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Solazyme Reports Fourth Quarter And Full Year 2012 Results

Solazyme, Inc. (NASDAQ: SZYM), a renewable oil and bioproducts company, announced today results for the fourth quarter and full year ended December 31, 2012.

“2012 was a great year for Solazyme with strong progress executing against our technology, production and commercialization goals,” said Jonathan Wolfson, CEO of Solazyme. “These achievements, combined with our successful financing initiatives and our newest joint development agreement with Mitsui, provide a strong foundation that supports our path to commercial scale production. That path includes producing our high value tailored oils on three continents by early 2014. Our confidence in delivering on our plans is supported by our proven technology, strong balance sheet and our outstanding group of partners.”

Financial Results

Total revenue for the fourth quarter ended December 31, 2012 was $8.4 million compared with $14.9 million in the fourth quarter of 2011. Fourth quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $24.6 million, which compares with net loss of $15.6 million in the prior year period. On a non-GAAP basis, the net loss was $21.5 million for the fourth quarter of 2012, compared with net loss of $12.2 million in the prior year quarter. A reconciliation of GAAP to non-GAAP results is included below.

Total revenue for the year ended December 31, 2012 was $44.1 million compared with $39.0 million in the prior year. Full year 2012 GAAP net loss attributable to Solazyme, Inc. common stockholders was $83.1 million, compared with $54.0 million in the prior year. On a non-GAAP basis, the net loss was $70.0 million for 2012, compared with $39.4 million in 2011.

“The recent completion of our convertible debt offering and approval of $120 million in financing for our Solazyme Bunge Renewable Oils facility in Brazil enhance our capital flexibility as we pursue the significant growth opportunities that lie ahead,” said Tyler Painter, CFO of Solazyme. “In 2013 we are focused on completing our manufacturing facilities and executing on our commercialization strategy for sales of our high value tailored oils, which we expect to drive meaningful growth in 2014.”

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