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Codex DNA Q1 Revenues More Than Double

NEW YORK – Codex DNA reported after the close of the market Tuesday that its first quarter revenues grew 142 percent year over year.

For the three months ended March 31, revenues of the San Diego-based synthetic biology firm increased to $5.6 million from $2.3 million in Q1 of 2021. According to the company, this growth was driven mainly by sales of BioXp 3250 instruments, as well as kits and services.

The firm's Q1 revenues consisted of $4.1 million in product sales — more than double the $1.8 million it saw in the same period in 2021 — along with $1.5 million in royalties and other revenue, nearly triple the $528,000 reported for the previous year's quarter and reflecting revenue from collaborations.

Codex CEO Todd Nelson said in a statement that the company's expanding commercial presence is allowing it to help more customers design and build synthetic DNA "to address some of humanity’s biggest challenges."

He also said that the firm, which went public last June in a $122.7 million IPO, is making progress toward an anticipated second-half 2022 launch of its higher-throughput BioXp 9600 instrument, BioXp protein synthesis kit, and BioXp rapid-scale mRNA synthesis kit.

Codex's Q1 net loss totaled $13.2 million, or $.45 per share, compared to a net loss of $7.4 million, or $1.43 per share, in Q1 of 2021. The firm calculated its Q1 net loss per share based on about 29.3 million weighted average common shares, compared to about 5.2 million shares for Q1 2021.

The company's R&D expenses in Q1 more than doubled to $6.4 million from $2.9 million the previous year. SG&A expenses were $9.3 million, nearly double the $4.7 million spent in Q1 of 2021.

Codex ended the quarter with $76.8 million in cash, cash equivalents, and investments.