Press Releases

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 Another Strong Quarter of Recurring Revenue Growth
- Fourth quarter total revenue of $40.5 million increased 148% over Fourth Quarter 2018
- Fiscal 2019 total revenue of $152.6 million increased 140% over Fiscal 2018
- More than doubled recurring revenue year over year with gross margin of 56%

EMERYVILLE, Calif., March 12, 2020 /PRNewswire/ -- Amyris, Inc. (Nasdaq: AMRS), a global science and technology leader of pure, sustainable ingredients for the Health & Wellness and Clean Beauty markets, today announced preliminary unaudited financial results for the fourth quarter and fiscal year ended December 31, 2019.

"We delivered very strong top line revenue following our transition to higher margin, recurring product revenue," said John Melo, President and CEO of Amyris. "Today, we have a business model that combines a rapidly growing ingredients business with three, fast-growing Amyris consumer brands: Biossance skin care, Pipette baby care and our Purecane sweetener. This business model is underpinned by the leading Synthetic Biology platform and a portfolio of molecules that are delivering industry-leading growth in Clean Beauty and Health and Wellness markets. We have developed and commercially scaled more molecules from clean fermentation than any other company."

Continued Melo, "At a time when the world needs it most, Amyris provides a secure supply of sustainably-sourced products. We are making significant progress in reducing our production and operating costs and expect the combination of cost reduction actions that are well under way along with our continued strong growth to improve our adjusted EBITDA by about $100 million over 2019. Our consumer business is experiencing the fastest growth in our history during the first quarter and is expected to represent over $90 million in gross sales for 2020. Biossance.com is on track for over 300% growth in the first quarter after a record 2019. We are focused on keeping our people, customers and partners healthy during this unpredictable period facing the world."

Fourth Quarter 2019 Financial Results

  • GAAP total revenue of $40.5 million, compared with $16.4 million for the fourth quarter of 2018.
  • Products revenue for the quarter was $18.5 million compared with $12.1 million for the same period a year ago. Product associated royalties were $10.7 million for the quarter compared with $0.1 million for the fourth quarter of 2018.
  • Grants and collaborations revenue was $11.4 million for the quarter compared with $4.2 million for the year-ago period.
  • Sales, general and administrative expenses were $34.1 million for the fourth quarter of 2019 compared with $26.1 million for the year-ago period, primarily reflecting increased spending to support consumer products.
  • Research and development expenses of $15.4 million for the quarter declined from $18.8 million reported for the fourth of 2018 resulting from reduced consulting expenses, lab supplies and equipment rental costs.
  • GAAP net loss attributable to Amyris common stockholders for the quarter was $77.4 million, or $0.65 per basic and $0.70 per diluted share, compared with a GAAP net loss attributable to Amyris common stockholders for the fourth quarter of 2018 of $48.6 million, or $0.65 per basic and diluted share.
  • Non-GAAP net loss for the quarter was $45.0 million, or $0.38 per basic share.  This compared with a non-GAAP net loss of $56.6 million, or $0.76 per basic share for the fourth quarter of 2018.

Year Ended December 31, 2019

  • GAAP revenue for the year ended December 31, 2019 was $152.6 million, compared with $63.6 million for the same period of 2018.
  • Product revenue was $59.9 million, up substantially from $33.6 million for the prior year period. Product associated royalties revenue was $54.0 million compared with $7.7 million for the prior year.
  • GAAP net loss attributable to Amyris common stockholders for 2019 was $270.4 million, or $2.67 per basic share and $2.72 per diluted share.  This compared to a net loss of $223.1 million, or $3.69 per basic and diluted share for 2018.
  • Non-GAAP net loss was $169.2 million, or $1.67 per basic share, compared to a non-GAAP net loss for 2018 of $171.0 million, or $2.83 per basic share.

Fiscal Year 2020 Goals

  • Manage business toward reduced cash burn and further address capital structure and debt simplification while ensuring adequate cash available to invest in growth
  • Focus on recurring revenue growth of 100% year over year while improving operating cash flow by over $100 million through the following actions:
    • Increased product revenue coupled with lower manufacturing costs by moving more production to Brotas with lower cost manufacturing agreement
    • Anticipated higher collaborations, licenses and royalties revenue
    • Lower operating expenses due to non-recurring expense associated with accounting issues and compliance in 2019, operating expense management and positive change in our equipment leases.

