EMERYVILLE, Calif., Feb. 19, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable chemicals and fuels company, today announced financial results for the fourth quarter and year ended December 31, 2012.
"In the final quarter of 2012, we completed commissioning and began commercial production of our industrial-scale farnesene production plant in Brazil. Also, we secured additional capital from some of our largest shareholders," said John Melo, President & CEO of Amyris. "Amyris is focused on continued execution of our business strategy with the goal of achieving positive cash flow in 2014, underpinned by a reduced operating expense profile, strong product and collaboration revenues, and ongoing support from our investors," Melo concluded.
FINANCIAL RESULTS
Quarter Ended December 31, 2012
Aggregate revenues for the quarter ended December 31, 2012 were $5.9 million versus $41.5 million in the fourth quarter of 2011. The decline in revenue was due to the Company's planned transition out of the ethanol and ethanol-blended gasoline business, which was completed in the third quarter of 2012. Of the $5.9 million in aggregate revenues during the quarter ended December 31, 2012, $3.0 million related to renewable product sales compared to $0.7 million for the same period in the prior year.
Total research & development and sales, general & administrative expenses declined 20.3% to $35.5 million from $44.5 million in the same quarter of the prior year, primarily due to reductions in personnel related costs and overall lower spending.
GAAP net loss attributable to common stockholders for the quarter was $43.5 million ($0.72 per share) compared to a loss of $59.4 million ($1.30 per share) in the same quarter of 2011. On a non-GAAP basis, excluding stock-based compensation of $6.1 million and a loss on firm commitments related to contract manufacturing operations of $7.8 million, the net loss attributable to common stockholders was $29.7 million ($0.49 per share) compared to $52.8 million ($1.15 per share) in the prior year. A reconciliation of GAAP to non-GAAP results is included in this release.
Year Ended December 31, 2012
Aggregate revenues for the year ended December 31, 2012 were $73.7 million versus $147.0 million in the prior year. The decline in revenue was due to the Company's planned transition out of the ethanol and ethanol-blended gasoline business, which was completed in the third quarter of 2012. Renewable product sales were $10.8 million for the year compared to $0.8 million for the prior year.
Total research & development and sales, general & administrative expenses declined 10.7% to $152.3 million from $170.5 million in 2011, primarily due to reductions in personnel related costs and overall lower spending.
The 2012 GAAP net loss attributable to common stockholders was $205.1 million ($3.62 per share) compared to a loss of $178.9 million ($3.99 per share) in the prior year. On a non-GAAP basis, excluding stock-based compensation expense, loss on purchase commitments, and write off of production assets, the net loss attributable to common stockholders was $131.8 million ($2.32 per share) compared to $153.4 million ($3.42 per share) in the prior year.
The Company's balance of cash, cash equivalents and marketable securities at the end of the fourth quarter was $30.7 million. In December 2012, the Company sold 14,177,849 shares of common stock in a private placement to existing Amyris investors. The transaction included $37.25 million in cash proceeds ($22.25 million was received in December 2012; $15.0 million was received in January 2013), and the conversion by Total Gas & Power USA, SAS of $5.0 million from an outstanding senior unsecured convertible promissory note.
CONFERENCE CALL
Amyris will discuss these results and provide a business update in a conference call scheduled for today at 5:00 pm ET (2:00 pm PT). 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. 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 will remain available for approximately 60 calendar days.
INVESTOR CONFERENCE
Amyris will participate in the Morgan Stanley Technology, Media & Telecom Conference in San Francisco on Wednesday, February 27, 2013. CEO John Melo will make remarks at 5:30 pm ET (2:30 pm PT). A live audio webcast and replay of the presentation will be available at http://investors.amyris.com.
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 molecules -- flexible building blocks that can be used in a wide range of products. Amyris's initial portfolio of commercial products is based on Biofene®, Amyris's brand of renewable farnesene, a long-chain hydrocarbon. 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 Brazil. More information about Amyris is available at amyris.com.
