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Amyris Reports Second Quarter 2013 Financial Results

EMERYVILLE, Calif., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable chemicals and fuels company, today announced financial results for the second quarter ended June 30, 2013.

" During the second quarter, we continued to ramp up our farnesene production volume at our production facility in Brotas, Brazil. We achieved record renewable product sales during the quarter and continued to execute on our collaboration strategy with our partners, all the while maintaining lower operating expenses," said John Melo, Amyris President & CEO.

" We have also secured an agreement with our two leading shareholders   for $60 million in funding, which will provide us with the necessary resources and financial flexibility to achieve Amyris's business objectives," Melo added.

BUSINESS HIGHLIGHTS

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

Farnesene Production
  • Continued production and commercial shipments of farnesene from our facility located adjacent to the Paraíso sugarcane mill in Brotas, São Paulo.  
  • Successful ramp up of farnesene production allowed early exit from a higher-cost contract manufacturing facility.

Product Sales Progress
  • Renewable product sales of $4.2 million during the quarter were up 40% over previous quarter and 84% higher than same period in 2012.  
  • Quarterly revenue increase led by sales of renewable emollient (Neossance® Squalane), confirming cosmetic formulators' shift from shark and olive oil-derived squalane to Amyris sugarcane-derived squalane.

Expanding Partnerships
  • Agreement with Firmenich to begin commercial production of a high-value fragrance oil molecule later this year.  
  • Second successful demonstration flight with Amyris-Total renewable jet fuel at Paris Air Show.

FINANCIAL RESULTS

Aggregate revenues for the quarter ended June 30, 2013 were $10.8 million compared to aggregate revenues of $19.3 million in the second quarter of 2012. Last year's second quarter revenues included $13.3 million of sales related to the Company's ethanol and ethanol-blended gasoline business. The Company transitioned out of this business in 2012. Of the $10.8 million in aggregate revenues during the quarter ended June 30, 2013, $4.2 million was related to renewable product sales and $6.7 million was related to collaboration and grant revenue. This compares with $2.3 million in renewable product sales and $3.7 million in collaboration and grant revenue for the same period in the prior year.

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