Schrodinger raises FY23 software revenue growth view to 15%-18% from 13%-17%

The company states: “Software revenue growth is expected to be in the range of 15 percent to 18 percent. Drug discovery revenue is now expected to range from $50 million to $70 million, compared to the prior expectation of $70 million to $90 million. This updated range reflects the company’s new expectations for the timing of collaboration milestones and for the completion of new business development activity. Software gross margin is expected to be similar to software gross margin for the full year 2022. Operating expense growth in 2023 is expected to be significantly lower than operating expense growth in 2022. Cash used for operating activities in 2023 is expected to be below cash used for operating activities in 2022. For the third quarter of 2023, software revenue is expected to range from $27 million to $31 million.”