Amyris reports increased revenues in first quarter results

By Erin Voegele | May 12, 2016

Amyris Inc. recently released first quarter financial results, reporting revenues of $8.8 million, including product sales growth of 50 percent when compared to the same period of 2015.

“The financing announced today in our SEC filings, along with proceeds from our previously announced plan for strategic asset divestments and other cash generating activities, provides us the capital to support our business plan for the year,” said John Melo, Amyris President & CEO. “We are successfully expanding our collaboration portfolio, executing on several significant farnesene supply agreements for disruptive applications for our partners, and growing our overall sales of high-value, No Compromise ingredients. While we still have work to do, we believe we are currently on track to deliver on our goal of becoming a self-sustaining business by the end of this year.”

Continued Melo, “We thank our investors, including the Bill & Melinda Gates Foundation, for their continued strong financial support in helping our company to deliver on its mission to make renewable products mainstream while saving lives and reducing the impact of a growing population on our planet’s resources.”

During an investor call, Melo indicated the company is continuing to limit sales of fuels, and is delivering growth in high-value markets. He spoke about the company’s presence in the health and nutrition market, noting Amyris signed its first major farnesene offtake agreement in the sector, valued at more than $100 million. He also spoke about the company’s work with the Gates Foundation to help reduce the cost of a leading malaria treatment, and noted the health market is one of the company’s fastest growing businesses.

Regarding the industrial performance market, Melo said Amyris expects the sector to deliver approximately $20 million this year, with the fastest growth in farnesene derivatives, along with long-term demand for farnesene for the polymers, adhesives and industrial lubricant markets.

Amyris reported revenues of $8.8 million for the first quarter, up from $7.9 million during the same period of the prior year. Product sales were up 50 percent, from $2.1 million in the first quarter of 2015 to $3.1 million in the first quarter of this year. Approximately 92 percent of sales during the quarter related to the personal care business. Net loss attributable to Amyris common stakeholders was $15.3 million, or 7 cents per basic share and 12 cents per diluted basis. Adjusted net loss was $34.7 million, or 17 cents per basic share.