Codexis Inc Up 25.81% To $4.68 After Earnings Beat

Codexis Inc (CDXS) reported better than expected earnings this afternoon for Q4 2023.

Analyst expectations for Codexis Inc earnings per share (EPS) were at a loss of $0.12 per share, with the company surpassing those estimates with a reported EPS loss of $0.10 per share, leading to a positive surprise of $0.02 per share (17%). Codexis Inc's earnings rose 47% year-over-year as the firm reported an EPS loss of $0.19 per share in its year-ago quarter. The positive annual growth shows the Healthcare company is performing well amid recent economic conditions.

Revenues were upbeat at $26.6 million. That represents a 12.56% decrease in revenues from the year-ago report and is 33.47% higher than consensus estimates set at $19.9 million.

The stock is up 25.81% to $4.68 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Codexis Inc has performed a little above average during the past few months. Before the report, Codexis Inc received a Long-Term Technical Rank by InvestorsObserver of 60, putting it in the top half of stocks. The firm set a 52-week low on September 26, 2023 at $1.45 and set a 52-week high on March 3, 2023 at $5.07.

Codexis Inc is involved in the business of providing enzyme optimization services, commercialization of proteins, and developing biocatalyst products. The firm's products and services include Screening and Evolution services, Enzymes, Screening Kits. It also develops protein engineering and biocatalyst platforms such as Codeevolver, Ketoreductases, Transminases, Imine reductases, etc. The company operates in two business segments namely Performance Enzymes and Novel Biotherapeutics. It generates maximum revenue from the Performance Enzymes segment.