Amyris Reports Third Quarter 2012 Financial Results

Amyris Reports Third Quarter 2012 Financial Results

EMERYVILLE, Calif., Nov. 6, 2012 (GLOBE NEWSWIRE) -- Amyris, Inc.
(Nasdaq:AMRS), a leading renewable chemicals and fuels company, today
announced financial results for the third quarter ended September 30, 2012.

"During the third quarter, we realized the benefits of our focused strategy
with lower operating costs and increased sales of our renewable products. Our
technology improvements continue and our commercialization activities remain
on track," said John Melo, President & CEO of Amyris.

"Amyris's industrial-scale farnesene production facility at Paraíso is in the
final stages of a successful commissioning and we remain confident about
commercial production in early 2013," Melo concluded.


Aggregate revenues for the quarter ended September 30, 2012 were $19.1 million
versus $36.3 million in the third quarter of 2011. The decline in revenue was
due to the Company's planned transition out of the ethanol and ethanol-blended
gasoline business, which is now complete. Partially offsetting this decline
were increased revenues from renewable products sales and collaborations,
primarily related to the amendment of the Company's collaboration agreement
with Total.

Total research & development and sales, general & administrative expenses
declined 26% to $33.1 million for the quarter from the same quarter the prior
year primarily due to lower compensation and benefits expense.

GAAP net loss attributable to common stockholders for the quarter was $20.3
million ($0.34 per share) compared to a loss of $43.7 million ($0.97 per
share) in the same quarter of 2011. On a non-GAAP basis, excluding non-cash
items such as stock-based compensation, the net loss attributable to common
stockholders was $12.9 million ($0.22 per share) compared to $36.8 million
($0.82 per share) in the prior year. A reconciliation of GAAP to non-GAAP
results is included in this release.

The Company's balance of cash, cash equivalents and short-term investments at
the end of the third quarter was $44.4 million.


Amyris will discuss these results and provide a business update, including
funding requirements, in a conference call scheduled for today at 5:00 pm ET
(2:00 pm PT). Investors may access a live audio webcast of this conference
call and the earnings call presentation in the investor relations section of
the Company's website at A replay of the webcast
will be available on the investor relations section of the Company's website
approximately two hours after the conclusion of the call and remain available
for approximately 60 calendar days.

About Amyris

Amyris is an integrated renewable products company focused on providing
sustainable alternatives to a broad range of petroleum-sourced products.
Amyris uses its industrial synthetic biology platform to convert plant sugars
into a variety of molecules -- flexible building blocks that can be used in a
wide range of products. Amyris's initial portfolio of commercial products is
based on Biofene®, Amyris's brand of renewable farnesene, a long-chain
hydrocarbon. Amyris is commercializing these products both as No Compromise®
renewable ingredients in cosmetics, flavors and fragrances, polymers,
lubricants and consumer products, and also as No Compromise renewable diesel
and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the
establishment and expansion of Amyris's production in Brazil. More information
about Amyris is available at

The Amyris, Inc. logo is available at

Forward-Looking Statements

This release contains forward-looking statements, and any statements other
than statements of historical facts could be deemed to be forward-looking
statements. These forward-looking statements include, among other things,
statements regarding future events (such as commercialization activities,
commissioning of a planned production facility, and commercial production
commencement) that involve risks and uncertainties. These statements are based
on management's current expectations and actual results and future events may
differ materially due to risks and uncertainties, including those associated
with any delays or failures in development, production and commercialization
of products, liquidity and ability to fund capital expenditures, Amyris's
reliance on third parties to achieve its goals, and other risks detailed in
the "Risk Factors" section of Amyris's quarterly report on Form 10-Q filed on
August 8, 2012. Amyris disclaims any obligation to update information
contained in these forward-looking statements whether as a result of new
information, future events, or otherwise.

Non-GAAP Financial Information

Consolidated financial information has been presented in accordance with GAAP
as well as on a non-GAAP basis. The non-GAAP financial measures exclude
non-cash items such as stock-based compensation. Management believes that it
is useful to supplement its GAAP financial statements with this non-GAAP
information because management uses such information internally for its
operating, budgeting and financial planning purposes. These non-GAAP financial
measures also facilitate management's internal comparisons to Amyris's
historical performance as well as comparisons to the operating results of
other companies. In addition, Amyris believes these non-GAAP financial
measures are useful to investors because they allow for greater transparency
into the indicators used by management as a basis for its financial and
operational decision making. Non-GAAP information is not prepared under a
comprehensive set of accounting rules and therefore, should only be read in
conjunction with financial information reported under U.S. GAAP when
understanding Amyris's operating performance. Reconciliation between GAAP and
non-GAAP financial information is provided in the financial statement tables

Amyris, the Amyris logo, Biofene and No Compromise are trademarks or
registered trademarks of Amyris, Inc.

