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This statistic highlights Schrodinger Inc’s Revenue Breakdown by Category from Q1 2019 onwards, split between On-premise software, Software maintenance, Hosted software, and Professional services on a quarterly basis.
Schrodinger Inc’s Revenue Breakdown by Category
The following table highlights Schrodinger Inc’s Revenue Breakdown by Category for Q3 2020, Q2 2021 & Q3 2021:
|Category||Q3 2020||Q2 2021||Q3 2021||Revenue share in Q3 2021|
(All figures are in millions, except percentages)
A majority of the company’s total revenue comes from this category. The on-premise software license arrangements grant Schrodinger’s customers the right to use the software on their own in-house servers or in their own cloud instances for a specified term, typically for one year. This revenue is recognized upfront, either upon delivery of the license or the effective date of the agreement, whichever is later.
On a QoQ basis, the revenue from this category increased by 7.3%, however, on a YoY there was an increase of only 2.9%.
Software maintenance includes updates, technical support, and upgrades that are related to Schrodinger’s on-premise software licenses. This revenue is recognized ratably over the term of the arrangement. These activities are performed in connection with the use of Schrodinger’s on-premise software, and these may fluctuate from period to period.
On a QoQ basis, the revenue generated from this category increased by 5.3%, however, on a YoY basis it increased by more than 24%.
Hosted software revenue consists primarily of fees to provide their customers with hosted licenses. These licenses allows customers to access the cloud-based software solution on their own hardware without taking control of the licenses. This revenue is recognized ratably over the term of the arrangement, which is typically one year. When a customer enters into a hosted arrangement for which revenue is recognized over time, the amount paid upfront is not recognized in the current period. However, it is included in deferred revenue until the period in which it is recognized.
On a QoQ basis, the revenue generated from this category declined marginally by 0.74%, however, on a YoY basis, there was an increase of 13.1%.
Professional services, generally are not related to the functionality of Schrodinger’s software and are recognized as revenue when resources are consumed. These services include training, technical setup or installation, or modeling services, where Schrodinger uses its software to perform tasks such as virtual screening and homology modeling on behalf of its customers. Revenue from this service fluctuates from period to period, as each agreement represents a unique ad hoc engagement.
On a QoQ basis as well as YoY basis, the revenue generated from this category witnessed a decline of 1.2% and 10.1% respectively.
About the Company
Schrodinger Inc. is an American life sciences and materials science company, listed on the NASDAQ with stock ticker SDGR. It has developed a differentiated, physics-based software platform that enables the discovery of high-quality, novel molecules for drug development and materials applications. They sell their software to biopharmaceutical and industrial companies, academic institutions, and government laboratories. Schrodinger even applies its computational platform to a broad range of drug discovery and development programs in collaboration with biopharmaceutical companies. In addition, they even use their platform to advance internal drug discovery programs.
On February 10, 2020, Schrodinger completed its IPO, in which it issued and sold 11.88 million shares of its common stock at a public offering price of $17.00 per share. This raised $209.6 million in net proceeds after deducting underwriting discounts and commissions and offering expenses payable by the Company.
On August 17, 2020, the Company completed a follow-on public offering, in which it issued and sold 4.5 million shares of its common stock at a public offering price of $66.00 per share, which further raised $325.6 million in net proceeds.
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