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Metabolix Reports Fourth Quarter and Full Year Financial Results and
Provides Business Update
CAMBRIDGE, Mass. (March 10, 2010) - Metabolix, Inc. (NASDAQ: MBLX), a bioscience company focused on developing sustainable solutions for plastics, chemicals and energy, today reported financial results for the three months and full year ended December 31, 2009.
The Company reported a net loss of $9.8 million or $0.39 per share for the fourth quarter of 2009 as compared to a net loss of $8.9 million or $0.40 per share for the fourth quarter of 2008. For the full year, the Company reported a net loss of $38.0 million or $1.62 per share as compared to a net loss of $36.0 million or $1.58 per share for 2008.
The Companys net cash used for operating activities during the fourth quarter of 2009 was $5.9 million, which compares to net cash used of $3.7 million for the comparable quarter in 2008. Net cash used in operating activities for the full year 2009 was $25.8 million compared to $18.4 million for 2008. Unrestricted cash and short-term investments at December 31, 2009 totaled $92.2 million, which included net proceeds of $29.1 million from an equity offering completed in the fourth quarter. The Company continues to have no debt.
FOURTH QUARTER AND FULL YEAR 2009 FINANCIAL OVERVIEW
Metabolix currently manages its finances with an emphasis on cash flow. Metabolix used $5.9 million of cash in operating activities for the fourth quarter 2009, which compares to net cash used of $3.7 million for the comparable quarter in 2008. Net cash used in operating activities reflects the Companys activities in sales and marketing development as well as research and product development. The increase in net cash usage is primarily due to a decrease in cash received during the fourth quarter of 2009. The fourth quarter of 2008 included two quarterly support payments totaling $3.2 million received from Archer Daniels Midland Company (ADM), the Companys Telles joint venture partner. No quarterly support payments were received from ADM after June 2009.
For the full year, net cash used in operating activities during 2009 was $25.8 million compared to $18.4 million for 2008. The increase in net cash usage relates primarily to a decrease in cash receipts in 2009 as compared to 2008. The decrease in cash receipts for the year was a result of a decrease of approximately $4.9 million in pre-commercial cost sharing and quarterly support payments from ADM, and a decrease of approximately $2.1 million in funds received from investment income.
Total revenue in the fourth quarter of 2009 was $0.2 million, compared to $0.4 million in the same period of 2008. For the full years 2009 and 2008, revenue was $1.4 million and $1.6 million, respectively. During both years the revenue was earned primarily from government research contracts. The year-over-year decrease was attributable to lower revenue recognized from delivery of Mirel sample product and a decline in government research grant revenues,
The following information was filed by Metabolix, Inc. (MBLX) on Wednesday, March 10, 2010 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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