Amyris reports 27% product revenue growth as operating expenses dip

In California, Amyris reported Q3 2015 revenues of $8.6M, compared with $16.3M for Q3 2014. The decline was driven by a large annual F&F product sale in Q3 2014. Our second F&F product sales, representing the initial sale under an annual supply agreement, is expected to ship in the fourth quarter of this year. Collaboration and grants revenues contributed $4.4 million to total GAAP revenues for the quarter, compared with $4.9 million for the third quarter of 2014. Net loss attributable to Amyris common stockholders for the third quarter of 2015 was $76.7 million, or $0.55 per basic share and diluted basis. Included in the third quarter net loss were several large non-cash related items, including a loss from debt extinguishment, acceleration of the amortization of debt discount, changes in fair value of derivatives, and impairment of assets. Adjusted net loss, excluding these non-recurring items, and excluding stock-based compensation, was $32.3 million, or $0.23 per basic share.

The company, in its quarterly annnouce, highlighted a multi-year Technology Investment Agreement with the Defense Advanced Research Projects Agency (DARPA) with contract value of approximately $35M, Q3 2015 revenues of $8.6 million were in line with the company’s expected range and after adjusting for once yearly initial production of a fragrance ingredient is more comparable to Q3 2014. Amyris also said it achieved record low farnesene manufacturing cash cost of $1.75 per liter in September 2015

“During the third quarter, we continued to execute on our plan, including improving our balance sheet while growing our collaborations pipeline with the signing of a key agreement with DARPA, and we continued to lower our cash costs,” said John Melo, Amyris President & CEO. “We also achieved breakthrough fermentation performance with our second fragrance molecule, which we began manufacturing in September and which we expect to make a strong contribution to our fourth-quarter product revenues.”

“We are tracking a number of collaborations opportunities that, when combined with a sequential acceleration in product revenue in the fourth quarter should have Amyris on track to complete a solid 2015,” continued Melo. “We are also highly focused on continuing to improve our financial performance which, when combined with our strong growth in Personal Care ingredients and High Performance specialty chemicals, will help set the stage for 2016 to be a positive free cash flow year for the company.”

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