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Codexis Gains Premarket As Order Win Prompts New Guidance

·1 min read

By Dhirendra Tripathi

Investing.com – Codexis (NASDAQ:CDXS) stock was up 3% in Friday’s premarket trading following a $13.9-million-order win, resulting in the company raising its guidance for fiscal 2021.

The enzyme engineering company said a global pharmaceutical company has placed with it a binding purchase order for a proprietary high performance enzyme product.

The majority of this order was not included in Codexis’ prior guidance for 2021.

The company raised its 2021 guidance for total revenues to a range of $89 million to $93 million, up from previous guidance of $82 million to $85 million.

“We are actively mobilizing our supply chain to produce at the metric tons scale in the second half of the 2021, in order to fulfil the recently confirmed purchase order,” Rob Wilson, senior vice president and general manager of Codexis’ performance enzymes business unit, said.

The company also raised the 2021 guidance for product gross margin to a range of 60% to 64%, up from previous guidance of 54% to 58%.

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