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Amyris Reports Fourth Quarter And Year-End 2013 Financial Results

Stocks in this article: AMRS

EMERYVILLE, Calif., Feb. 25, 2014 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable chemicals and fuels company, today announced financial results for the fourth quarter and year ended December 31, 2013 and provided forward looking guidance for 2014.

" In 2013, we proved that our technology can produce and we can sell multiple renewable hydrocarbon molecules at industrial scale. We successfully scaled and operated our farnesene plant and shipped our first batches of a new fragrance oil, our second commercial molecule. We achieved a nearly 50% increase in renewable product revenues, significantly improved our adjusted gross margin, and continued to validate the strength of our research and development pipeline with funding from our collaboration partners," said John Melo, Amyris President & CEO.

" Looking ahead, our robust collaboration and product pipeline, continued production cost improvements, and strong demand from our customers for our high performance products underpin our plans to achieve our targets of becoming cash flow positive from operations during 2014 and profitable during 2015," Melo concluded.

BUSINESS HIGHLIGHTS

In the fourth quarter of 2013, Amyris continued to make progress in improving its technology platform, manufacturing capabilities and commercialization network. Key operating and development highlights achieved during the fourth quarter and full year 2013 include:

   Renewable Production

  • Completed first year of operations at our purpose-built farnesene production facility in Brotas, São Paulo, Brazil.
  • Doubled total farnesene volume produced compared to 2012 and approached our $4 per liter farnesene production cash cost target during the second half of the year.
  • Produced our first renewable fragrance oil for our partner Firmenich.

    Collaboration & Sales Inflows

  • Combined collaboration and sales cash inflows of over $70 million on a non-GAAP basis.
  • Increased renewable product revenues 46% to $15.8 million on a GAAP basis, and had additional off-take volumes that were not shipped in 2013, bringing us in line with our prior guidance.
  • Received $54.6 million in collaboration funding and, since quarter end, received an additional $4.5 million, making this the third year in a row where Amyris secured approximately $60 million in collaboration funding.
  • Continued to meet all key milestones associated with active collaborations, paving the way for expanded collaborations in 2014 with current and new partners.
  • Established fuels joint venture with TOTAL to produce and market renewable diesel and jet fuel from the Company's renewable farnesane.

    Strengthened Financial Performance

  • Continued progress in reducing operating expenses, down by 26% from 2012 and 34% from 2011.
  • Secured collaboration inflows to cover the majority of our cash operating expenses.
  • Completed first tranche of convertible note offering for $42.6 million in cash proceeds during the quarter.
  • Following quarter-end, completed second tranche of convertible note offering for additional cash proceeds of $28.0 million.

FORWARD-LOOKING GUIDANCE AND OUTLOOK

Based on our current plans, the continued success of technology development, execution on collaboration agreements, operational excellence in manufacturing, and new product launches, Amyris expects to achieve the following:

  • Inflows . We expect to achieve total cash inflows, which include revenues from renewable product sales and inflows from collaborations, in the range of $100 to $115 million for 2014. Specifically, we expect (a) to more than double sales of renewable products over 2013 and achieve positive cash margin from products in the range of $10 to $15 million in 2014 and (b) to maintain collaboration inflows in the range of $60 to $70 million.  
  • Expenses . We expect cash operating expenses for R&D and SG&A in the range of $80 to $85 million and capital expenditures less than $10 million in 2014.   
  • Earnings . We expect to achieve positive cash flow from operations during 2014, with positive non-GAAP EBITDA during the second half of 2014. We expect to become profitable during 2015.   
  • Payback . We expect cash payback for Brotas biorefinery in the next two years (following 2013 start-up year), based on plant cash contributions of $10 to $15 million in 2014 and $40 to $50 million in 2015.

CONFERENCE CALL AND INVESTOR CONFERENCE

Amyris will discuss these results and provide a business update in a conference call scheduled for today at 4:30 p.m. ET (1:30 p.m. PT). Investors may access a live audio webcast of this conference call in the Investor Relations section of the Company's website at http://investors.amyris.com. A replay of the webcast will be available in the Investor Relations section of the Company's website approximately two hours after the conclusion of the call and will remain available for approximately 60 calendar days.

Amyris will participate in the Stifel Industrials Conference 2014 taking place on February 27 in New York City. Amyris CEO, John Melo, is scheduled to make a presentation at 10:55 a.m. ET. A live webcast will be available in the Investor Relations section of the Company's website at http://investors.amyris.com.   

FINANCIAL RESULTS

The Company's quarterly and annual results include both GAAP and non-GAAP financial information, because the Company considers non-GAAP information to be a helpful measure to assess its operational performance and for financial and operational decision-making. The Company's non-GAAP financial information excludes stock-based compensation, loss on purchase commitments and write off of production assets, depreciation and amortization, other expenses related to fair value of derivatives and debt extinguishment, but adds back accounts receivable, deferred revenue and funding associated with collaborations. Non-GAAP EBITDA is calculated using non-GAAP product sales and collaboration inflows, cost of products sold and expenses. Non-GAAP net loss attributable to Amyris, Inc. common stockholders is calculated using GAAP net loss attributable to Amyris, Inc. common stockholders and excluding the non-GAAP financial information described above. A reconciliation of the non-GAAP financial measures presented in this release, including non-GAAP net loss and non-GAAP EBITDA, to their GAAP equivalents, is provided in the tables to this press release.

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