- Strong operating performance with combined inflows from product sales and collaboration inflows of $17.9 million
- On a GAAP basis, net income of $16.4 million, or $0.21 per share on a basic basis.
- Non-GAAP EBITDA of -$7.5 million, or -$0.10 per share, and non-GAAP cash gross margin of 73%.
- Operating expenses, including non-cash items, reduced 14% compared to first quarter of 2013.
- End of quarter cash, cash equivalents and short-term investments balance of $49.1 million.
EMERYVILLE, Calif., May 8, 2014 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable products company, today announced financial results for the first quarter ended March 31, 2014 and reiterated forward-looking guidance for 2014.
" During the first quarter, we delivered strong collaboration inflows, continued our focused commercialization activities, and ended the quarter with a stronger cash balance. We achieved a cash gross margin of 73% on sales and collaboration inflows of nearly $18 million," said John Melo, Amyris President & CEO.
"Since quarter end, we successfully resumed farnesene production at the Brotas biorefinery with first month's performance superior to our best fermentation runs in 2013 and remain on track for our objective of becoming cash flow positive during the second half of this year and profitable in 2015," Melo concluded.BUSINESS HIGHLIGHTS Amyris continues to make progress in strengthening its technology platform, manufacturing capabilities and commercialization network. Key operating and development highlights since the beginning of the year included the following: Renewable Production
- Resumed industrial production at the Brotas biorefinery following planned maintenance and facility upgrades to restart in conjunction with the sugarcane harvest period in Brazil.
- First month of farnesene production achieved better performance from prior year's quality manufacturing runs.
- Validated downstream processes and quality systems for growing product pipeline being commercialized soon, including jet fuel.
- Received Roundtable on Sustainable Biomaterials (RSB) certification, the first of its kind in Brazil, underscoring our commitment to sustainable practices and our industrial production's ability to meet highest quality standards.
- Achieved combined inflows from product sales and collaborations during the first quarter of $17.9 million on a non-GAAP basis. On a GAAP basis, total revenues of $6.0 million.
- Renewable product sales revenue of $2.8 million, 4.6% lower than first quarter 2013 primarily due to a now-resolved regulatory delay for Brazil Diesel de Cana™ sales.
- Grants and collaborations revenues on a GAAP basis of $3.2 million, with collaboration cash inflows of $15.0 million; difference between revenues and collaboration cash inflows is timing of revenue recognition.
- Validated the performance of renewable jet fuel with a third demonstration flight – by Etihad Airways on a Boeing 777 – and remain on track for ASTM validation in the coming weeks.
- Expanded our product development pipeline for the commercial introduction of a new cosmetic emollient and a solvent product.
- Continued progress in reducing operating expenses, down by 14% against first quarter of 2013.
- Secured $25 million in debt financing and, since quarter end, received $4 million in proceeds from sale to Kuraray Co., Ltd. of common stock for $4.24 per share as part of expanded collaboration.
- Quarter-end cash, cash equivalents and short-term investments balance of $49.1 million.
- Based on favorable market conditions, exploring potential opportunistic financing of up to $100 million in the form of convertible debt.
- Inflows . We expect to achieve total cash inflows, which includes revenues from renewable product sales and inflows from collaborations, in the range of $100 to $115 million for 2014. Specifically, we expect (a) to 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) 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, and to become profitable in 2015.
- Payback . We expect cash payback for our 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.