Amyris Jumps on Earnings Beat, 2021 Outlook

Shares of Amyris, a producer of sustainable ingredients for beauty and flavors applications, are higher after the earnings report and outlook.
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Shares of Amyris  (AMRS) - Get Report jumped Tuesday after the sustainable-ingredients producer jumped as its revenue forecasts came in ahead of estimates. 

Amyris shares at last check jumped 36% to $21.31. The stock is trading around a 52-week high; a bit less than a year ago it traded as low as $1.40 a share. 

The Emeryville, Calif., company sees 2021 revenue around $400 million, compared with the consensus analyst forecast of $231.8 million in a FactSet survey. 

The fourth quarter top line -- $79.7 million -- marked the third consecutive quarter of record revenue at the company. It was about double the year-earlier $40.5 million. And it beat the FactSet forecast of $70 million.

In 2020, "we continued to see strong growth with our consumer brands and delivered fourth-quarter consumer revenue equivalent to the entire year 2019," Chief Executive John Melo said in a statement. 

The company posted a fourth-quarter loss of 3 cents a share compared with 34 cents a year earlier. The latest loss was narrowed than analysts' expectations of a loss of 9 cents a share.

The GAAP net loss in the quarter narrowed to 44 cents a share from 70 cents.

Fourth-quarter gross margin was 66%. widened from 56% in the year-earlier quarter. 

For the year, the company reported record revenue of $173 million, up 13% year over year. Within the total, product revenue of $112 million rose 72% from a year earlier. 

In 2020 the company delivered six new ingredients at scale and completed a $200 million equity financing while also reducing its debt.

"With the momentum in our product revenue ... we are well positioned to continue to drive sector-leading growth into the future. We expect 2021 to be another record year," said Melo.