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![Schrodinger, Inc. [SDGR] reports annual net loss of $40.7 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FSDGR.png&w=1200&q=75)
Schrodinger, Inc. [SDGR] has reported a net loss of $40.7 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $216.7 million
Based in NEW YORK, New York, Schrodinger, Inc. operates in the MANUFACTURING sector.
In the consolidated statement of operations for the fiscal year ending December 31, 2023, the company reported total revenues of $216.7 million, showing an increase from the previous year's figure of $181.0 million as well as a significant rise from $137.9 million in 2021.
Moving to the cost of revenues, the company incurred $76.0 million in expenses in the current period, slightly lower than the $79.9 million in the previous year but higher than the $72.3 million in 2021. This resulted in a gross profit of $140.7 million for the current period, a substantial improvement from $101.0 million in the previous year and $65.6 million in 2021.
However, the company faced challenges in operating expenses, with total operating expenses amounting to $318.1 million in the current period, compared to $247.8 million in the previous year and $177.1 million in 2021. Consequently, the company reported a loss from operations amounting to $177.4 million in 2023, a wider loss compared to $146.8 million in 2022 and $111.4 million in 2021.
On the income side, the company saw a positive impact from other income (expense) items, with a total of $220.4 million recorded in the current period, compared to a negative figure of $2.3 million in the previous year and $10.6 million in 2021. This helped in achieving an income before taxes of $42.9 million for 2023, a turnaround from a loss of $149.1 million in 2022 and $100.8 million in 2021.
After accounting for income tax expenses of $2.2 million in 2023, the company realized a consolidated net income of $40.7 million, showing a significant improvement from a net loss of $149.2 million in the previous year and $101.2 million in 2021.
Earnings per share for basic and diluted amounts also showed positive trends, with basic EPS at $0.57 in 2023, a stark comparison to the previous year's negative $2.10 and 2021's negative $1.42. Likewise, diluted EPS increased to $0.54 in 2023, compared to negative figures of $2.10 in 2022 and $1.42 in 2021.
In the software products and services segment, revenues from contracts with customers totaled $159.1 million in 2023, up from $135.6 million in the previous year and $113.2 million in 2021. The cost of revenues for this segment was $29.5 million in 2023, slightly lower than $29.6 million in 2022 but higher than $26.5 million in 2021.
Similarly, in the drug discovery segment, revenues from contracts with customers reached $57.5 million in 2023, showing growth from $45.4 million in the previous year and $24.7 million in 2021. The cost of revenues for this segment was $46.5 million in 2023, down from $50.4 million in 2022 but up from $45.8 million in 2021.
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