Verenium Corporation (



Q4 2010 Earnings Call

March 1, 2011 05:00 pm ET


Kelly Lindenboom – Vice President of Corporate Communications

James Levine – Executive Vice President and Chief Financial Officer

Janet Roemer – President and Chief Operating Officer

Jeffrey Black – Senior Vice President, Chief Accounting Officer


Laurence Alexander – Jefferies & Co.



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Thank you for holding. Welcome to Verenium's Fourth Quarter and Year End 2010 Financial Results Conference Call. At this time, all participants are in a listen-only mode. There will be a question-and-answer session to follow. Please be advised that this call is being taped at the company's request.

At this time, I would now like to introduce your host for today's call, Kelly Lindenboom. Kelly, please go ahead.

Kelly Lindenboom

Thank you for joining Verenium's fourth quarter and year end 2010 conference call. I'm Kelly Lindenboom, Vice President of Corporate Communications. With me today are Jamie Levine, our President and Chief Executive Officer Designate, Janet Roemer, our Chief Operating Officer; and Jeff Black our Senior Vice President and Chief Financial Officer Designate.

The agenda for today's call is as follows. First, Jamie will remark on the outlook for Verenium based on industry trends and our 2011 goals. Janet will then discuss key assets of our business operations, including each of the major industries our enzymes currently served, as well as manufacturing and partnership initiatives. Jeff will then summarize our financial results for the year-ended December 31, 2010 as well as 2011 guidance and we will then open the call up for your questions.

Before we begin, I would like to advise you that this discussion will include forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty and relate to matters such as our strategy, future operating plans, markets for our products, partnering, collaboration activities, public policy and financing activities, technical and business outlooks.

Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks related to our IP partners, competitors, and regulatory market forces. Certain of these factors and others are more fully described in our filings with the SEC, included, but not limited to, our report on Form 10-Q for the quarter ended September 30, 2010. These forward-looking statements speak only as of the date hereof, and company expressly disclaims any intent or obligation to update these forward-looking statements.

I will now turn the call over to Jamie.

James Levine

Thanks, Kelly and good afternoon everyone and thank you for joining us on today's call. I'd like to begin by discussing the organizational changes we announced last week. As a recap, I will be stepping into the role of President and Chief Executive Officer succeeding Carlos and Jeff Black has been promoted to Chief Financial Officer. Janet Roemer remains Verenium's Chief Operating Officer.

I’m extremely enthusiastic about taking on this new role and look forward to continuing to partner with Janet, Jeff and the rest of the team here at Verenium. For the last couple of years, I’ve had the chance to work closely with a knowledgeable, energetic and hard working people at Verenium and I'm honored to work with a team of this caliber to continue building what is the potential to be the next leading industrial enzyme’s company.

I'd now like to take a few minutes to discuss two topics. First, I will describe Verenium’s strategy and how we approach the opportunities we see to acquire technology. And then I will describe the vision we have for 2011.

Simply put, our strategy is to use our enzyme technologies to develop and sell products that improve the performance of industrial processes. Our vision is to build a high growth, highly profitable industrial biotech business by capturing a portion of the value our products create.

Part of our growth will come from further penetrating our existing target markets with our current nine commercial products as well as new products from our pipeline and part will come from launching products for markets we don't currently serve.

We believe the near term growth available through these two actions is significant relative to our business today. And while we also see broader areas and large markets where our platform technology has direct application such as metabolic engineering, our job today is to maintain our focus so we convert the large opportunities we see in our product lines and product pipeline into revenue and profit growth.

In the near term, we will demonstrate progress towards this vision most tangibly by growing our current product revenue, improving the efficiency of our manufacturing base, controlling costs and announcing partnerships for future areas of focus. We believe 2011 will be a transformational year for most if not all, on most and not all of these fronts.

I would like to bring the high level strategy into a more action oriented set of steps to explain exactly how we execute on our business plan. Our decision to invest in any opportunity requires a complete plan which addresses the critical elements that influence our success, which I will summarize as markets, products and channel. I will walk through each of these using our animal health and nutrition product line as an example.

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