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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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