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.
Total revenues for the first quarter ended
The company's balance of cash, cash equivalents and marketable securities was
"We continue to meet our critical milestones, including delivering our first renewable product to customers and completing our first commercial production facility," said
Highlights of recent accomplishments include:
About
Conference Call Information
The company will discuss these results in a conference call scheduled for today at
Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as statements regarding ramping up production, customer demand for and value of our anticipated products and product sales) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays in production and commercialization of products and other risks detailed in the "Risk Factors" section of Amyris's Form 10-K, as filed on
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 share and per share amounts) | ||||||||||
Three Months Ended
March 31, |
||||||||||
2011 | 2010 | |||||||||
Revenues | ||||||||||
Product sales | $ | 34,020 | $ | 9,954 | ||||||
Grants and collaboration revenue | 3,154 | 3,701 | ||||||||
Total revenues | 37,174 | 13,655 | ||||||||
Cost and operating expenses | ||||||||||
Cost of product sales | 34,382 | 10,003 | ||||||||
Research and development (1) | 19,736 | 11,178 | ||||||||
Sales, general and administrative (1) | 15,978 | 9,216 | ||||||||
Total cost and operating expenses | 70,096 | 30,397 | ||||||||
Loss from operations | (32,922 | ) | (16,742 | ) | ||||||
Other income (expense): | ||||||||||
Interest income | 301 | 276 | ||||||||
Interest expense | (577 | ) | (384 | ) | ||||||
Other income, net | 51 | 515 | ||||||||
Total other income (expense) | (225 | ) | 407 | |||||||
Net loss | $ | (33,147 | ) | $ | (16,335 | ) | ||||
Loss attributable to noncontrolling interest | 10 | 183 | ||||||||
Net loss attributable to Amyris, Inc. common stockholders | $ | (33,137 | ) | $ | (16,152 | ) | ||||
Net loss per share attributable to common stockholders basic and diluted |
$ | (0.76 | ) | $ | (3.22 | ) | ||||
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted |
43,851,142 | 5,010,569 | ||||||||
(1) | Includes stock-based compensation expense of the following for the periods presented: | |||||||||
Research and development | $ | 977 | $ | 453 | ||||||
Sales, general and administrative | 3,030 | 1,346 | ||||||||
Total stock-based compensation expense | $ | 4,007 | $ | 1,799 |
Amyris, Inc. | |||||||||
Condensed Consolidated Balance Sheets | |||||||||
(Unaudited) | |||||||||
(In thousands) | |||||||||
March 31, |
December 31, | ||||||||
2011 | 2010 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash, cash equivalents and marketable securities | $ | 227,176 | $ | 257,933 | |||||
Accounts receivable | 5,417 | 5,215 | |||||||
Inventories | 8,724 | 4,006 | |||||||
Prepaid expenses and other current assets | 5,649 | 2,905 | |||||||
Total current assets | 246,966 | 270,059 | |||||||
Property and equipment, net | 74,065 | 54,847 | |||||||
Other assets | 29,403 | 32,547 | |||||||
Total assets | $ | 350,434 | $ | 357,453 | |||||
Liabilities and Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 18,324 | $ | 7,116 | |||||
Deferred revenue | 565 | 565 | |||||||
Accrued and other current liabilities | 19,698 | 14,795 | |||||||
Capital lease obligation, current portion | 2,937 | 2,854 | |||||||
Debt, current portion | 1,562 | 1,911 | |||||||
Total current liabilities | 43,086 | 27,241 | |||||||
Capital lease obligation, net of current portion | 2,325 | 3,091 | |||||||
Long-term debt, net of current portion | 9,754 | 4,734 | |||||||
Deferred rent, net of current portion | 10,935 | 11,186 | |||||||
Deferred revenue, net of current portion | 988 | 1,130 | |||||||
Other liabilities | 2,542 | 2,523 | |||||||
Total liabilities | 69,630 | 49,905 | |||||||
Amyris, Inc. stockholders' equity | 280,466 | 307,546 | |||||||
Noncontrolling interest | 338 | 2 | |||||||
Total equity | 280,804 | 307,548 | |||||||
Total liabilities and equity | $ | 350,434 | $ | 357,453 |
Amyris, Inc. | ||||||||
Supplemental Consolidated Financial Information | ||||||||
(Unaudited) | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended
March 31, |
||||||||
2011 | 2010 | |||||||
Other Selected Financial Information: | ||||||||
Capital expenditures | $ | 13,917 | $ | 3,147 | ||||
Depreciation and amortization | $ | 2,105 | $ | 1,625 | ||||
Reconciliation of GAAP to Non-GAAP Net Loss Per Share: | ||||||||
Net loss attributable to Amyris, Inc., common stockholders (GAAP) |
$ | (33,137 | ) | $ | (16,152 | ) | ||
Stock Compensation Expense | 4,007 | 1,799 | ||||||
|
||||||||
Net loss attributable to Amyris, Inc., common stockholders (Non- GAAP) |
$ | (29,130 | ) | $ | (14,353 | ) | ||
Net loss per share attributed to common stockholders basic and diluted (GAAP) |
$ | (0.76 | ) | $ | (3.22 | ) | ||
Stock Compensation Expense | 0.10 | 0.36 | ||||||
Net loss per share attributed to common stockholders basic and diluted (Non-GAAP) |
$ | (0.66 | ) | $ | (2.86 | ) |
Chief Financial Officer
investor@amyris.com
Source:
News Provided by Acquire Media
For media inquiries, please contact: info@amyris.com
For investor inquiries, please contact: investor@amyris.com