This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Metabolix Reports Third Quarter 2012 Financial Results And Provides Business Update

About Metabolix

Metabolix, Inc. is an innovation-driven bioscience company delivering sustainable solutions to the plastics, chemicals and energy industries. Metabolix is developing and commercializing Mirel TM and Mvera, TM a family of high-performance biopolymers which are biobased and biodegradable alternatives to many petroleum-based plastics. Metabolix’s biobased chemicals platform utilizes its novel “FAST” recovery process to enable the production of cost-effective, “drop in” replacements for petroleum-based industrial chemicals. Metabolix is also developing a platform for co-producing plastics, chemicals and energy from crops. Metabolix has established an industry-leading intellectual property portfolio that, together with its knowledge of advanced industrial practice, provides a foundation for industry collaborations.

For more information, please visit (MBLX-E)

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding expected future financial results and cash usage; plans for launch of the Metabolix biopolymers business; plans to manufacture biopolymer resin at Antibióticos; expectations relating to Antibióticos facilities modifications; plans to enter into a definitive contract manufacturing agreement; the expected timing for production of biopolymer resin at demonstration scale and at commercial scale; expectations for the commercialization of Metabolix biopolymers and the Company's industrial chemicals and crops program; plans to secure grant funding and collaborations; and future research and development, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in Metabolix's filings with the Securities and Exchange Commission, including its 10-K for the year ended December 31, 2011 filed on March 12, 2012 and 10-Q filed on July 27, 2012. Metabolix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

(in thousands, except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Revenue from termination of ADM collaboration $ - $ - $ 38,885 $ -
Grant revenue 576 443 1,415 567
License fee and royalty revenue from related parties 28 26 162 419
Product revenue 70   -   457 -  
Total revenue 674   469   40,919 986  
Costs and expenses:
Cost of product revenues 316 - 808 -
Research and development 4,931 6,153 15,982 18,352
Selling, general, and administrative 3,170   3,895   11,006 11,878  
Total costs and expenses 8,417   10,048   27,796 30,230  
Income (loss) from operations (7,743 ) (9,579 ) 13,123 (29,244 )
Other income (expense):
Interest income, net (2 ) 19   24 62  
Net income (loss) $ (7,745 ) $ (9,560 ) $ 13,147 $ (29,182 )
Net income (loss) per share:
Basic $ (0.23 ) $ (0.28 ) $ 0.38 $ (0.96 )
Diluted $ (0.23 ) $ (0.28 ) $ 0.38 $ (0.96 )
Number of shares used in per share calculations:
Basic 34,243,792 34,080,177 34,188,146 30,295,881
Diluted 34,243,792 34,080,177 34,270,455 30,295,881
(in thousands)
September 30, December 31,
2012 2011
Cash, cash equivalents and short-term investments $ 47,823 $ 76,855
Inventory 3,028 -
Other current assets 2,028 1,584
Restricted cash 594 622
Property and equipment, net 1,634 2,276
Long-term investments 5,767 1,503
Other assets 95 72
Total assets $ 60,969 $ 82,912
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities $ 3,728 $ 4,086
Short-term deferred revenue 959 2,914
Current portion of deferred rent 165 165
Long-term deferred revenue - 35,944
Other long-term liabilities 225 340
Total liabilities 5,077 43,449
Total stockholders' equity 55,892 39,463
Total liabilities and stockholders' equity $ 60,969 $ 82,912
(in thousands)
Nine Months Ended
September 30,
2012 2011
Cash flows from operating activities
Net Income (loss) $ 13,147 $ (29,182 )
Adjustments to reconcile net income or loss to cash used in operating activities:
Depreciation 1,026 1,134
Charge for 401(k) company common stock match 350 489
Stock-based compensation 2,935 3,574
Changes in operating assets and liabilities:
Other operating assets and liabilities (954 ) (474 )
Deferred revenue (37,900 ) 1,335
Inventory (3,028 ) -  
Net cash used in operating activities (24,424 ) (23,124 )
Cash flows from investing activities
Purchase of property and equipment (397 ) (627 )
Proceeds from sale of property and equipment 12 -
Change in restricted cash 28 -
Purchase of investments (54,198 ) (93,888 )
Proceeds the from sale and maturity of short-term investments 75,090   73,112  
Net cash provided (used) by investing activities 20,535   (21,403 )
Cash flows from financing activities
Proceeds from options exercised 19 71
Proceeds from public stock offering, net of offering costs of $2,360 -   49,333  
Net cash provided by financing activities 19   49,404  
Effect of exchange rate changes on cash and cash equivalents (2 ) (11 )
Net increase (decrease) in cash and cash equivalents (3,872 ) 4,866
Cash and cash equivalents at beginning of period 21,277   12,526  
Cash and cash equivalents at end of period $ 17,405   $ 17,392  

5 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs