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Amyris Reports Fourth Quarter and 2010 Year-End Results
Amyris technology operating successfully at industrial scale, Company delivers on all milestones and strong revenue growth
EMERYVILLE, CA (February 28, 2011) Amyris, Inc. (NASDAQ: AMRS), which applies its industrial synthetic biology platform to provide renewable alternatives to select petroleum-sourced products used in specialty chemical and transportation fuel markets worldwide, today announced financial results for the fourth quarter and year ended December 31, 2010.
Total revenues for year ended December 31, 2010 were $80.3 million versus $64.6 million in the prior year, with cost of products sold of $70.5 million versus $60.4 million. Research and Development expense increased to $55.2 million from $38.3 million and Sales, General and Administrative expense increased to $40.4 million from $23.6 million. The 2010 GAAP net loss attributable to Amyris, Inc. common stockholders was $123.9 million compared with $64.5 million in the prior year. The 2010 loss included a non-cash beneficial conversion feature charge of $42.0 million related to the conversion of certain shares of the Companys preferred stock as well as shares of the Companys subsidiary, Amyris Brasil, into shares of the Companys common stock in connection with the Companys initial public offering. On a non-GAAP basis the 2010 net loss attributable to Amyris, Inc. common stockholders was $71.4 million compared to $61.2 million in the prior year. A reconciliation of GAAP to non-GAAP results is included below.
Total revenues for the fourth quarter were $29.7 million versus $24.2 million in the prior quarter with Cost of Products Sold of $27.5 million versus $22.9 million. Research and Development expense increased to $17.0 million from $14.7 million and Sales, General and Administrative expense increased to $11.0 million from $10.5 million. Fourth quarter GAAP net loss attributable to Amyris, Inc. common stockholders was $25.6 million compared with $62.1 million in the prior quarter which had included the non-cash beneficial conversion referenced above. On a non-GAAP basis the net loss attributable to Amyris, Inc. common stockholders was $22.1 million for the quarter compared to $17.5 million in the prior quarter. A reconciliation of GAAP to non-GAAP results is included below.
The Companys balance of cash, cash equivalents and marketable securities was $257.9 million at the end of the fourth quarter versus $271.0 million at the end of the prior quarter.
We met all of our publicly-stated milestones for our first full quarter as a public company, and delivered additional product partnerships as well, said John Melo, CEO of Amyris. We have entered 2011 well-positioned to move into industrial-scale production and sales of our first renewable products, beginning with squalane for cosmetics and followed by lubricants.
Highlights of recent accomplishments include:
Successfully scaled Amyris technology in a 200,000 liter industrial scale fermentor. Amyris determined that the results of this run match prior results at smaller scales.
Secured additional contract manufacturing production capacity to produce Amyriss Biofene, and contracted and began operations at Glycotech, Inc. to convert Biofene into finished products for a wide range of applications.
The following information was filed by Amyris, Inc. (AMRS) on Monday, February 28, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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