Amyris Reports Third Quarter 2013 Financial Results

EMERYVILLE, Calif., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable chemicals and fuels company, today announced financial results for the third quarter ended September 30, 2013.

" During the third quarter, we achieved our highest farnesene production volumes at our lowest quarterly unit costs to date. We continued our relentless focus on collaborations and sales revenues with continued strength in our two initial product lines: high-performance renewable diesel and our best-in-class emollients. We expect continued growth in 2014 in new areas such as lubricants, specialty fluids and polymers," said John Melo, Amyris President & CEO.

" Since quarter-end we completed the initial closing of our financing with our major stockholders, receiving $42.6 million in cash proceeds. We believe we are on the right track to achieve our objective of positive cash flow from operations in 2014 and profitability in 2015," Melo concluded.

BUSINESS HIGHLIGHTS

Below are some key highlights from the Company's activities during the third quarter of 2013.

Farnesene Production
  • Operated with all six fermentors during the entire quarter at the Company's farnesene production facility in Brotas, São Paulo, Brazil.
  • Achieved lowest quarterly average farnesene production cash cost, which was less than $5 per liter.
  • Exceeded production milestones related to recent financing agreements.

Sales & Collaboration Revenues
  • Achieved second consecutive quarter of renewable product revenues above $4 million.
  • Combined sales of Neossance™ Squalane emollient, renewable diesel for niche markets, and farnesene for the lubricants market were in line with previous quarter and 35% higher than same period in 2012.
  • Met all scheduled milestones associated with active R&D and product collaborations.

Strengthened Financial Position
  • Achieved lowest quarterly cash operating expenses since our Initial Public Offering in 2010.
  • Following quarter-end, closed initial tranche of convertible note financing for $42.6 million in cash proceeds, with established terms for access to additional funds in a second tranche.

FINANCIAL RESULTS

Aggregate revenues for the quarter ended September 30, 2013 were $7.0 million compared to aggregate revenues of $19.1 million in the third quarter of 2012. Last year's third quarter revenues included $1.7 million of sales related to the Company's ethanol and ethanol-blended gasoline business, a business which the Company transitioned out of in the third quarter of 2012. Of the $7.0 million in aggregate revenues in the quarter ended September 30, 2013, $4.1 million was related to renewable product sales and $2.9 million was related to collaboration and grant revenue. This compares with $3.0 million in renewable product sales and $14.4 million in collaboration and grant revenue for the same period in the prior year. The $14.4 million in grants and collaboration revenue in the prior year's quarter included $9.8 million in revenue related to a July 2012 amendment of the Company's collaboration agreement with Total.

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