FINANCIAL RESULTS AND NON-GAAP INFORMATION

To supplement our financial results and guidance presented on a GAAP basis, we use non-GAAP measures that we believe are helpful in understanding our results. These non-GAAP measures are among the factors management uses in planning and forecasting future periods. 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. Management believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management to understand, manage, and evaluate our business and make operating decisions. Our non-GAAP financial measures include the following:

Non-GAAP net income (loss) is calculated as GAAP net income/loss excluding impairment, stock-based compensation expense, gains or losses on divestiture, gains and losses from changes in the fair value of derivatives, losses on debt extinguishment, depreciation and amortization, deemed dividends, and losses allocated to participating securities.

Non-GAAP financial 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 in order to understand Amyris's operating performance. A reconciliation of the non-GAAP financial measures presented in this release, including non-GAAP net loss, to the most directly comparable GAAP financial measure, is provided in the tables attached to this press release.

QUARTERLY CONFERENCE CALL TODAY

Amyris will discuss these results and provide a business update in a conference call scheduled for 4:30 p.m. ET (1:30 p.m. PT) today. Investors may access the call by dialing (877) 870-4263. Participants should ask to be joined to the Amyris, Inc. call.

A live audio webcast of this conference call and accompanying presentation is also available by visiting the investor relations section of the company's website at http://investors.amyris.com. A replay of the webcast will be available at the investor relations section of the company's website approximately two hours after the conclusion of the call.

About Amyris

Amyris, Inc. (Nasdaq:AMRS) is a science and technology leader in the research, development and production of sustainable ingredients for the Health & Wellness, Clean Beauty and Flavors & Fragrances markets.  Amyris applies its exclusive, advanced technology, including state-of-the-art machine learning, robotics and artificial intelligence to engineer yeast, that when combined with sugarcane syrup through fermentation, is converted to highly pure molecules for specialty ingredients. Amyris manufactures sustainably-sourced ingredients at industrial scale for B2B partners and further distribution to more than 3,000 of the world's top brands, reaching more than 200 million consumers. Amyris stands by its No Compromise® promise that everything it makes is sustainably sourced, performs better, costs less, has higher purity and is better for people and the planet than products made less sustainably. Amyris is proud to own three consumer brands - all built around clean ingredients with No Compromise®.  They are Biossance™ clean beauty skincare, Pipette™ clean baby skincare and Purecane™, a zero-calorie sweetener that is naturally derived from sugarcane. More information about the company is available at www.amyris.com

Forward-Looking Statements

This release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events, such as expected revenue, EBITDA, and expenses for 2019 and beyond, the anticipated development and commercialization of the company's cannabinoid products, including the timing thereof and potential product revenue and royalties related thereto, future cash burn and developments with the company's capitalization structure. 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 Amyris's liquidity and ability to fund operating and capital expenses, risks related to potential delays or failures in development, production and commercialization of products, risks related to Amyris's reliance on third parties, and other risks detailed from time to time in filings Amyris makes with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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, the Amyris logo, No Compromise, Biossance, Pipette, and Purecane are trademarks or registered trademarks of Amyris, Inc. in the U.S. and/or other countries.

-Financial Tables Attached-

Amyris, Inc. 


CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)


(In thousands, except shares and per share amounts)

December 31,
2019

December 31,
2018

Assets



Current assets:



Cash and cash equivalents

$          270

$     45,353

Restricted cash

469

741

Accounts receivable, net

16,322

16,003

Accounts receivable - related party, net

3,868

1,349

Accounts receivable, unbilled - related party

-

8,021

Contract assets

8,485

-

Inventories

27,770

9,693

Deferred cost of products sold - related party

3,677

489

Prepaid expenses and other current assets

12,750

10,566

Total current assets

73,611

92,215

Property, plant and equipment, net

28,930

19,756

Contract assets, noncurrent - related party

1,203

1,203

Deferred cost of products sold, noncurrent - related party

12,815

2,828

Restricted cash, noncurrent

960

960

Recoverable taxes from Brazilian government entities

7,676

3,005

Right-of-use assets under financing leases, net

12,863

-

Right-of-use assets under operating leases, net

13,203

-

Other assets

9,705

7,958

Total assets

$   160,966

$   127,925

Liabilities, Mezzanine Equity and Stockholders' Deficit



Current liabilities:



