Amyris quarterly report highlights progress, achievements

By Erin Voegele | November 07, 2012

Amyris Inc. has released its financial results for the third quarter of 2012, reporting aggregate revenues of $19.1 million for the three months ended Sept. 30. The aggregate revenue reported for the same period of 2011 was $36.3 million. Amyris attributes the decline to the company’s planned transition out of ethanol and the ethanol-blended gasoline business. That transition is now complete. Partially offsetting the decline were increased revenues from renewable products sales and collaborations.

Compared to the third quarter of 2011, total research and development, sales, and general and administrative expenses declined 16 percent, to $33.1 million. That reduction is attributed to lower compensation and benefits expenses.

The net loss attributed to common stockholders for the quarter was $20.3 million, or 34 cents per share. That is an improvement over the $43.7 million, or 97 cent per share, loss reported last year.

During a call to dicuss the results, John Melo, president and CEO of Amyris, provided listeners with an update of his company’s operations. According to Melo, the Amyris farnesene facility in Paraiso, Brazil is now in the final stages of commissioning. Considerable progress has been made across all areas of the plant, he continued, noting that the project is progressing on budget and on target with commercial production expected to commence in early 2013.

In addition, Melo said that Amyris has achieved its fermentation efficiency targets at its contract manufacturing operation at Tate & Lyle in Illinois.

According to Melo, Amyris is also continuing to see significant improvements in its synthetic biotechnology platform, thanks to a new generation of strains with higher yield and productivity. Our process is working at industrial scale and in the lab, he said, stressing that Amyris is meeting its internal manufacturing targets.

Amyris has also been experiencing positive customer feedback, with demand for renewable farnesene remaining strong.

Finally, Melo pointed out that the improvements his company has made to its cost structure over the past several months are paying off. Our production and operating costs are better than expected and are continuing to improve, he said. According to Melo, Amyris has made considerable progress on renewable product and collaboration revenues and plans to close additional funding before the end of the year.