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Solazyme Reports Second Quarter 2013 Results

Solazyme, Inc. (NASDAQ: SZYM), a renewable oil and bioproducts company, announced results today for the second quarter ended June 30, 2013.

“We are making great progress as we approach commencement of manufacturing at our commercial production facilities later this year,” said Jonathan Wolfson, CEO of Solazyme. “Capacity build-out at our Brazilian JV facility remains on target, and we are actually accelerating plans at the Clinton, Iowa facility, which should allow us to begin producing product for market and application development during the second half of this year. Peoria is also being retrofitted to produce algal flour and protein products with availability of commercial development quantities also expected in the second half of this year. Tailored oil technology breakthroughs are continuing to open additional attractive end market opportunities, as evidenced by the announcement of the new high erucic tailored oil under development with Mitsui and the related commercial supply terms with Sasol.”

Financial Results

Total revenue for the second quarter ended June 30, 2013 was $11.2 million compared with $13.5 million in the second quarter of 2012. Revenues in the second quarter of 2013 included $4.9 million of product sales compared to $4.1 million in the same period of 2012, an increase of 21%. In the second quarter of 2013, development revenues with commercial partners came in at $6.2 million versus $4.7 million, an increase of 33% over the same period in the prior year. The increases in product and development revenues with commercial partners were offset by lower government funded revenues, in line with our expectations.

Second quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $25.8 million, which compares with net loss of $19.2 million in the prior year period. On a non-GAAP basis, the net loss was $17.4 million for the second quarter of 2013, compared with net loss of $16.3 million in the prior year quarter. A reconciliation of GAAP to non-GAAP results is included below.

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