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Total turnover: $35.3 million in the third quarter, down 17% from the prior year.
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Software revenue: $31.9 million in the third quarter, up 10% from the same period a year ago.
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Drug discovery revenues: $3.4 million in Q3, down significantly from $13.7 million in Q3 last year.
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Software gross margin: 73.4% in the third quarter, compared to 75.7% a year ago.
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Total gross margin: 50% in the third quarter of 2024, compared to 56% in the same period a year ago.
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Operating loss: $68.4 million in the third quarter, compared to a loss of $56 million in the third quarter of 2023.
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Net income: Loss of $38 million or $0.52 per share in the third quarter, compared to a net loss of $62 million or $0.86 per share a year ago.
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Cash and marketable securities: $398 million at the end of the third quarter, compared to $382 million at the end of the second quarter.
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R&D costs: $51 million in Q3, compared to $47 million in Q3 last year.
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Sales and marketing costs: $10.3 million in Q3 2024, up 13.6% compared to Q3 last year.
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General and administrative costs: $24.8 million in the third quarter, up 4% compared to the third quarter of 2023.
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Operating costs: $86 million in the third quarter, compared to $80 million in the third quarter last year.
Release date: November 12, 2024
For the full earnings call transcript, please refer to the full earnings call transcript.
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Schrodinger Inc (NASDAQ:SDGR) has announced a major collaboration with Novartis that includes an upfront payment of $150 million and the potential for up to $2.3 billion in milestone payments.
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The company reported a 10% increase in software revenue for the third quarter, driven by higher hosted revenues and customer transitions to hosted software licenses.
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Schrodinger Inc (NASDAQ:SDGR) added $48 million to its cash balance through the sale of Morphic to Lilly, strengthening its financial position.
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The company is expanding its own pipeline with programs in three clinical phases, with first data expected in 2025.
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Schrodinger Inc (NASDAQ:SDGR) has raised the lower end of its software revenue growth forecast for this year, signaling confidence in future performance.
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Software revenue for the third quarter came in slightly below expectations, partly due to slower recognition of revenue from the Gates Foundation grant.
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Drug research revenues in the third quarter were significantly lower than in the previous year, leading to a reduction in full-year expectations for this segment.
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The company’s overall gross margin fell to 50% in the third quarter, compared to 56% a year ago, driven by lower drug discovery revenues and lower software gross margins.
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Operating expenses increased due to higher R&D costs, contributing to an operating loss of $68.4 million for the quarter.
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Schrodinger Inc (NASDAQ:SDGR) reported a net loss of $38 million for the third quarter, although this was an improvement from last year’s loss.
