Schrodinger Inc’s Number of Customers (2019-2021)

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This statistic highlights Schrodinger Inc’s Number of Customers, split between ACV of over $100,000 and over $1 million, reported annually from 2019 onwards.
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This statistic highlights Schrodinger Inc’s Number of Customers, split between ACV of over $100,000 and over $1 million, reported annually from 2019 onwards.

Schrodinger Inc’s Number of Customers

Number of Customers 2019  2020
ACV > $100,000 131 153
ACV > $1 million 10 16
Total 141 169

(ACV refers to average contract value.)

Overview

The above table shows data regarding Schrodinger Inc.’s number of customers split between ACV > $100,000 and ACV > $1 million wherein a large share of customers belong to the former category. The number of customers with ACV > $1 million rose by 60% whereas the number of customers with ACV > $100,000 rose by 17%. One customer accounted for 13% of the revenue for the nine months ending September 30, 2021.

Need to Expand Customer Base

In order to continue being profitable, the company must be able to significantly increase the sale of its software, or  it must be able to frequently develop and sell some high-value drug products. Hence, there is a need for the company to expand its customer base. The company currently generates the majority of its revenue through the sale of its software solutions and wishes to continue with the same until it can develop high-value drug products and at the same time strengthen its marketing. Therefore, simultaneously increasing its software sales and successfully marketing its software to new customers is essential for its success in the long run.

High Customer Retention Rate

An important aspect of the company’s ability to expand happens to be its high retention rate. The customer retention rate was 99% by the end of the fiscal year 2020 for customers having an average contract value greater than $100,000. The company intends to take advantage of its high retention rate and existing relations with its customers in order to drive the large-scale adoption of its software services. Failing to do so may impact its financial performance adversely.

Potential to Expand Customer Base

While the company has successfully penetrated the pharmaceutical industry with the top 20 companies adopting its software, it plans on expanding its customer base by targeting the biopharmaceutical industries that can benefit from its software. The company has been able to extend its services to material science customers who it believes have just started to recognize the potential of computational methods. The expansion of its customer base depends upon its ability to educate the market through investment in sales and marketing efforts.

Average Contract Value > $100,000

The number of customers with an average contract value greater than $100,000 has risen from 131 in 2019 to 153 in 2020. They constitute 91% of the total customers in 2020.

Average Contract Value > $1 million

The number of customers with an average contract value greater than $1 million has seen a sharp increase from 10 in 2019 to 16 in 2020. These customers account for 9% of the total customers in 2020.

About the Company

Schrodinger Inc. offers a variety of software solutions to its customers majorly biopharmaceutical and industrial companies, academic institutions, and government laboratories. Founded in 1990, Schrodinger Inc. is headquartered in New York. Their software helps in drug development at a lower cost as compared to the traditional methods. It also engages in internal drug discovery programs and aims to rapidly advance the discovery of best-in-class therapies. Collaborating on drug discovery programs is an important part of their business but their goal is to pursue an increasing number of wholly-owned programs. Schrodinger Inc’s stocks are traded on Nasdaq.

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