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Amyris Reports Fourth Quarter And 2012 Year-End Financial Results

Stocks in this article: AMRS

Year Ended December 31, 2012

Aggregate revenues for the year ended December 31, 2012 were $73.7 million versus $147.0 million in the prior year. The decline in revenue was due to the Company's planned transition out of the ethanol and ethanol-blended gasoline business, which was completed in the third quarter of 2012. Renewable product sales were $10.8 million for the year compared to $0.8 million for the prior year.

Total research & development and sales, general & administrative expenses declined 10.7% to $152.3 million from $170.5 million in 2011, primarily due to reductions in personnel related costs and overall lower spending.

The 2012 GAAP net loss attributable to common stockholders was $205.1 million ($3.62 per share) compared to a loss of $178.9 million ($3.99 per share) in the prior year. On a non-GAAP basis, excluding stock-based compensation expense, loss on purchase commitments, and write off of production assets, the net loss attributable to common stockholders was $131.8 million ($2.32 per share) compared to $153.4 million ($3.42 per share) in the prior year.

The Company's balance of cash, cash equivalents and marketable securities at the end of the fourth quarter was $30.7 million. In December 2012, the Company sold 14,177,849 shares of common stock in a private placement to existing Amyris investors. The transaction included $37.25 million in cash proceeds ($22.25 million was received in December 2012; $15.0 million was received in January 2013), and the conversion by Total Gas & Power USA, SAS of $5.0 million from an outstanding senior unsecured convertible promissory note.

CONFERENCE CALL

Amyris will discuss these results and provide a business update in a conference call scheduled for today at 5:00 pm ET (2:00 pm PT). Investors may access a live audio webcast of this conference call and the earnings call presentation in the investor relations section of the Company's website at http://investors.amyris.com . A replay of the webcast will be available on the investor relations section of the Company's website approximately two hours after the conclusion of the call and will remain available for approximately 60 calendar days.

INVESTOR CONFERENCE

Amyris will participate in the Morgan Stanley Technology, Media & Telecom Conference in San Francisco on Wednesday, February 27, 2013. CEO John Melo will make remarks at 5:30 pm ET (2:30 pm PT). A live audio webcast and replay of the presentation will be available at http://investors.amyris.com .

About Amyris

Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products. Amyris uses its industrial synthetic biology platform to convert plant sugars into a variety of molecules -- flexible building blocks that can be used in a wide range of products. Amyris's initial portfolio of commercial products is based on Biofene ®, Amyris's brand of renewable farnesene, a long-chain hydrocarbon. Amyris is commercializing these products both as No Compromise ® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyris's production in Brazil. More information about Amyris is available at amyris.com.

The Amyris, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12462

Forward-Looking Statements

This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as expectations for achieving positive cash flow in 2014, reductions in operating expenses and strong revenues from product sales and collaborations) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's quarterly report on Form 10Q filed on November 9, 2012. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

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