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 year ended
Total revenues for the fourth quarter were
The Company's balance of cash, cash equivalents and marketable securities was
"We met all of our publicly-stated milestones for our first full quarter as a public company, and delivered additional product partnerships as well," 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 industrial-scale production and sales of 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 final prospectus for its initial public offering, 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 share and per share amounts) | ||||||||||||||||
Three Months Ended
December 31, |
Years Ended
December 31, |
|||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenues | ||||||||||||||||
Product sales | $ | 26,627 | $ | 16,900 | $ | 68,664 | $ | 61,689 | ||||||||
Grants and collaboration revenue | 3,102 | 1,089 | 11,647 | 2,919 | ||||||||||||
Total revenues | 29,729 | 17,989 | 80,311 | 64,608 | ||||||||||||
Cost and operating expenses | ||||||||||||||||
Cost of product sales | 27,483 | 16,686 | 70,515 | 60,428 | ||||||||||||
Research and development (1) | 16,957 | 10,914 | 55,249 | 38,263 | ||||||||||||
Sales, general and administrative (1) | 11,007 | 9,256 | 40,393 | 23,558 | ||||||||||||
Restructuring and asset impairment (income) charges |
- | - | (2,061 | ) | 5,768 | |||||||||||
Total cost and operating expenses | 55,447 | 36,856 | 164,096 | 128,017 | ||||||||||||
Loss from operations | (25,718 | ) | (18,867 | ) | (83,785 | ) | (63,409 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income | 276 | 77 | 1,540 | 448 | ||||||||||||
Interest expense | (159 | ) | (325 | ) | (1,443 | ) | (1,218 | ) | ||||||||
Other income (expense), net | (55 | ) | (1,121 | ) | 898 | (621 | ) | |||||||||
Total other income (expense) | 62 | (1,369 | ) | 995 | (1,391 | ) | ||||||||||
Net loss | (25,656 | ) | (20,236 | ) | (82,790 | ) | (64,800 | ) | ||||||||
Loss attributable to noncontrolling interest | 13 | 120 | 920 | 341 | ||||||||||||
Net loss attributable to Amyris, Inc. | (25,643 | ) | (20,116 | ) | (81,870 | ) | (64,459 | ) | ||||||||
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 | ) | - | |||||||||||
Net loss attributable to Amyris, Inc. common stockholders | $ | (25,643 | ) | $ | (20,116 | ) | $ | (123,879 | ) | $ | (64,459 | ) | ||||
Net loss per share attributable to common stockholders basic and diluted |
$ | (0.59 | ) | $ | (4.12 | ) | $ | (8.35 | ) | $ | (13.56 | ) | ||||
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted |
43,744,476 | 4,879,693 | 14,840,253 | 4,753,085 | ||||||||||||
__________________ |
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(1) Includes stock-based compensation expense of the following for the periods presented: |
||||||||||||||||
Research and development | $ | 824 | $ | 178 | $ | 2,161 | $ | 773 | ||||||||
Sales, general and administrative | 2,700 | 851 | 8,271 | 2,526 | ||||||||||||
Total stock-based compensation expense | $ | 3,524 | $ | 1,029 | $ | 10,432 | $ | 3,299 |
Amyris, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(Unaudited) | |||||||
(In thousands) | |||||||
December 31, | December 31, | ||||||
2010 | 2009 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash, cash equivalents and marketable securities | $ | 257,933 | $ | 67,210 | |||
Accounts receivable | 5,215 | 1,372 | |||||
Inventories | 4,006 | 2,298 | |||||
Prepaid expenses and other current assets | 2,905 | 3,983 | |||||
Total current assets | 270,059 | 74,863 | |||||
Property and equipment, net | 54,847 | 42,560 | |||||
Restricted cash | - | 4,506 | |||||
Other assets | 32,547 | 230 | |||||
Total assets | $ | 357,453 | $ | 122,159 | |||
Liabilities, Convertible Preferred Stock, Redeemable Noncontrolling Interest and Equity (Deficit) |
|||||||
Current liabilities: | |||||||
Accounts payable | $ | 7,116 | $ | 1,709 | |||
Deferred revenue | 565 | 378 | |||||
Accrued and other current liabilities | 14,795 | 10,445 | |||||
Capital lease obligation, current portion | 2,854 | 2,251 | |||||
Debt, current portion | 1,911 | 9,018 | |||||
Total current liabilities | 27,241 | 23,801 | |||||
Capital lease obligation, net of current portion | 3,091 | 4,977 | |||||
Long-term debt, net of current portion | 4,734 | 4,362 | |||||
Convertible preferred stock warrant liability | - | 2,740 | |||||
Deferred rent, net of current portion | 11,186 | 8,828 | |||||
Deferred revenue, net of current portion | 1,130 | - | |||||
Restructuring liability | - | 4,486 | |||||
Other liabilities | 2,523 | 1,553 | |||||
Total liabilities | 49,905 | 50,747 | |||||
Convertible preferred stock | - | 179,651 | |||||
Redeemable noncontrolling interest | - | 5,506 | |||||
Amyris, Inc. stockholders' equity (deficit) | 307,546 | (113,745 | ) | ||||
Noncontrolling interest | 2 | - | |||||
Total equity (deficit) | 307,548 | (113,745 | ) | ||||
Total liabilities, convertible preferred stock, redeemable noncontrolling interest and equity (deficit) |
$ | 357,453 | $ | 122,159 |
Amyris, Inc. | ||||||||||||||||
Supplemental Consolidated Financial Information | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Three Months Ended
December 31, |
Years Ended
December 31, |
|||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Other Selected Financial Information: | ||||||||||||||||
Capital expenditures | $ | 2,657 | $ | 1,675 | $ | 10,906 | $ | 7,608 | ||||||||
Depreciation and amortization |
$ | 1,980 | $ | 1,490 | $ | 7,280 | $ | 5,775 | ||||||||
Reconciliation of GAAP to Non-GAAP Net Loss Per Share: | ||||||||||||||||
Net loss attributable to Amyris Inc., common stockholders (GAAP) | $ | (25,643 | ) | $ | (20,116 | ) | $ | (123,879 | ) | $ | (64,459 | ) | ||||
Deemed dividend related to beneficial conversion feature | - | - | 42,009 | - | ||||||||||||
Stock Compensation Expense | 3,524 | 1,029 | 10,432 | 3,299 | ||||||||||||
Net loss attributable to Amyris Inc., common stockholders (Non- GAAP) |
$ | (22,119 | ) | $ | (19,087 | ) | $ | (71,438 | ) | $ | (61,160 | ) | ||||
Net loss per share attributed to common stockholders basic and diluted (GAAP) |
$ | (0.59 | ) | $ | (4.12 | ) | $ | (8.35 | ) | $ | (13.56 | ) | ||||
Deemed dividend related to beneficial conversion feature | - | - | 2.84 | - | ||||||||||||
Stock Compensation Expense | 0.08 | 0.21 | 0.70 | 0.69 | ||||||||||||
Net loss per share attributed to common stockholders basic and diluted (Non-GAAP) |
$ | (0.51 | ) | $ | (3.91 | ) | $ | (4.81 | ) | $ | (12.87 | ) |
Chief Financial Officer
investor@amyris.com
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