Revenue during the quarter went down marginally by 0.31 percent to $7.97 million from $8 million in the previous year period. Operating margin for the quarter stood at negative 93.79 percent as compared to a negative 87.31 percent for the previous year period.

Operating loss for the quarter was $7.48 million, compared with an operating loss of $6.98 million in the previous year period.

“Codexis delivered a solid start to 2017 with product sales increasing 49%, reaching the top of our range for full-year product sales growth. I am especially pleased that those sales were recorded at gross margins that exceed our guidance range for the year,” said Codexis president and chief executive officer John Nicols. “These results show our continued execution toward a third consecutive year of translating our protein catalyst and enzyme pipeline into sustained product sales growth. Product sales were again led by deliveries to Merck, as well as significant aggregate sales to several generic pharmaceutical customers. Additionally, we shipped a large order that advanced the timeline for switching the manufacturing process of another major pharmaceutical company’s patented, commercially available drug to use our proprietary protein catalyst.

Codexis Inc projects revenue to be in the range of $50 million to $53 million for financial year 2017.