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 delivered more than
"We remain focused on executing our business plan, growing our revenues and inflows and managing our expenses wisely. Based on our strong operational performance and the continued progress of our consumer care business, including both our fragrance oil and emollients products, we believe we can achieve positive cash flow from operations while tracking to double our annual revenues," concluded Melo.
BUSINESS HIGHLIGHTS
Key operating and development highlights since the end of the second quarter include the following:
Renewable Production
Sales & Collaboration
Financial Performance
FORWARD-LOOKING GUIDANCE AND OUTLOOK
In light of our results through the first three quarters and increased visibility of our business strategy, we are updating guidance for 2014 and beyond.
CONFERENCE CALL
FINANCIAL RESULTS
The Company's quarterly results includes both GAAP and non-GAAP financial information, because the Company considers non-GAAP information to be a helpful measure to assess its operational performance and for financial and operational decision-making. The Company's non-GAAP financial information excludes stock-based compensation, loss on purchase commitments and write-off of production assets, depreciation and amortization, loss on write-off of non-production assets, gains and losses from changes in fair value of derivatives and debt extinguishment, but adds back accounts receivable, deferred revenue and funding associated with collaborations. EBITDA, a non-GAAP measure, is calculated using non-GAAP product sales and collaboration inflows, cost of products sold and expenses. Non-GAAP net loss attributable to
Third Quarter 2014
Revenues are based on the two pillars of the Company's business model: collaboration inflows and product sales.
Total revenues for the third quarter of 2014 were
During the third quarter of 2014, the Company's cost of products sold, before loss on purchase commitments and write-off of production assets, was
Combined research & development expenses and sales, general & administrative expenses for the third quarter of 2014 were
Net loss attributable to
The difference between GAAP and non-GAAP loss is primarily related to a non-cash benefit that was triggered by features of outstanding convertible notes related to change in control protection and price-based anti-dilution adjustment provisions. The valuation of these derivative liabilities increased in the third quarter primarily as a result of an increase in stock price and an increase in the risk-free rate, offset by the decrease in the remaining term of the convertible notes due to the passage of time, compared to
As of
Nine Months Ended
Aggregate revenues for the nine months ended
During the nine months ended
Combined research & development expenses and sales, general & administrative expenses for the nine months ended
Net loss attributable to
The difference between GAAP and non-GAAP loss is primarily related to a non-cash benefit that was triggered by features of outstanding convertible notes related to change in control protection and price-based anti-dilution adjustment provisions. The valuation of these derivative liabilities decreased primarily as a result of a decrease in the Company's stock price at
Non-GAAP Financial Information
Condensed 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, loss on purchase commitments and write-off of production assets, loss on write off of non-production assets, depreciation and amortization, gains and losses from change in fair value of derivatives and debt extinguishment but adds back accounts receivable, deferred revenue and funding associated with collaborations. 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
About
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 expectations for cash inflows from product sales and collaborations and growth in sales, achievement of positive cash margin from products, operating expenses, positive EBITDA and cash flows, profitability in 2015, and cash payback from operations at a manufacturing plant) 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,
