Shares of Schrödinger (NASDAQ: SDGR) rose by more than 20% on Wednesday morning after the healthcare company released its fourth-quarter and annual reports following the close of trading on Tuesday. The company provides molecular simulations and software solutions and services for pharmaceutical, biotechnology, and materials science research. As of 12:20 p.m. ET, the shares were still up by 19.6%.

The company reported fourth-quarter revenue of $56.8 million, up 23% year over year, and a net loss for the quarter of $27.2 million, compared to a $30.7 million net loss in the prior-year period.

For the year, Schrödinger's revenue rose 31% to $181 million, though its net loss increased to $149.2 million, up from $101.2 million in 2021. Its revenue rose in several areas, with drug discovery revenue notably up by 84% to $45.4 million. Software revenue rose 20% to $135.6 million thanks to increased renewals from current customers, according to CEO Ramy Farid.

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Source Fool.com