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Schrodinger(SDGR) - 2024 Q4 - Annual Results
SDGRSchrodinger(SDGR)2025-02-26 21:07

Revenue Performance - Total revenue for Q4 2024 increased by 19.1% to 88.3million,comparedto88.3 million, compared to 74.1 million in Q4 2023[3] - Software revenue for Q4 2024 rose by 16.0% to 79.7million,drivenbyincreasedhostedrevenuefromlargecustomers[3]−DrugdiscoveryrevenueforQ42024was79.7 million, driven by increased hosted revenue from large customers[3] - Drug discovery revenue for Q4 2024 was 8.7 million, a 58% increase from 5.5millioninQ42023[3]−Full−year2024totalrevenuedecreasedby4.25.5 million in Q4 2023[3] - Full-year 2024 total revenue decreased by 4.2% to 207.5 million, while software revenue increased by 13.3% to 180.4million[7]−Drugdiscoveryrevenueforthefullyearwas180.4 million[7] - Drug discovery revenue for the full year was 27.2 million, down 53% from 57.5millionin2023[7]−TotalrevenuesfortheyearendedDecember31,2024,were57.5 million in 2023[7] - Total revenues for the year ended December 31, 2024, were 207.539 million, a decrease of 4.9% compared to 216.666millionin2023[35]−Softwareproductsandservicesrevenueincreasedto216.666 million in 2023[35] - Software products and services revenue increased to 180.365 million in 2024, up 13.3% from 159.124millionin2023[35]−Drugdiscoveryrevenuedecreasedsignificantlyto159.124 million in 2023[35] - Drug discovery revenue decreased significantly to 27.174 million in 2024, down 52.8% from 57.542millionin2023[35]ProfitandLoss−Thecompanyreportedanetlossof57.542 million in 2023[35] Profit and Loss - The company reported a net loss of 40.2 million for Q4 2024, compared to a net loss of 30.7millioninQ42023[6]−Thecompanyreportedanetlossof30.7 million in Q4 2023[6] - The company reported a net loss of 187.123 million for 2024, compared to a net income of 40.720millionin2023[35]−Non−GAAPnetlossfortheyearwas40.720 million in 2023[35] - Non-GAAP net loss for the year was (191,394,000) in 2024, compared to (157,755,000)in2023[41]Expenses−Grossprofitfor2024was(157,755,000) in 2023[41] Expenses - Gross profit for 2024 was 132.083 million, a decrease from 140.692millionin2023[35]−Researchanddevelopmentexpensesroseto140.692 million in 2023[35] - Research and development expenses rose to 201.785 million in 2024, an increase of 11% from 181.766millionin2023[35]−Thedepreciationandamortizationexpenseincreasedto181.766 million in 2023[35] - The depreciation and amortization expense increased to 6,159,000 in 2024 from 5,552,000in2023[39]CustomerMetrics−Schro¨dinger′stotalannualcontractvalue(ACV)increasedby23.75,552,000 in 2023[39] Customer Metrics - Schrödinger's total annual contract value (ACV) increased by 23.7% to 190.8 million in 2024[10] - The number of customers with an ACV of at least 5millionincreasedfromfourtoeight[10]−Customerretentionrateforcustomerswithanannualcontractvalue(ACV)ofatleast5 million increased from four to eight[10] - Customer retention rate for customers with an annual contract value (ACV) of at least 100,000 is calculated based on the number of active customers from the previous fiscal year[26][27] - Active customers are defined as those with an ACV of at least 1,000,excludinglow−costsoftwareusers[28]CashFlowandInvestments−Cashflowsfromoperatingactivitiesresultedinanetcashusedof1,000, excluding low-cost software users[28] Cash Flow and Investments - Cash flows from operating activities resulted in a net cash used of 157,368,000 in 2024, an increase from 136,733,000in2023[39]−Netcashprovidedbyinvestingactivitieswas136,733,000 in 2023[39] - Net cash provided by investing activities was 148,836,000 in 2024, down from 193,034,000in2023[39]−ThecompanyissuedcommonstockinanATMoffering,raising193,034,000 in 2023[39] - The company issued common stock in an ATM offering, raising 8,868,000 in 2024[39] - The company reported a cash and cash equivalents balance of 162,657,000attheendof2024,slightlyupfrom162,657,000 at the end of 2024, slightly up from 161,066,000 at the end of 2023[39] Future Outlook - For 2025, software revenue is expected to grow by 10% to 15%, with drug discovery revenue projected between 45millionand45 million and 50 million[13] - Forward-looking statements indicate expectations for continued investment in research and growth in software licensing and drug discovery programs through 2025[31] Collaborations and Programs - Schrödinger ended 2024 with 13 ongoing programs eligible for royalties, up from 12 the previous year[11] - The company has tracked a cumulative number of collaborators for drug discovery since 2018, focusing on those collaborations that have generated revenue[30] Accounts Receivable - The company experienced a significant decrease in accounts receivable, net, amounting to (169,700,000)in2024,comparedto(169,700,000) in 2024, compared to (10,039,000) in 2023[39] Equity Investments - The company recorded a gain on equity investments of $147,213,000 in 2023, which was not repeated in 2024[39]