Amyris Reports Fourth Quarter And 2011 Year-End Financial Results

Non-GAAP Financial Information

Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, 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 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,
		2011				2010				2011				2010
Revenues
Product sales		$	36,839			$	26,627			$	129,837			$	68,664
Grants and collaboration revenue			4,700				3,102				17,154				11,647
Total revenues			41,539				29,729				146,991				80,311
Cost and operating expenses
Cost of product sales			56,368				27,483				155,615				70,515
Research and development (1)			20,695				16,957				87,317				55,249
Sales, general and administrative (1)			23,830				11,007				83,231				40,393
Restructuring income			-				-				-				(2,061	)
Total cost and operating expenses			100,893				55,447				326,163				164,096
Loss from operations			(59,354	)			(25,718	)			(179,172	)			(83,785	)
Other income (expense):
Interest income			292				276				1,542				1,540
Interest expense			(371	)			(159	)			(1,543	)			(1,443	)
Other income, net			54				(55	)			214				898
Total other income			(25	)			62				213				995
Loss before income taxes			(59,379	)			(25,656	)			(178,959	)			(82,790	)
Provision for income taxes			(253	)			-				(552	)			-
Net loss		$	(59,632	)		$	(25,656	)		$	(179,511	)		$	(82,790	)
Net loss attributable to noncontrolling interest			204				13				641				920
Net loss attributable to Amyris, Inc.		$	(59,428	)		$	(25,643	)		$	(178,870	)		$	(81,870	)
Deemed dividend related to the beneficial conversion feature of Series D convertible preferred stock and conversion of Amyris Brasil S.A. shares held by third parties			-				-				-				(42,009	)
Net loss attributable to Amyris, Inc. common stockholders		$	(59,428	)		$	(25,643	)		$	(178,870	)		$	(123,879	)
Net loss per share attributable to common stockholders basic and diluted		$	(1.30	)		$	(0.59	)		$	(3.99	)		$	(8.35	)
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted			45,663,667				43,744,476				44,799,056				14,840,253
(1) Includes stock-based compensation expense of the following for the periods presented:
Research and development		$	1,648			$	824			$	6,345			$	2,161
Sales, general and administrative			5,008				2,700				19,147				8,271
Total stock-based compensation expense		$	6,656			$	3,524			$	25,492			$	10,432

Amyris, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
		December 31,				December 31,
		2011				2010
Assets
Current assets:
Cash, cash equivalents and marketable securities		$	103,592			$	257,933
Accounts receivable			6,936				5,215
Inventories			9,070				4,006
Prepaid expenses and other current assets			19,873				2,905
Total current assets			139,471				270,059
Property and equipment, net			128,101				54,847
Goodwill and intangible assets			9,538				0
Other assets			43,001				32,547
Total assets		$	320,111			$	357,453
Liabilities and Equity
Current liabilities:
Accounts payable		$	26,379			$	7,116
Deferred revenue			3,139				565
Accrued and other current liabilities			30,982				14,795
Capital lease obligation, current portion			3,717				2,854
Debt, current portion			28,049				1,911
Total current liabilities			92,266				27,241
Capital lease obligation, net of current portion			2,619				3,091
Long-term debt, net of current portion			13,275				4,734
Deferred rent, net of current portion			9,957				11,186
Deferred revenue, net of current portion			4,097				1,130
Other liabilities			37,085				2,523
Total liabilities			159,299				49,905
Amyris, Inc. stockholders’ equity			161,052				307,546
Noncontrolling interest			(240	)			2
Total stockholder's equity			160,812				307,548
Total liabilities and stockholders' equity		$	320,111			$	357,453

Amyris, Inc.
Supplemental Consolidated Financial Information
(Unaudited)
(In thousands, except per share data)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2011				2010				2011				2010
Other Selected Financial Information:
Capital expenditures and deposits on property and equipment		$	25,776			$	5,104			$	97,024			$	15,512
Depreciation and amortization		$	3,349			$	1,980			$	11,077			$	7,280
Reconciliation of GAAP to Non-GAAP Net Loss Per Share:
Net loss attributable to Amyris Inc., common stockholders (GAAP)		$	(59,428	)		$	(25,643	)		$	(178,870	)		$	(123,879	)
Deemed dividend related to beneficial conversion feature			-				-				-				42,009
Stock Compensation Expense			6,656				3,524				25,492				10,432
Net loss attributable to Amyris Inc., common stockholders (Non- GAAP)		$	(52,772	)		$	(22,119	)		$	(153,378	)		$	(71,438	)
Net loss per share attributed to common stockholders basic and diluted (GAAP)		$	(1.30	)		$	(0.59	)		$	(3.99	)		$	(8.35	)
Deemed dividend related to beneficial conversion feature			-				-				-				2.84
Stock Compensation Expense			0.15				0.08				0.57				0.70
Net loss per share attributed to common stockholders basic and diluted (Non-GAAP)		$	(1.15	)		$	(0.51	)		$	(3.42	)		$	(4.81	)

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