Amyris, Inc. | ||
Condensed Consolidated Balance Sheets | ||
(Unaudited) | ||
(In thousands) | ||
Sepember 30, | ||
2014 | 2013 | |
Assets | ||
Current assets: | ||
Cash, cash equivalents and short-term investments | $ 68,603 | $ 8,296 |
Accounts receivable, net | 10,707 | 7,734 |
Related party accounts receivable | 384 | 484 |
Inventories, net | 16,666 | 10,888 |
Prepaid expenses and other current assets | 6,566 | 9,518 |
Total current assets | 102,926 | 36,920 |
Property, plant and equipment, net | 128,106 | 140,591 |
Restricted cash | 1,659 | 1,648 |
Related party loan receivable | 1,214 | -- |
Other assets | 15,622 | 10,585 |
Goodwill and intangible assets | 9,120 | 9,120 |
Total assets | $ 258,647 | $ 198,864 |
Liabilities and stockholders' deficit | ||
Current liabilities: | ||
Accounts payable | $ 5,829 | $ 6,512 |
Deferred revenue | 9,366 | 2,222 |
Accrued and other current liabilities | 14,424 | 21,221 |
Capital lease obligation, current portion | 634 | 956 |
Debt, current portion | 13,302 | 6,391 |
Total current liabilities | 43,555 | 37,302 |
Capital lease obligation, net of current portion | 224 | 287 |
Long-term debt, net of current portion | 105,411 | 56,172 |
Related party debt | 110,774 | 89,499 |
Deferred rent, net of current portion | 10,237 | 10,191 |
Deferred revenue, net of current portion | 3,794 | 5,000 |
Derivative liabilities | 156,064 | 134,717 |
Other liabilities | 9,232 | 1,544 |
Total liabilities | 439,291 | 334,712 |
(180,006) | (135,264) | |
Noncontrolling interest | (638) | (584) |
Total stockholders' deficit | (180,644) | (135,848) |
Total liabilities and stockholders' deficit | $ 258,647 | $ 198,864 |
Amyris, Inc. | ||||
Condensed Consolidated Statement of Operations | ||||
(Unaudited) | ||||
(In thousands, except per share data) | ||||
Three Months Ended | Nine Months Ended | |||
2014 | 2013 | 2014 | 2013 | |
Revenues | ||||
Renewable product sales | $ 11,112 | $ 3,138 | $ 18,333 | $ 10,130 |
Related party renewable product sale | 368 | 1,006 | 402 | 1,182 |
Total product sales | 11,480 | 4,144 | 18,735 | 11,312 |
Grants and collaborations revenue | 4,861 | 2,860 | 12,954 | 11,763 |
Related party grants and collaborations revenue | -- | -- | -- | 2,647 |
Total grants and collaborations revenue | 4,861 | 2,860 | 12,954 | 14,410 |
Total revenues | 16,341 | 7,004 | 31,689 | 25,722 |
Costs and operating expenses | ||||
Cost of products sold | 10,146 | 8,328 | 23,893 | 26,141 |
Loss on purchase commitments and write-off of production assets | 193 | -- | 352 | 8,423 |
Research and development (1) | 12,940 | 13,370 | 38,101 | 43,116 |
Sales, general and administrative (1) | 14,356 | 13,057 | 41,726 | 42,602 |
Total costs and operating expenses | 37,635 | 34,755 | 104,072 | 120,282 |
Loss from operations | (21,294) | (27,751) | (72,383) | (94,560) |
Other income (expense): | ||||
Gain (loss) from change fair in value of derivative & debt extinguishment | (6,000) | 4,596 | 37,636 | 5,381 |
Other expense, net | (9,244) | (2,508) | (20,709) | (7,231) |
Total other income (expense) | (15,244) | 2,088 | 16,927 | (1,850) |
Loss before income taxes | (36,538) | (25,663) | (55,456) | (96,410) |
Benefit (provision) for income taxes | (134) | 1,435 | (370) | 953 |
Net loss | $ (36,672) | $ (24,228) | $ (55,826) | $ (95,457) |
Net (income) loss attributable to noncontrolling interest | 31 | 29 | 91 | (232) |
Net loss attributable to |
$ (36,641) | $ (24,199) | $ (55,735) | $ (95,689) |
Net loss per share attributable to common stockholders, basic | $ (0.46) | $ (0.32) | $ (0.71) | $ (1.27) |
Net loss per share attributable to common stockholders, diluted | $ (0.46) | $ (0.32) | $ (0.94) | $ (1.27) |
Weighted-average shares of common stock outstanding used in computing net income (loss) per share of common stock: | ||||
Basic | 78,980,402 | 76,205,853 | 78,146,365 | 75,167,877 |
Diluted | 78,980,402 | 76,205,853 | 111,114,801 | 75,167,877 |
(1) Includes stock-based compensation expense of the following for the periods presented: | ||||
Research and development | $ 915 | $ 1,132 | $ 2,623 | $ 3,428 |
Sales, general and administrative | 2,657 | 3,301 | 8,146 | 10,183 |
