Will Report Record Revenue in Both Collaborations and Product Sales for 2016; Near-Term Debt Maturities Have Been Resolved; Completed Strategic Transition Out of Commodity Products
EMERYVILLE, Calif., Feb. 03, 2017 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today provided an update on certain aspects of its business and financial results for 2016.
"We are pleased to have achieved a record year of revenue growth, and of having completed all of the 2016 strategic milestones we set out to, and we continue to make good progress on our debt structure by having resolved our near-term debt maturity issues in pushing out approximately $44 million in debt as announced just before year end," said John Melo, Amyris President & CEO. "Also, we are meeting our expectations in securing collaborations that will result in future product sales and this is accelerating our growth rate."
Continued Melo, "As one of the fastest growing companies in our sector we are now transitioned away from commodity-related product sales, which in 2016 comprised less than one percent of total revenue. During the year, our business was driven by robust product sales growth within the health and nutrition, fragrance and cosmetics ingredients and performance materials markets. This transformation along with growing recognition of our capabilities to disrupt large global markets has led to commercial momentum and more inbound business development inquiries than ever before, which will support another year of record revenue in 2017."
Amyris will provide more color on its financial results for 2016 and the positive momentum in its business when it reports financial results after the close of market on Thursday, March 2, 2017. In addition, the company plans to host an investor day in May 2017 showcasing its technology platform and commercial developments fueling growth in its business.
Amyris is the integrated renewable products company that is enabling the world's leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise® products across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, and pharmaceuticals and nutraceuticals. More information about the company is available at www.amyris.com.
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 the expected reporting of record revenue in both collaborations and product sales for 2016, anticipated future product sales and business growth, and expected 2017 revenue) 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 risks related to manufacturing capacity at Amyris's Brotas facility, delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's quarterly report on Form 10-Q filed on November 9, 2016. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Amyris and the Amyris logo are registered trademarks of Amyris, Inc.
Contact: Peter DeNardo Director, Investor Relations and Corporate Communications Amyris, Inc. +1 (510) 740-7481 email@example.com firstname.lastname@example.org