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.
Aggregate revenues for the quarter ended
The Company's balance at the end of the third quarter of cash, cash equivalents and marketable securities was
"We have farnesene production underway and finishing operations in place for our squalane and diesel," said
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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 production and delivery of and customer demand for our products) 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, Inc. | ||||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||
2011 | 2010 | 2011 |
|
2010 | ||||||||||||||
Revenues | ||||||||||||||||||
Product sales | $ | 31,162 | $ | 22,055 | $ | 92,998 | $ | 42,037 | ||||||||||
Grants and collaboration revenue | 5,114 | 2,170 | 12,454 | 8,545 | ||||||||||||||
Total revenues | 36,276 | 24,225 | 105,452 | 50,582 | ||||||||||||||
Cost and operating expenses | ||||||||||||||||||
Cost of product sales | 35,729 | 22,900 | 99,247 | 43,032 | ||||||||||||||
Research and development (1) | 23,441 | 14,701 | 66,622 | 38,293 | ||||||||||||||
Sales, general and administrative (1) | 21,174 | 10,484 | 59,401 | 29,385 | ||||||||||||||
Restructuring income | - | (2,061 | ) | - | (2,061 | ) | ||||||||||||
Total cost and operating expenses | 80,344 | 46,024 | 225,270 | 108,649 | ||||||||||||||
Loss from operations | (44,068 | ) | (21,799 | ) | (119,818 | ) | (58,067 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||
Interest income | 609 | 702 | 1,250 | 1,264 | ||||||||||||||
Interest expense | (291 | ) | (524 | ) | (1,172 | ) | (1,284 | ) | ||||||||||
Other income, net | 310 | 1,013 | 160 | 953 | ||||||||||||||
Total other income | 628 | 1,191 | 238 | 933 | ||||||||||||||
Loss before income taxes | $ | (43,440 | ) | $ | (20,608 | ) | $ | (119,580 | ) | $ | (57,134 | ) | ||||||
Provision for income taxes | (474 | ) | - | (299 | ) | - | ||||||||||||
Net loss | $ | (43,914 | ) | $ | (20,608 | ) | $ | (119,879 | ) | $ | (57,134 | ) | ||||||
Net loss attributable to noncontrolling interest | 224 | 477 | 437 | 907 | ||||||||||||||
Net loss attributable to |
$ | (43,690 | ) | $ | (20,131 | ) | $ | (119,442 | ) | $ | (56,227 | ) | ||||||
Deemed dividend related to the beneficial conversion feature of Series D convertible preferred stock and conversion of |
- | (42,009 | ) | - | (42,009 | ) | ||||||||||||
Net loss attributable to |
$ | (43,690 | ) | $ | (62,140 | ) | $ | (119,442 | ) | $ | (98,236 | ) | ||||||
Net loss per share attributable to common stockholders basic and diluted |
$ | (0.97 | ) | $ | (11.89 | ) | $ | (2.68 | ) | $ | (19.26 | ) | ||||||
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted |
45,031,613 | 5,227,689 | 44,507,686 | 5,099,635 | ||||||||||||||
__________________ |
||||||||||||||||||
(1) | Includes stock-based compensation expense of the following for the periods presented: | |||||||||||||||||
Research and development | $ | 1,711 | $ | 461 | $ | 4,697 | $ | 1,337 | ||||||||||
Sales, general and administrative | 5,162 | 2,144 | 14,139 | 5,571 | ||||||||||||||
Total stock-based compensation expense | $ | 6,873 | $ | 2,605 | $ | 18,836 | $ | 6,908 | ||||||||||
Amyris, Inc. | |||||||||
Condensed Consolidated Balance Sheets | |||||||||
(Unaudited) | |||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2011 | 2010 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash, cash equivalents and marketable securities | $ | 123,794 | $ | 257,933 | |||||
Accounts receivable | 4,982 | 5,215 | |||||||
Inventories | 8,492 | 4,006 | |||||||
Prepaid expenses and other current assets | 9,432 | 2,905 | |||||||
Total current assets | 146,700 | 270,059 | |||||||
Property and equipment, net | 115,850 | 54,847 | |||||||
Other assets | 38,752 | 32,547 | |||||||
Total assets | $ | 301,302 | $ | 357,453 | |||||
Liabilities and Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 25,246 | $ | 7,116 | |||||
Deferred revenue | 2,044 | 565 | |||||||
Accrued and other current liabilities | 30,333 | 14,795 | |||||||
Capital lease obligation, current portion | 2,931 | 2,854 | |||||||
Debt, current portion | 2,336 | 1,911 | |||||||
Total current liabilities | 62,890 | 27,241 | |||||||
Capital lease obligation, net of current portion | 905 | 3,091 | |||||||
Long-term debt, net of current portion | 9,970 | 4,734 | |||||||
Deferred rent, net of current portion | 10,290 | 11,186 | |||||||
Deferred revenue, net of current portion | 4,238 | 1,130 | |||||||
Other liabilities | 9,434 | 2,523 | |||||||
Total liabilities | 97,727 | 49,905 | |||||||
203,641 | 307,546 | ||||||||
Noncontrolling interest | (66 | ) | 2 | ||||||
Total equity | 203,575 | 307,548 | |||||||
Total liabilities and equity | $ | 301,302 | $ | 357,453 | |||||
Amyris, Inc. | ||||||||||||||||
Supplemental Consolidated Financial Information | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Other Selected Financial Information: | ||||||||||||||||
Capital expenditures and deposits on property and equipment | $ | 40,769 | $ | 5,800 | $ | 71,248 | $ | 10,408 | ||||||||
Depreciation and amortization | $ | 2,897 | $ | 1,879 | $ | 7,728 | $ | 5,300 | ||||||||
Reconciliation of GAAP to Non-GAAP Net Loss Per Share: | ||||||||||||||||
Net loss attributable to |
$ | (43,690 | ) | $ | (62,140 | ) | $ | (119,442 | ) | $ | (98,236 | ) | ||||
Deemed dividend related to beneficial conversion feature | - | 42,009 | - | 42,009 | ||||||||||||
Stock Compensation Expense | 6,873 | 2,605 | 18,836 | 6,908 | ||||||||||||
Net loss attributable to |
$ | (36,817 | ) | $ | (17,526 | ) | $ | (100,606 | ) | $ | (49,319 | ) | ||||
Net loss per share attributed to common stockholders basic and diluted (GAAP) |
$ | (0.97 | ) | $ | (11.89 | ) | $ | (2.68 | ) | $ | (19.26 | ) | ||||
Deemed dividend related to beneficial conversion feature | - | 8.04 | - | 8.24 | ||||||||||||
Stock Compensation Expense | 0.15 | 0.50 | 0.42 | 1.35 | ||||||||||||
Net loss per share attributed to common stockholders basic and diluted (Non-GAAP) |
$ | (0.82 | ) | $ | (3.35 | ) | $ | (2.26 | ) | $ | (9.67 | ) |
Chief Financial Officer
investor@amyris.com
Source:
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