We lead the synthetic biology industry, having developed and successfully commercialized the most Lab-to-Market™ ingredients. Our sustainable ingredients are used in thousands of top global brands, including our own family of consumer brands in Clean Beauty and Health markets.
Revenues for the third quarter were
The Company's balance of cash, cash equivalents and marketable securities was
"We are very pleased with our recent accomplishments, including taking
Highlights of recent accomplishments include the following:
Finally, the
About
Conference Call Information
The Company will discuss these results in a conference call scheduled for today at
An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until
Forward-Looking Statements
This release may be deemed to contain forward-looking statements, which are subject to safe harbor provisions under the Securities Act of 1933, as amended, or the Securities Act, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as statements regarding Amyris's expectations regarding the timeline for commercial sales of its products and the use of manufacturing facilities to produce farnesene) that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are based on management's current expectations and actual results and future events may differ materially from those projected due to a variety of factors, including: Amyris's limited operating history and lack of revenues generated from the sale of its renewable products; Amyris's inability to increase yield in yeast strains producing target molecules and decrease production costs to enable sales at competitive prices; technical infeasibility of engineering new target molecules; delays in production and commercialization of products due to technical, operational, cost and counterparty challenges; challenges in developing customer base in markets with established and sophisticated competitors; currency exchange rate and commodity price fluctuations; changes in regulatory schemes governing genetically modified organisms and fuels; and other factors detailed in Amyris's
Non-GAAP Financial Information
Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude non-cash items such as stock-based compensation. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management's internal comparisons to Amyris's historical performance as well as comparisons to the operating results of other companies. In addition,
Amyris, Inc. | ||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenues | ||||||||||||||||
Product sales | $ | 22,055 | $ | 23,262 | $ | 42,037 | $ | 44,789 | ||||||||
Collaborative research services | 441 | 463 | 1,842 | 1,830 | ||||||||||||
Government grants | 1,729 | - | 6,703 | - | ||||||||||||
Total revenues | 24,225 | 23,725 | 50,582 | 46,619 | ||||||||||||
Cost and operating expenses | ||||||||||||||||
Cost of product sales | 22,900 | 22,867 | 43,032 | 43,743 | ||||||||||||
Research and development (1) | 14,701 | 9,839 | 38,293 | 27,349 | ||||||||||||
Sales, general and administrative (1) | 10,484 | 5,028 | 29,385 | 14,301 | ||||||||||||
Restructuring and asset impairment (income) charges |
(2,061 | ) | 5,768 | (2,061 | ) | 5,768 | ||||||||||
Total cost and operating expenses | 46,024 | 43,502 | 108,649 | 91,161 | ||||||||||||
Loss from operations | (21,799 | ) | (19,777 | ) | (58,067 | ) | (44,542 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income | 702 | 42 | 1,264 | 371 | ||||||||||||
Interest expense | (524 | ) | (330 | ) | (1,284 | ) | (893 | ) | ||||||||
Other income, net | 1,013 | 279 | 953 | 500 | ||||||||||||
Total other income (expense) | 1,191 | (9 | ) | 933 | (22 | ) | ||||||||||
Net loss | (20,608 | ) | (19,786 | ) | (57,134 | ) | (44,564 | ) | ||||||||
Loss attributable to noncontrolling interest | 477 | - | 907 | 221 | ||||||||||||
Net loss attributable to Amyris, Inc. | (20,131 | ) | (19,786 | ) | (56,227 | ) | (44,343 | ) | ||||||||
Deemed dividend related to the beneficial conversion feature of Series D convertible preferred stock and conversion of Amyris Brasil S.A. shares held by a third party |
(42,009 | ) | - | (42,009 | ) | - | ||||||||||
Net loss attributable to Amyris, Inc. common stockholders |
