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.
"During the third quarter, we realized the benefits of our focused strategy with lower operating costs and increased sales of our renewable products. Our technology improvements continue and our commercialization activities remain on track," said
"
FINANCIAL RESULTS
Aggregate revenues for the quarter ended
Total research & development and sales, general & administrative expenses declined 26% to
GAAP net loss attributable to common stockholders for the quarter was
The Company's balance of cash, cash equivalents and short-term investments at the end of the third quarter was
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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 commercialization activities, commissioning of a planned production facility, and commercial production commencement) 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 or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures,
Non-GAAP Financial Information
Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. The non-GAAP 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
Condensed Consolidated Statement of Operations | ||||
(Unaudited) | ||||
(In thousands, except per share data) | ||||
Three Months Ended |
Nine Months Ended |
|||
2012 | 2011 | 2012 | 2011 | |
Revenues | ||||
Product sales | $ 4,728 | $ 31,162 | $ 46,615 | $ 92,998 |
Grants and collaborations revenue | 14,380 | 5,114 | 21,225 | 12,454 |
Total revenues | 19,108 | 36,276 | 67,840 | 105,452 |
Costs and operating expenses | ||||
Cost of products sold | 4,444 | 35,729 | 71,891 | 99,247 |
Loss on purchase commitments and write off of production assets | 1,438 | -- | 38,090 | -- |
Research and development (1) | 15,736 | 23,441 | 55,580 | 66,622 |
Sales, general and administrative (1) | 17,355 | 21,174 | 61,301 | 59,401 |
Total costs and operating expenses | 38,973 | 80,344 | 226,862 | 225,270 |
Loss from operations | (19,865) | (44,068) | (159,022) | (119,818) |
Other income (expense): | ||||
Interest income | 297 | 609 | 1,406 | 1,250 |
Interest expense | (1,224) | (291) | (3,538) | (1,172) |
Other income (expense), net | 664 | 310 | (512) | 160 |
Total other income (expense) | (263) | 628 | (2,644) | 238 |
Loss before income taxes | (20,128) | (43,440) | (161,666) | (119,580) |
Provision for income taxes | (260) | (474) | (753) | (299) |
Net loss | $ (20,388) | $ (43,914) | $ (162,419) | $(119,879) |
Net loss attributable to noncontrolling interest | 95 | 224 | 772 | 437 |
Net loss attributable to |
$ (20,293) | $ (43,690) | $ (161,647) | $(119,442) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.34) | $ (0.97) | $ (2.91) | $ (2.68) |
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted | 58,964,226 | 45,031,613 | 55,552,949 | 44,507,686 |
(1) Includes stock-based compensation expense of the following for the periods presented: | ||||
Research and development | $ 1,450 | $ 1,711 | $ 4,521 | $ 4,697 |
Sales, general and administrative | 4,515 | 5,162 | 16,879 | 14,139 |
$ 5,965 | $ 6,873 | $ 21,400 | $ 18,836 |
Condensed Consolidated Balance Sheets | ||
(Unaudited) | ||
(In thousands) | ||
2012 | 2011 | |
Assets | ||
Current assets: | ||
Cash, cash equivalents and short-term investments | $ 44,429 | $ 103,592 |
Accounts receivable, net | 3,807 | 6,936 |
Inventories, net | 8,311 | 9,070 |
Prepaid expenses and other current assets | 9,995 | 19,873 |
Total current assets | 66,542 | 139,471 |
Property and equipment, net | 164,703 | 128,101 |
Restricted cash | 954 | -- |
Other assets | 20,133 | 43,001 |
Goodwill and intangible assets | 9,248 | 9,538 |
Total assets | $ 261,580 | $ 320,111 |
Liabilities and Equity | ||
Current liabilities: | ||
Accounts payable | $ 18,374 | $ 26,379 |
Deferred revenue | 1,532 | 3,139 |
Accrued and other current liabilities | 24,061 | 30,982 |
Capital lease obligation, current portion | 1,871 | 3,717 |
Debt, current portion | 2,121 | 28,049 |
Total current liabilities | 47,959 | 92,266 |
Capital lease obligation, net of current portion | 1,495 | 2,619 |
Long-term debt, net of current portion | 103,289 | 13,275 |
Deferred rent, net of current portion | 8,886 | 9,957 |
Deferred revenue, net of current portion | 4,396 | 4,097 |
Other liabilities | 18,893 | 37,085 |
Total liabilities | 184,918 | 159,299 |
77,465 | 161,052 | |
Noncontrolling interest | (803) | (240) |
Total stockholders' equity | 76,662 | 160,812 |
Total liabilities and stockholders' equity | $ 261,580 | $ 320,111 |
Supplemental Consolidated Financial Information | ||||
(Unaudited) | ||||
(In thousands, except per share data) | ||||
Three Months Ended |
Nine Months Ended |
|||
2012 | 2011 | 2012 | 2011 | |
Other Selected Financial Information: | ||||
Capital expenditures and deposits on property and equipment | $ 5,541 | $ 40,769 | $ 50,906 | $ 71,248 |
Depreciation and amortization | $ 3,179 | $ 2,897 | $ 10,686 | $ 7,728 |
Product sales | ||||
Ethanol and Ethanol-blended Gasoline | $ 1,657 | $ 31,096 | $ 38,836 | $ 92,900 |
Renewables | 3,071 | 66 | 7,779 | 98 |
Total product sales | $ 4,728 | $ 31,162 | $ 46,615 | $ 92,998 |
Reconciliation of GAAP to Non-GAAP Net Loss Per Share: | ||||
Net loss attributable to |
$ (20,293) | $ (43,690) | $ (161,647) | $ (119,442) |
Stock-based compensation expense | 5,965 | 6,873 | 21,400 | 18,836 |
Loss on purchase commitments and write off of production assets | 1,438 | -- | 38,090 | -- |
Net loss attributable to |
$ (12,890) | $ (36,817) | $ (102,157) | $ (100,606) |
Net loss per share attributed to common stockholders | ||||
basic and diluted (GAAP) | $ (0.34) | $ (0.97) | $ (2.91) | $ (2.68) |
Stock-based compensation expense | 0.10 | 0.15 | 0.39 | 0.42 |
Loss on purchase commitments and write off of production assets | 0.02 | -- | 0.68 | -- |
Net loss per share attributed to common stockholders, basic and diluted (Non-GAAP) | $ (0.22) | $ (0.82) | $ (1.84) | $ (2.26) |
Source: Amyris, Inc.
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