Codexis, Inc. (NASDAQ:CDXS) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET
Company Participants
Stephen Dilly - President, CEO & Director
Kevin Norrett - COO
Sriram Ryali - CFO
Conference Call Participants
Steven Mah - Cowen Company
Brandon Couillard - Jefferies
Matthew Hewitt - Craig-Hallum
Operator
Welcome to the Codexis Fourth Quarter and Full Year 2022 Earnings Conference Call. A question-and-answer session will follow the formal presentation. [Operator Instructions]. And now I'll turn the call over to Brendan Strong from Argo Partners. Please go ahead. Thank you, operator. With me today are Dr. Stephen Dilly, Codexis President and Chief Executive Officer; Kevin Norrett, Chief Operating Officer; and Sri Ryali, Chief Financial Officer. During this call, management will be making a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our guidance for 2023 revenue, product revenues and gross margin on product revenues as well as our strategies and prospects for revenue growth and successful execution of current and future programs and partnerships.
To the extent that statements contained in this call are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the beliefs and expectations of management as of the statement date, February 23, 2023. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis' control and could materially affect actual results. Additional information about factors that could materially affect actual results can be found in Codexis' filings with the Securities and Exchange Commission. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. I'll now turn the call over to Stephen.
Stephen Dilly
Thank you, Brendan, and thanks, everyone, for joining. As we laid out in the fourth quarter of last year, we continue to focus on prioritizing programs where Codexis has a clear competitive advantage, and we're pleased with our recent momentum. The financial results that we delivered in the fourth quarter were exactly on target and we ended 2022 with $114 million in cash, providing us with runway through the end of 2024 and giving us plenty of time to demonstrate that our new focus strategy is working. A significant activity during the second half of 2022 and early 2023 has been adding to the strength of our leadership bench. This has been happening across our executive leadership team and Board and in less visible ways throughout the organization. We've achieved this while reducing overall headcount since November.