Verenium Corporation's CEO Discusses Q2 2011 Results - Earnings Call Transcript
The company’s actual results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, those discussed in our filings with the SEC, but not limited to our reported on Form 10-K for the year ended December 31st, 2010. These forward-looking statements speak only to the date hereof.
I will now turn the call over to Jamie.
Thanks, Kelly and good afternoon everyone and thanks for joining us on our second quarter earnings call. I’d like to begin today’s call by giving a quick recap of the strategy we laid out at our Analyst and Investor Day in June and then, I’ll discuss some of the milestones we’ve achieved in the first half of the year that demonstrate we are indeed successfully executing against our business plan. And finally, I’ll end with some thoughts on our current market valuation.Our Analyst and Investor Day was an important opportunity for us to provide a detailed view of where the company is today and our plan to realize transformational growth over the next several years. Finally, we laid out the milestones against which stakeholders can judge our execution of that plan and which will position us to become a major industrial enzymes player in a market currently dominated by two players.So, to summarize the Capital Markets Day, in the industrial biotech space, Verenium has it all. We have the leading product development technology and we have proof of that claim through a portfolio of top-performing products. We have a deep pipeline of new products, attracting industry leading partners and finally, our resources are targeted at multiple, fast growing and highly profitable markets that exist today.Looking at each component of that vision, I’ll start with our market. In the last 12 months, we had 53 million of product sales into end markets that we estimate at over $1 billion, which is only a fraction of the $3 billion market for industrial enzymes which is projected to grow to nearly 4.4 billion by 2015. What’s more of that growth it’s being catalyzed by significant worldwide trends of first meeting food needs for growing populations.
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