$ 3,572 | $ 4,433 | $ 10,769 | $ 13,611 | |
Amyris, Inc. | ||||
Reconciliation of GAAP to Non-GAAP Financial Information | ||||
(Unaudited) | ||||
(In thousands, except per share data) | ||||
Three Months Ended | Nine Months Ended | |||
2014 | 2013 | 2014 | 2013 | |
Net loss attributable to |
$ (36,641) | $ (24,199) | $ (55,735) | $ (95,689) |
Loss on purchase commitments and write off of production assets | 193 | -- | 352 | 8,423 |
Stock-based compensation expense | 3,572 | 4,433 | 10,769 | 13,611 |
Depreciation and amortization | 3,795 | 3,768 | 11,334 | 12,259 |
Loss on write off of non-production assets | 759 | -- | 759 | -- |
Gain (loss) from change fair in value of derivative & debt extinguishment | 6,000 | (4,596) | (37,636) | (5,381) |
Net loss attributable to |
$ (22,322) | $ (20,594) | $ (70,157) | $ (66,777) |
Net loss per share attributable to |
$ (0.46) | $ (0.32) | $ (0.71) | $ (1.27) |
Loss on purchase commitments and write off of production assets | -- | -- | -- | 0.11 |
Stock-based compensation expense | 0.04 | 0.06 | 0.14 | 0.18 |
Depreciation and amortization | 0.05 | 0.05 | 0.14 | 0.16 |
Loss on write off of non-production assets | 0.01 | -- | 0.01 | -- |
Gain (loss) from change fair in value of derivative & debt extinguishment | 0.08 | (0.06) | (0.48) | (0.07) |
Net loss per share attributable to |
$ (0.28) | $ (0.27) | $ (0.90) | $ (0.89) |
Amyris, Inc. | ||||
Reconciliation of GAAP to Non-GAAP Financial Information | ||||
(Unaudited) | ||||
(In thousands, except per share data) | ||||
Three Months Ended | Nine Months Ended | |||
2014 | 2013 | 2014 | 2013 | |
Product sales (GAAP & Non-GAAP) | ||||
Renewable product sales | $ 11,480 | $ 4,144 | $ 18,735 | $ 11,312 |
Product sales (GAAP & Non-GAAP) | $ 11,480 | $ 4,144 | $ 18,735 | $ 11,312 |
Grants and collaborations revenue (GAAP) | $ 4,861 | $ 2,860 | $ 12,954 | $ 14,410 |
Change in accounts receivable, deferred revenue and fundings associated with collaborations | 10,821 | 22,221 | 21,570 | 38,731 |
Collaborations Inflows (Non- GAAP) (1) | $ 15,682 | $ 25,081 | $ 34,524 | $ 53,141 |
Total Revenues (GAAP) | $ 16,341 | $ 7,004 | $ 31,689 | $ 25,722 |
Change in accounts receivable, deferred revenue and fundings associated with collaborations | 10,821 | 22,221 | 21,570 | 38,731 |
Total Product Sales and Collaboration Inflows (Non-GAAP) (1) | $ 27,162 | $ 29,225 | $ 53,259 | $ 64,453 |
Costs of products sold (GAAP) | $ 10,146 | $ 8,328 | $ 23,893 | $ 26,141 |
Depreciation and amortization | (1,443) | (1,250) | (4,260) | (4,268) |
Costs of products sold (Non- GAAP) | $ 8,703 | $ 7,078 | $ 19,633 | $ 21,873 |
Gross Profit (Non- GAAP) (2) | $ 18,459 | $ 22,147 | $ 33,626 | $ 42,580 |
Gross Margin (%) | 68.0% | 75.8% | 63.1% | 66.1% |
Research and development (GAAP) | $ 12,940 | $ 13,370 | $ 38,101 | $ 43,116 |
Stock-based compensation expense | (915) | (1,132) | (2,623) | (3,428) |
Depreciation and amortization | (1,925) | (2,121) | (5,886) | (6,693) |
Loss on write off of non-production assets | (759) | -- | (759) | -- |
Research and development (Non-GAAP) | $ 9,341 | $ 10,117 | $ 28,833 | $ 32,995 |
Sales, general and administrative (GAAP) | $ 14,356 | $ 13,057 | $ 41,726 | $ 42,602 |
Stock-based compensation expense | (2,657) | (3,301) | (8,146) | (10,183) |
Depreciation and amortization | (427) | (397) | (1,188) | (1,298) |
Sales, general and administrative (Non- GAAP) | $ 11,272 | $ 9,359 | $ 32,392 | $ 31,121 |
EBITDA (Non-GAAP) | $ (2,154) | $ 2,671 | $ (27,599) | $ (21,536) |
EBITDA (Non-GAAP) Per Share | $ (0.03) | $ 0.04 | $ (0.35) | $ (0.29) |
(1) The largest differences between the GAAP and non-GAAP collaborations numbers are (i) timing of revenue recognition, and (ii) the TOTAL collaboration cash, which is treated as debt for GAAP purposes. The three months ended |
||||
(2) Non-GAAP Gross Profit is calculated based on non-GAAP Product Sales & Grants and Collaboration Inflows and Cost of Products Sold, and does not include costs related to collaborations. | ||||
Source: Amyris, Inc.
News Provided by Acquire Media
For media inquiries, please contact: info@amyris.com
For investor inquiries, please contact: investor@amyris.com