Amyris releases Q1 financial results
Amyris Inc. has released financial results for the first quarter of 2013, reporting continued revenue improvement and steady business execution. The company named several business highlights from the three-month period, including the commencement of commercial shipments of biobased farnesene from its plant in Brotas, Brazil. According to Amyris, technical milestones met at that plant during the quarter have satisfied conditions for a $5 million follow-on common stock investment from an existing investor.
During a call to discuss the quarterly results, John Melo, president and CEO of Amyris, said the company is on track with regard to meeting its milestones and is optimistic about the future, in terms of both commercial and financing activities.
“The Amyris plant at Brotas, Brazil, is running as we expected, with no significant surprises,” Melo said. “Our deliberate plan has been to ensure a smooth ramp-up of production, and to achieve target efficiencies. As we complete this methodical start-up process, we will focus on increasing volume throughput to lower our production cost during the second half of the year.”
He also noted that the plant has successfully switched from sugar crystals to the in-season feedstock of concentrated cane syrup. In addition, Melo said Amyris is in the process of introducing new yeast strains into the facility, which is expected to improve yield and productivity. The two actions are expected to further reduce farnesene production costs.
The quarterly announcement also included information on various partnerships Amyris is involved in. According to the company, it has received confirmation from Total that it is satisfied with progress of the farnesene technical development program to date. Approximately $30 million in funding from Total is expected to be made available to Amyris during the second quarter.
Amyris also recently expanded its collaboration with Firmenich to include the development and commercialization of additional flavors and fragrances. One day prior to the release of its first quarter financials, Amyris announced a new multi-year collaboration with International Flavors & Fragrances Inc. to develop and commercialize a specific set of renewable fragrance agreements.
During the first quarter, Amyris also expanded its Novvi joint venture with Cosan to include renewable additives and finished lubricants. The joint venture’s original scope included renewable base oils for industrial, commercial and automotive markets. In addition, Laserson was named as Amyris’ European Distributor for squalane.
Amyris reported $7.87 million in total revenues for the quarter, including $2.98 million in product sales and $4.89 million in revenue from grants and collaborations. The revenue reported for the same period of 2012 was $29.47 million, including $26.31 from product sales and $3.16 from grants and collaborations. However, $23.9 million of the first quarter sales revenue for 2012 is attributed to sales of ethanol and ethanol-blended gasoline, which the company transitioned out of last year.
The company posted a net loss of $32.61 million for the quarter, down from the $94.55 million net loss reported for the name period of 2012.