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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