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.
- 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.
- 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.
- 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.