$ | (62,140 | ) | $ | (19,786 | ) | $ | (98,236 | ) | $ | (44,343 | ) | ||||
Net loss per share attributable to common stockholders basic and diluted |
$ | (11.89 | ) | $ | (4.12 | ) | $ | (19.26 | ) | $ | (9.41 | ) | ||||
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted |
5,227,689 | 4,805,590 | 5,099,635 | 4,710,078 | ||||||||||||
|
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_______________ |
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(1) Includes stock-based compensation expense of the following for the periods presented: |
||||||||||||||||
Research and development | $ | 461 | $ | 318 | $ | 1,337 | $ | 595 | ||||||||
Sales, general and administrative | 2,144 | 775 | 5,571 | 1,675 | ||||||||||||
Total stock-based compensation expense | $ | 2,605 | $ | 1,093 | $ | 6,908 | $ | 2,270 | ||||||||
Amyris, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 107,378 | $ | 19,188 | ||||
Short-term investments | 163,622 | 48,022 | ||||||
Accounts receivable | 4,361 | 1,372 | ||||||
Inventories | 3,541 | 2,298 | ||||||
Prepaid expenses and other current assets | 2,545 | 3,983 | ||||||
Total current assets | 281,447 | 74,863 | ||||||
Property and equipment, net | 48,767 | 42,560 | ||||||
Restricted cash | 4,525 | 4,506 | ||||||
Other assets | 30,374 | 230 | ||||||
Total assets | $ | 365,113 | $ | 122,159 | ||||
Liabilities, Convertible Preferred Stock, Redeemable Noncontrolling Interest and Equity (Deficit) |
||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 6,644 | $ | 1,709 | ||||
Deferred revenue | 565 | 378 | ||||||
Accrued and other current liabilities | 14,335 | 10,445 | ||||||
Capital lease obligation, current portion | 2,773 | 2,251 | ||||||
Debt, current portion | 867 | 9,018 | ||||||
Total current liabilities | 25,184 | 23,801 | ||||||
Capital lease obligation, net of current portion | 3,836 | 4,977 | ||||||
Long-term debt, net of current portion | 4,485 | 4,362 | ||||||
Convertible preferred stock warrant liability | - | 2,740 | ||||||
Deferred rent, net of current portion | 10,497 | 8,828 | ||||||
Deferred revenue | 1,271 | - | ||||||
Restructuring liability | - | 4,486 | ||||||
Other liabilities | 2,526 | 1,553 | ||||||
Total liabilities | 47,799 | 50,747 | ||||||
Convertible preferred stock | - | 179,651 | ||||||
Redeemable noncontrolling interest | - | 5,506 | ||||||
Amyris, Inc. stockholders' equity (deficit) | 317,299 | (113,745 | ) | |||||
Noncontrolling interest | 15 | - | ||||||
Total equity (deficit) | 317,314 | (113,745 | ) | |||||
Total liabilities, convertible preferred stock, redeemable noncontrolling interest and equity (deficit) |
$ | 365,113 | $ | 122,159 | ||||
Amyris, Inc. | ||||||||||||||||
Supplemental Consolidated Financial Information | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Other Selected Financial Information: | ||||||||||||||||
Capital expenditures | $ | 3,641 | $ | 1,677 | $ | 8,249 | $ | 5,933 | ||||||||
Depreciation and amortization |
$ | 1,879 | $ | 1,438 | $ | 5,300 | $ | 4,285 | ||||||||
Reconciliation of GAAP to Non-GAAP Net Loss Per Share: | ||||||||||||||||
Net loss attributable to Amyris Inc., common stockholders (GAAP) | $ | (62,140 | ) | $ | (19,786 | ) | $ | (98,236 | ) | $ | (44,343 | ) | ||||
Deemed dividend related to beneficial conversion feature | 42,009 | - | 42,009 | - | ||||||||||||
Stock Compensation Expense | 2,605 | 1,093 | 6,908 | 2,270 | ||||||||||||
Net loss attributable to Amyris Inc., common stockholders (Non- GAAP) |
$ | (17,526 | ) | $ | (18,693 | ) | $ | (49,319 | ) | $ | (42,073 | ) | ||||
Net loss per share attributed to common stockholders basic and diluted (GAAP) |
$ | (11.89 | ) | $ | (4.12 | ) | $ | (19.26 | ) | $ | (9.41 | ) | ||||
Deemed dividend related to beneficial conversion feature | 8.04 | - | 8.24 | - | ||||||||||||
Stock Compensation Expense | 0.50 | 0.23 | 1.35 | 0.48 | ||||||||||||
Net loss per share attributed to common stockholders basic and diluted (Non-GAAP) |
$ | (3.35 | ) | $ | (3.89 | ) | $ | (9.67 | ) | $ | (8.93 | ) | ||||
Chief Financial Officer
investor@amyris.com
or
Sapphire Investor Relations, LLC
Investor Relations
investor@amyris.com
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