Accounts payable

$     51,234

$     26,844

Accrued and other current liabilities

36,655

28,979

Financing lease liabilities

3,465

-

Operating lease liabilities

4,625

-

Contract liabilities

1,353

8,236

Debt, current portion

45,313

124,010

Related party debt, current portion

18,492

23,667

Total current liabilities

161,137

211,736

Long-term debt, net of current portion

48,452

43,331

Related party debt, net of current portion

149,515

18,689

Financing lease liabilities, net of current portion

4,166

-

Operating lease liabilities, net of current portion

15,037

-

Derivative liabilities

9,803

42,796

Other noncurrent liabilities

23,024

23,192

Total liabilities

411,134

339,744

Commitments and contingencies



Mezzanine equity:



Contingently redeemable common stock

5,000

5,000

Stockholders' deficit:



Preferred stock

-

-

Common stock

12

8

Additional paid-in capital

1,543,668

1,346,996

Accumulated other comprehensive loss

(43,804)

(43,343)

Accumulated deficit

(1,755,653)

(1,521,417)

Total Amyris, Inc. stockholders' deficit

(255,777)

(217,756)

Noncontrolling interest

609

937

Total stockholders' deficit

(255,168)

(216,819)

Total liabilities, mezzanine equity and stockholders' deficit

$   160,966

$   127,925

 

Amyris, Inc. 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)



Three Months Ended December 31,


Year Ended December 31,

(In thousands, except shares and per share amounts)

2019

2018


2019

2018

Revenue:






Renewable products (includes related party revenue of $8, $2, $56 and $360, respectively)

$       18,505

$     12,131


$       59,872

$     33,598

Licenses and royalties, net (includes related party revenue of $8,750, ($1,408), $49,051 and $5,958, respectively)

10,656

74


54,043

7,658

Grants and collaborations (includes related party revenue of $297, $429, $4,120 and $4,735, respectively)

11,375

4,166


38,642

22,348

Total revenue

40,536

16,371


152,557

63,604

Cost and operating expenses:






Cost of products sold

22,702

16,275


76,185

36,698

Research and development(1)

15,367

18,783


71,460

68,722

Sales, general and administrative(1)

34,131

26,109


126,586

90,902

Impairment of other assets

216

3,865


216

3,865

Total cost and operating expenses

72,416

65,032


274,447

200,187

Loss from operations

(31,880)

(48,661)


(121,890)

(136,583)

Other income (expense):






Loss on divestiture

-

-


-

(1,778)

Interest expense

(14,057)

(13,965)


(58,665)

(42,703)

Gain (loss) from change in fair value of derivative instruments

5,214

30,284


2,777

(30,880)

Gain (loss) from change in fair value of debt

(740)

2,082


(19,369)

2,082

Loss upon extinguishment of debt

(35,612)

(17,398)


(44,208)

(17,424)

Other expense, net

(1,703)

(940)


(783)

(2,949)

Total other expense, net

(46,898)

63


(120,248)

(93,652)

Loss before income taxes

(78,778)

(48,598)


(242,138)

(230,235)

Provision for income taxes

(96)

-


(629)

-

Net loss attributable to Amyris, Inc.

(78,874)

(48,598)


(242,767)

(230,235)

Less deemed dividend to preferred shareholder on issuance and modification of common stock warrants

-

-


(34,964)

-

Less deemed dividend related to proceeds discount upon conversion of Series D preferred stock

-

-


-

(6,852)

Less loss allocated to participating securities

1,441

-


7,380

13,991

Net loss attributable to Amyris, Inc. common stockholders

$      (77,433)

$    (48,598)


$    (270,351)

$  (223,096)







Loss per share attributable to common stockholders






Basic

$          (0.65)

$        (0.65)


$          (2.67)

$        (3.69)

Diluted

$          (0.70)

$        (0.65)


$          (2.72)

$        (3.69)







Weighted-average shares of common stock outstanding used in computing loss per share of common stock, basic and diluted






Basic

118,652,121

74,265,076


101,370,632

60,405,910

Diluted

118,392,989

74,265,076


101,296,575

60,405,910







(1)Includes stock-based compensation expense as follows:






Research and development 

$            898

$          606


$         2,900

$       1,797

Sales, general and administrative

1,595

2,468


9,653

7,393


$         2,493

$       3,074


$       12,553

$       9,190













Amyris, Inc. 


RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)



Three Months Ended December 31,


Year Ended December 31,

(In thousands, except per share data)

2019

2018


2019

2018

Net loss attributable to Amyris, Inc. common stockholders (GAAP)

$      (77,433)

$    (48,598)


$    (270,351)

$  (223,096)

Non-GAAP adjustments:






Impairment of other assets

216

3,865


216

3,865

Stock-based compensation expense

2,493

3,074


12,553

9,190

(Gain) loss from change in fair value of derivative instruments

(5,214)

(30,284)


(2,777)

30,880

(Gain) loss from change in fair value of debt

740

(2,082)


19,369

(2,082)

Loss upon extinguishment of debt

35,612

17,398


44,208

17,424

Deemed dividend to preferred shareholder on issuance and modification of common stock warrants

-

-


34,964

-

Deemed dividend related to proceeds discount upon conversion of Series D preferred stock

-

-


-

6,852

Loss allocated to participating securities

(1,441)

-


(7,380)

(13,991)

Net loss attributable to Amyris, Inc. common stockholders (non-GAAP)

$      (45,027)

$    (56,627)


$    (169,198)

$  (170,958)







Weighted-average shares outstanding






Shares outstanding, basic












Net loss per share attributable to Amyris, Inc. common stockholders - Basic (GAAP)

$          (0.65)

$        (0.65)


$          (2.67)

$        (3.69)

Non-GAAP adjustments:






Impairment of other assets

0.00

0.05


0.00

0.06

Stock-based compensation expense

0.02

0.04


0.12

0.15

(Gain) loss from change in fair value of derivative instruments

(0.04)

(0.41)


(0.03)

0.51

(Gain) loss from change in fair value of debt

0.01

(0.03)


0.19

(0.03)

Loss upon extinguishment of debt

0.30

0.23


0.44

0.29

Deemed dividend to preferred shareholder on issuance and modification of common stock warrants

-

-


0.34

-

Deemed dividend related to proceeds discount upon conversion of Series D preferred stock

-

-


-

0.11

Loss allocated to participating securities

(0.01)

-


(0.07)

(0.23)

Net loss per share attributable to Amyris, Inc. common stockholders - Basic (non-GAAP)(1)

$          (0.38)

$        (0.76)


$          (1.67)

$        (2.83)


-

-


-

-

(1)Amounts may not sum due to rounding.

 

Amyris, Inc. 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)



Three Months Ended December 31,


Year Ended December 31,

(In thousands)

2019

2018


2019

2018

Revenue (GAAP and non-GAAP)






  Renewable products

$ 18,505

$ 12,131


$   59,872

$ 33,598

  Licenses and royalties

10,656

74


54,043

7,658

  Grants and collaborations

11,375

4,166


38,642

22,348

Total revenue (GAAP and non-GAAP)

$ 40,536

$ 16,371


$ 152,557

$ 63,604







Cost of products sold (GAAP)

$ 22,702

$ 16,275


$   76,185

$ 36,698

  Other costs/provisions

(4,643)

(3,683)


(7,172)

(7,402)

  Excess capacity

275

(155)


(1,155)

(1,442)

  Depreciation and amortization

(258)

(80)


(753)

(397)

Cost of products sold (non-GAAP)

$ 18,076

$ 12,357


$   67,105

$ 27,457







Adjusted gross profit (non-GAAP)

$ 22,460

$   4,014


$   85,452

$ 36,147

  Gross margin %

55%

25%


56%

57%







Research and development expense (GAAP)

$ 15,367

$ 18,783


$   71,460

$ 68,722

  Stock-based compensation expense

(898)

(606)


(2,900)

(1,797)

  Depreciation and amortization

(1,330)

(603)


(2,670)

(3,519)

Research and development expense (non-GAAP)

$ 13,139

$ 17,574


$   65,890

$ 63,406







Sales, general and administrative expense (GAAP)

$ 34,131

$ 26,109


$ 126,586

$ 90,902

  Stock-based compensation expense

(1,595)

(2,468)


(9,653)

(7,393)

  Depreciation and amortization

(303)

(283)


(1,157)

(1,007)

Sales, general and administrative expense (non-GAAP)

$ 32,233

$ 23,358


$ 115,776

$ 82,502

 

SOURCE Amyris, Inc.

For further information: Peter DeNardo, Senior Director, Investor Relations and Corporate Communications, Amyris, Inc., +1 (510) 740-7481, investor@amyris.com
Contact Us

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