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Solazyme Reports Third Quarter 2013 Results

Stocks in this article: SZYM

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

“We continue to make significant progress toward commercializing our breakthrough technology platform with two commercial production facilities coming online in 1Q14,” said Jonathan Wolfson, CEO of Solazyme. “The facility in Iowa is already supplying market development samples to customers. Construction at the Brazil facility is in its final phases at over 90% complete and commissioning is underway. While our timeline for oil production at Moema has been moved into 1Q14, in part to accommodate additional enhancements we are making at the facility, we are excited to be nearing commercial production of our oils.

Our commercial progress has accelerated with the recent announcement of two supply agreements and the extension of Joint Development Agreements with key strategic partners. This underscores our ability to partner both for development and commercialization of our Solazyme Tailored™ oils. We also continue to advance the commercialization of our food ingredients, and we are already manufacturing and actively supplying samples of the ingredients to customers out of our Peoria facility. Finally, this week we launched a completely new skin-care brand and product line, EverDeep™, our second brand along with Algenist®. This launch significantly expands our Solazyme Health Sciences portfolio.”

Financial Results

Total revenue for the third quarter ended September 30, 2013 was $10.6 million compared with $8.6 million in the third quarter of 2012, an increase of 24%. Revenues in the third quarter of 2013 included $4.8 million of product sales compared to $3.8 million in the same period of 2012, an increase of 27%. In the third quarter of 2013, development revenues with commercial partners came in at $5.8 million versus $2.2 million, an increase of 160% over the same period in the prior year. The increases in product and development revenues with commercial partners were offset by much lower government funded revenues, in line with our expectations.

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