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Amyris delivers high-performance alternatives to petroleum, plant and animal-based products across a wide range of consumer and industry segments. Our products offer customers a way to reduce environmental impact with No Compromise® in performance or availability. We are making better chemistry biologically.

Amyris Reports Third Quarter Financial Results

EMERYVILLE, Calif.--(BUSINESS WIRE)-- Amyris, Inc. (NASDAQ: AMRS), which applies its industrial synthetic biology platform to provide renewable alternatives to select petroleum-sourced products used in specialty chemical and transportation fuel markets worldwide, today announced financial results for the third quarter ended September 30, 2011.

Aggregate revenues for the quarter ended September 30, 2011 were $36.3 million versus $24.2 million in the third quarter of 2010, and cost of products sold was $35.7 million versus $22.9 million. Research and development expense increased to $23.4 million from $14.7 million, and sales, general and administrative expense increased to $21.2 million from $10.5 million. Third quarter 2011 GAAP net loss attributable to common stockholders was $43.7 million compared with $62.1 million in the same quarter of 2010. In connection with the completion of its initial public offering at the end of the third quarter of 2010, the Company took a non-cash beneficial conversion feature charge of $42.0 million related to the conversion of certain shares of the Company's preferred stock as well as shares of the Company's subsidiary, Amyris Brasil, into shares of the Company's common stock. On a non-GAAP basis, excluding this non-cash beneficial conversion feature charge and stock-based compensation expense, the net loss attributable to Amyris, Inc. common stockholders was $36.8 million compared to $17.5 million. A reconciliation of GAAP to non-GAAP results is included below.

The Company's balance at the end of the third quarter of cash, cash equivalents and marketable securities was $123.8 million.

"We have farnesene production underway and finishing operations in place for our squalane and diesel," said John Melo, CEO of Amyris. "Our customers continue to express their excitement about our products as we look to commence delivery in cosmetics, lubricants, diesel and other markets over the coming months."

About Amyris

Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products.Amyris uses its industrial synthetic biology platform to convert plant sugars into a variety of hydrocarbon molecules - flexible building blocks which can be used in a wide range of products. Amyris is commercializing these products both as No Compromise® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyris's production in BrazilAmyris also has fuel distribution capabilities in the United States through its subsidiary, Amyris Fuels, LLC. More information about Amyris is available at www.amyris.com.

Conference Call Information

The Company will discuss these results in a conference call scheduled for today at 2:00 pm PDT/5:00 pm EDT. Investors may access a live audio webcast of this conference call and the earnings call presentation in the investor relations section of the Company's website at http://investors.amyris.com. An audio replay of the conference call will be available approximately two hours after the conclusion of the call and can be accessed by dialing 888-203-1112 if calling from within the United States or 719-457-0820 if calling from outside the United States and entering the replay pass code 7820041. A replay of the webcast will be available on the investor relations section of the Company's website approximately two hours after the conclusion of the call and remain available for approximately 60 calendar days.

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 March 14, 2011, and Form 10-Q, as filed on May 11, 2011 and August 11, 2011Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

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 believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Amyris's operating performance. Reconciliation between GAAP and non-GAAP financial information is provided in the financial statement tables below.

Amyris, the Amyris logo and No Compromise are trademarks or registered trademarks of Amyris, Inc.

 
Amyris, Inc.
Condensed Consolidated Statement of Operations
(Unaudited)
(In thousands, except per share data)
                     
        Three Months Ended

September 30,

  Nine Months Ended

September 30,

          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 Amyris, Inc.   $ (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 Amyris Brasil S.A. shares held by third parties

    -       (42,009 )     -       (42,009 )
                     
Net loss attributable to Amyris, Inc. common stockholders   $ (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)
             
        September 30,   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
             
Amyris, Inc. stockholders' equity     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
September 30,

 

Nine Months Ended
September 30,

      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 Amyris Inc., common stockholders (GAAP)   $ (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 Amyris Inc., common stockholders (Non- GAAP)

  $ (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 )

 

Amyris, Inc.
Jeryl Hilleman, 510-740-7434
Chief Financial Officer
investor@amyris.com

Source: Amyris, Inc.

 

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Beth Bannerman
Senior Vice President, Corporate Communications & Engagement
Amyris, Inc. 
pr@amyris.com