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Amyris Reports First Quarter 2013 Financial Results

Stocks in this article: AMRS

EMERYVILLE, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable chemicals and fuels company, today announced financial results for the first quarter ended March 31, 2013.

"With start up of our industrial-scale production plant in Brazil, Amyris has begun supplying customers with farnesene-derived products from our very own plant. Also, during the first quarter, we secured additional collaborations and partnerships to underpin our business strategy and took action to reduce our operating expenses," said John Melo, President & CEO of Amyris.

BUSINESS HIGHLIGHTS

Below are some highlights from our activities during the first quarter of 2013.

Production

  • Began commercial shipments of farnesene from our facility in Brazil following successful start-up of Amyris's plant located adjacent to the Paraiso sugarcane mill in Brotas, Sao Paulo.  
  • Met the technical milestones at our plant in Brotas to satisfy the conditions for a follow-on common stock investment of $5 million from an existing Amyris investor.  
  • Continued progress in reducing operating expenses, which were down 29% from the same quarter last year and down 14% from the fourth quarter of 2012.

Partnerships

  • Received confirmation from Total that they are satisfied with the progress of our farnesene technical development program to date. Total's anticipated $30 million funding will be available to Amyris in the second quarter.  
  • Expanded collaboration with Firmenich to encompass development and commercialization of additional Flavors and Fragrances (F&F) compounds beyond the fragrance oil already nearing commercial production. Received $10 million in upfront funding and expect similar funding amounts in the coming years.  
  • Agreed on terms for a collaboration with International Flavors & Fragrances, another leading F&F company, to develop a specific set of new fragrance ingredients.  

Commercial

  • Expanded Novvi joint venture with Cosan to include renewable additives and finished lubricants in addition to the joint venture's original scope of renewable base oils for industrial, commercial and automotive markets.  
  • Selected Laserson as our new European distributor for squalane, our farnesene-derived emollient, further solidifying the global distribution network for bringing Amyris squalane to the market.  
  • Delivered all required volumes of Amyris renewable diesel to U.S. Navy for testing against their marine diesel specifications.

FINANCIAL RESULTS

Aggregate revenues for the quarter ended March 31, 2013 were $7.9 million compared to aggregate revenues of $29.5 million in the first quarter of 2012. Last year's first quarter revenues included $23.9 million of sales related to the Company's ethanol and ethanol-blended gasoline trading business. The Company transitioned out of this business in 2012. Of the $7.9 million in aggregate revenues during the quarter ended March 31, 2013, $3.0 million was related to renewable product sales compared to $2.4 million for the same period in the prior year, and $4.9 million was related to collaboration and grant revenue during the quarter ended March 31, 2013 compared to $3.2 million for the same period in the prior year.

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