The Amyris, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12462
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 achieving positive cash flow in 2014, reductions in operating expenses and strong revenues from product sales and collaborations) 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's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's quarterly report on Form 10Q filed on November 9, 2012. Amyris 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. 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 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, Biofene 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 December 31, |
Twelve Months Ended December 31, |
|||
2012 | 2011 | 2012 | 2011 | |
Revenues | ||||
Product sales | $ 3,023 | $ 36,839 | $ 49,638 | $ 129,837 |
Grants and collaborations revenue | 2,831 | 4,700 | 24,056 | 17,154 |
Total revenues | 5,854 | 41,539 | 73,694 | 146,991 |
Costs and operating expenses | ||||
Cost of products sold | 5,423 | 56,368 | 77,314 | 155,615 |
Loss on purchase commitments and write off of production assets | 7,764 | -- | 45,854 | -- |
Research and development (1) | 18,050 | 20,695 | 73,630 | 87,317 |
Sales, general and administrative (1) | 17,417 | 23,830 | 78,718 | 83,231 |
Total costs and operating expenses | 48,654 | 100,893 | 275,516 | 326,163 |
Loss from operations | (42,800) | (59,354) | (201,822) | (179,172) |
Other income (expense): | ||||
Interest income | 66 | 292 | 1,472 | 1,542 |
Interest expense | (1,388) | (371) | (4,926) | (1,543) |
Other income (expense), net | 736 | 54 | 224 | 214 |
Total other income (expense) | (586) | (25) | (3,230) | 213 |
Loss before income taxes | (43,386) | (59,379) | (205,052) | (178,959) |
Provision for income taxes | (228) | (253) | (981) | (552) |
Net loss | $ (43,614) | $ (59,632) | $ (206,033) | $ (179,511) |
Net loss attributable to noncontrolling interest | 122 | 204 | 894 | 641 |
Net loss attributable to Amyris, Inc. common stockholders | $ (43,492) | $ (59,428) | $ (205,139) | $ (178,870) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.72) | $ (1.30) | $ (3.62) | $ (3.99) |
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted | 60,187,256 | 45,663,667 | 56,717,869 | 44,799,056 |
(1) Includes stock-based compensation expense of the following for the periods presented: | ||||
Research and development | $ 1,930 | $ 1,648 | $ 6,451 | $ 6,345 |
Sales, general and administrative | 4,143 | 5,008 | 21,022 | 19,147 |
$ 6,073 | $ 6,656 | $ 27,473 | $ 25,492 | |
Amyris, Inc. | ||
Condensed Consolidated Balance Sheets | ||
(Unaudited) | ||
(In thousands) | ||
December 31, | December 31, | |
2012 | 2011 | |
Assets | ||
Current assets: | ||
Cash, cash equivalents and short-term investments | $ 30,689 | $ 103,592 |
Accounts receivable, net | 3,846 | 6,936 |
Inventories, net | 6,034 | 9,070 |
Prepaid expenses and other current assets | 8,925 | 19,873 |
Total current assets | 49,494 | 139,471 |
Property and equipment, net | 163,121 | 128,101 |
Restricted cash | 955 | -- |
Other assets | 20,112 | 43,001 |
Goodwill and intangible assets | 9,152 | 9,538 |
Total assets | $ 242,834 | $ 320,111 |
Liabilities and Equity | ||
Current liabilities: | ||
Accounts payable | $ 15,392 | $ 26,379 |
Deferred revenue | 1,333 | 3,139 |
Accrued and other current liabilities | 24,410 | 30,982 |
Capital lease obligation, current portion | 1,366 | 3,717 |
Debt, current portion | 3,325 | 28,049 |
Total current liabilities | 45,826 | 92,266 |
Capital lease obligation, net of current portion | 1,244 | 2,619 |
Long-term debt, net of current portion | 100,839 | 13,275 |
Deferred rent, net of current portion | 8,508 | 9,957 |
Deferred revenue, net of current portion | 4,255 | 4,097 |
Other liabilities | 15,933 | 37,085 |
Total liabilities | 176,605 | 159,299 |
Amyris, Inc. stockholders' equity | 67,106 | 161,052 |
Noncontrolling interest | (877) | (240) |
Total stockholders' equity | 66,229 | 160,812 |
Total liabilities and stockholders' equity | $ 242,834 | $ 320,111 |
Amyris, Inc. | ||||
Supplemental Consolidated Financial Information | ||||
(Unaudited) | ||||
(In thousands, except per share data) | ||||
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||
2012 | 2011 | 2012 | 2011 | |
Other Selected Financial Information: | ||||
Capital expenditures and deposits on property and equipment | $ 5,952 | $ 25,776 | $ 56,858 | $ 97,024 |
Depreciation and amortization | $ 4,255 | $ 3,349 | $ 14,941 | $ 11,077 |
Product sales | ||||
Ethanol and Ethanol-blended Gasoline | $ -- | $ 36,174 | $ 38,836 | $ 129,074 |
Renewables | 3,023 | 665 | 10,802 | 763 |
Total product sales | $ 3,023 | $ 36,839 | $ 49,638 | $ 129,837 |
Reconciliation of GAAP to Non-GAAP Net Loss Per Share: | ||||
Net loss attributable to Amyris Inc., common stockholders (GAAP) | $ (43,492) | $ (59,428) | $ (205,139) | $ (178,870) |
Stock-based compensation expense | 6,073 | 6,656 | 27,473 | 25,492 |
Loss on purchase commitments and write off of production assets | 7,764 | -- | 45,854 | -- |
Net loss attributable to Amyris Inc., common stockholders (Non-GAAP) | $ (29,655) | $ (52,772) | $ (131,812) | $ (153,378) |
Net loss per share attributed to common stockholders, basic and diluted (GAAP) | $ (0.72) | $ (1.30) | $ (3.62) | $ (3.99) |
Stock-based compensation expense | 0.10 | 0.15 | 0.48 | 0.57 |
Loss on purchase commitments and write off of production assets | 0.13 | -- | 0.82 | -- |
Net loss per share attributed to common stockholders, basic and diluted (Non-GAAP) | $ (0.49) | $ (1.15) | $ (2.32) | $ (3.42) |