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Solazyme Reports First Quarter 2012 Results

Solazyme, Inc. (NASDAQ: SZYM), a renewable oil and bioproducts company, announced today financial results for the first quarter ended March 31, 2012 and recent key corporate highlights.

“We’ve just wrapped up a great quarter in which we’ve made progress ramping our production capacity, partnering with industry leaders to commercialize our products, and tailoring new valuable triglyceride oils,” said Jonathan Wolfson, CEO of Solazyme. “We remain focused on executing upon our near-term commercialization plans, and we are very excited about the ultimate value we expect to achieve.”

Financial Results

Total revenue for the first quarter ended March 31, 2012 was $13.6 million compared with $7.7 million in the first quarter of 2011. First quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $16.8 million, which compares with net loss attributable to common stockholders of $7.3 million in the prior year period. On a non-GAAP basis, the net loss attributable to Solazyme, Inc. common stockholders was $12.8 million for the first quarter of 2012, compared with net loss attributable to common stockholders of $5.6 million in the prior year quarter. A reconciliation of GAAP to non-GAAP results is included below.

“We have a strong balance sheet with approximately $219 million in cash, cash equivalents and marketable securities, our partnerships continue to advance, and we are well positioned to continue commercializing our technology,” said Tyler Painter, CFO of Solazyme.

Recent Business Highlights

  • Solazyme and Bunge form Joint Venture (JV) for commercial-scale renewable oil production facility in Brazil. The JV, Solazyme Bunge Renewable Oils, will have an expected annual production capacity of 100,000 metric tons of oil. It will utilize Solazyme’s renewable tailored oil production technology, coupled with Bunge’s sugarcane supply and processing capabilities, to produce sustainable tailored triglyceride oils for use in oleochemical and fuel applications.
  • Signed Contingent Offtake Agreement and Phase 2 Joint Development Agreement (JDA) with The Dow Chemical Company for tailored bio-based dielectric fluids. The Contingent Offtake Agreement requires Dow to purchase all of its microbe-based oils for use in dielectric fluid applications from Solazyme. Final pricing for the oils will be linked to certain items including Solazyme’s sugar-based feedstock costs. We anticipate that the multi-year JDA will accelerate the commercialization of Solazyme’s base oils for dielectric insulating fluids for transformers and other electrical applications. We expect Solazyme’s algal oils will provide higher flash points and increased functionality in dielectric insulating fluids for transformers and other electrical applications.
  • Solazyme’s Algenist® average monthly revenues year to date 2012 doubled as compared to average monthly revenues in 2011.
  • Partnered with Volkswagen to evaluate emissions reductions and demonstrate the performance of Clean Diesel technology when powered by advanced renewable diesel. This 12-month evaluation period of Soladiesel RD ® in Volkswagen vehicles is an important step in demonstrating the drop-in capability of our fuels.
  • First ever operational deployment of advanced biofuels by the Department of Defense uses Soladiesel ® HRD-76 on USS Ford Frigate voyage. The ship successfully journeyed from its homeport in Everett, WA to San Diego, CA using Soladiesel ® HRD-76, Solazyme’s 100% algal derived renewable marine diesel fuel. The voyage was fueled using 95,000 liters of a 50/50 blend using Soladiesel ® and petroleum F-76 in the ship’s LM 2500 diesel turbines.

Conference Call

Solazyme will hold a conference call for investors on May 7, 2012 at 1:30 p.m. PT (4:30 p.m. ET). Investors may access the call by dialing 973-409-9250. A live webcast of the call will be available from the Investor Relations section of www.solazyme.com. A recording of the call will also be available by calling 404-537-3406; access code 71049526 beginning approximately two hours after the call, and will be available for one week. A webcast replay from today's call will also be available from the Investor Relations section of www.solazyme.com approximately two hours after the call and will be available for up to thirty days.

About Solazyme, Inc.

Solazyme, Inc. is a renewable oil and bioproducts company that transforms a range of low-cost plant-based sugars into high-value oils. Headquartered in South San Francisco, Solazyme's renewable products can replace or enhance oils derived from the world's three existing sources — petroleum, plants and animal fats. Initially, Solazyme is focused on commercializing its products into three target markets: (1) chemicals and fuels, (2) nutrition and (3) skin and personal care. For more information, please visit our website: http://www.solazyme.com

Solazyme®, the Solazyme logo and other trademarks or service names are the trademarks of Solazyme, Inc.

Stock quotes in this article: SZYM 

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