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Solazyme Reports Third Quarter 2013 Results

Stocks in this article: SZYM

Third quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $30.7 million, which compares with net loss of $22.5 million in the prior year period. On a non-GAAP basis, the net loss was $22.3 million for the third quarter of 2013, compared with net loss of $19.4 million in the prior year quarter. A reconciliation of GAAP to non-GAAP results is included below.

“We continue to closely manage our expenses and are well-capitalized to broadly commercialize our technology in 2014,” said Tyler Painter, CFO of Solazyme.

Recent Business Highlights

  • Enters Into Supply Agreement with Unilever: In September, Solazyme and Unilever finalized their first commercial supply agreement for a Solazyme Tailored TM algal oil which includes an initial supply of at least 10,000 MT. Supply is planned to begin in early 2014.
  • Enters Into Supply Agreement with Goulston Technologies: In October, Solazyme announced its entry into the textile lubricants market through a commercial supply agreement with Goulston Technologies, Inc. This agreement enables Goulston to introduce Solazyme’s algal oils into the estimated $1B textile lubricants market and the companies plan to further broaden the portfolio of Solazyme Tailored TM algal oil offerings for this market.
  • Extension and Renewal of JDA agreements with Unilever and Bunge: Solazyme further deepened the relationship with the consumer packaged goods giant, Unilever, into 2014. Under the extended agreement, the companies plan to accelerate the commercialization of a second novel Tailored™ algal oil. In addition, Solazyme and Bunge extended and expanded their JDA to enable the Solazyme Bunge Renewable Oils JV to have access to a broader portfolio of oils.
  • Producing Whole Algal Food Ingredients at Peoria: Solazyme has begun production of Whole Algal food ingredients at Peoria and is actively delivering samples in response to over 160 requests from food ingredients companies and other potential customers.
  • Solazyme Health Sciences launches a new brand: This week, Solazyme Health Sciences launched EverDeep™, a new line of patented anti-aging skincare products that is distributed through direct response infomercials and the internet and which includes a new proprietary microalgae-based ingredient from Solazyme. This represents Solazyme’s second consumer-focused skin-care brand and a significant expansion of our Health Sciences business.

Conference Call

Solazyme will hold a conference call for investors on November 5, 2013 at 1:30 p.m. PT (4:30 p.m. EDT). Investors may access the call by dialing (877) 291-1287. A live webcast of the call will be available from the Investor Relations section of www.solazyme.com. A recording of the call will also be available by calling (404) 537-3406; access code 86890037 beginning approximately two hours after the call, and will be available for one week. A webcast replay of the call will also be available from the Investor Relations section of www.solazyme.com approximately two hours after the call and will be available for up to thirty days.

About Solazyme, Inc.

Solazyme, Inc. (SZYM) is a renewable oil and bioproducts company that transforms a range of low-cost plant-based sugars into high-value oils and food ingredients. Headquartered in South San Francisco, Solazyme's renewable products can replace or enhance oils derived from the world's three existing sources – petroleum, plants and animal fats. Initially, Solazyme is focused on commercializing its products into three target markets: (1) chemicals and fuels, (2) nutrition and (3) skin and personal care.

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