870 |
|
|
|
6,955,084 |
|
|
|
|
|
|
|
|
|
Contact:Brent HunterVice President of
Finance(815) 780-0842finance@codexdna.com
Codex DNA (NASDAQ:DNAY)
Historical Stock Chart
From Sep 2024 to Oct 2024
Codex DNA (NASDAQ:DNAY)
Historical Stock Chart
From Oct 2023 to Oct 2024