Amyris, Inc.
Condensed Consolidated Statement of Operations
(In thousands, except per share data)
                             ThreeMonthsEnded      NineMonthsEnded
                              September 30,           September 30,
                             2012        2011        2012         2011
Product sales                 $4,728    $31,162   $46,615    $92,998
Grants and collaborations     14,380     5,114      21,225      12,454
Total revenues                19,108     36,276     67,840      105,452
Costs and operating expenses                                    
Cost of products sold         4,444      35,729     71,891      99,247
Loss on purchase commitments
and write off ofproduction   1,438      --        38,090      --
Research and development (1)  15,736     23,441     55,580      66,622
Sales, general and            17,355     21,174     61,301      59,401
administrative (1)
Total costs and operating     38,973     80,344     226,862     225,270
Loss from operations          (19,865)   (44,068)   (159,022)   (119,818)
Other income (expense):                                         
Interest income               297        609        1,406       1,250
Interest expense              (1,224)    (291)      (3,538)     (1,172)
Other income (expense), net   664        310        (512)       160
Total other income (expense)  (263)      628        (2,644)     238
Loss before income taxes      (20,128)   (43,440)   (161,666)   (119,580)
Provision for income taxes    (260)      (474)      (753)       (299)
Net loss                      $(20,388) $ (43,914) $ (162,419) $(119,879)
Net loss attributable to      95         224        772         437
noncontrolling interest
Net loss attributable to
Amyris, Inc. common           $(20,293) $ (43,690) $ (161,647) $(119,442)
Net loss per share
attributable to common        $(0.34)   $(0.97)   $(2.91)    $(2.68)
stockholders, basic and
Weighted-average shares of
common stock outstanding used
in computing net loss per     58,964,226  45,031,613  55,552,949   44,507,686
share of common stock, basic
and diluted
(1) Includes stock-based
compensation expense of the                                     
following for the periods
Research and development      $1,450    $1,711    $4,521     $4,697
Sales, general and            4,515      5,162      16,879      14,139
                             $5,965    $6,873    $21,400    $18,836

Amyris, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
                                                 September 30, December 31,
                                                 2012          2011
Current assets:                                                
Cash, cash equivalents and short-term investments $44,429     $103,592
Accounts receivable, net                          3,807         6,936
Inventories, net                                  8,311         9,070
Prepaid expenses and other current assets         9,995         19,873
Total current assets                              66,542        139,471
Property and equipment, net                       164,703       128,101
Restricted cash                                   954          --
Other assets                                      20,133        43,001
Goodwill and intangible assets                    9,248         9,538
Total assets                                      $261,580    $320,111
Liabilities and Equity                                         
Current liabilities:                                           
Accounts payable                                  $18,374     $26,379
Deferred revenue                                  1,532        3,139
Accrued and other current liabilities             24,061       30,982
Capital lease obligation, current portion         1,871        3,717
Debt, current portion                             2,121        28,049
Total current liabilities                         47,959       92,266
Capital lease obligation, net of current portion  1,495        2,619
Long-term debt, net of current portion            103,289      13,275
Deferred rent, net of current portion             8,886        9,957
Deferred revenue, net of current portion          4,396        4,097
Other liabilities                                 18,893       37,085
Total liabilities                                 184,918      159,299
Amyris, Inc. stockholders' equity                77,465       161,052
Noncontrolling interest                           (803)        (240)
Total stockholders' equity                       76,662       160,812
Total liabilities and stockholders' equity        $261,580    $320,111

Amyris, Inc.
Supplemental Consolidated Financial Information
(In thousands, except per share data)
                         ThreeMonthsEnded       Nine MonthsEnded September
                          September 30,            30,
                         2012         2011        2012          2011
Other Selected Financial                                      
Capital expenditures and
deposits on property and  $5,541     $40,769   $50,906     $71,248
Depreciation and          $3,179     $2,897    $10,686     $7,728
Product sales                                                 
Ethanol and               $1,657     $31,096   $38,836     $92,900
Ethanol-blended Gasoline
Renewables                3,071       66         7,779        98
Total product sales       $4,728     $31,162   $46,615     $92,998
Reconciliationof GAAP to Non-GAAP Net                         
Loss Per Share:
Net loss attributable to
Amyris Inc., common       $(20,293)  $(43,690) $(161,647)  $(119,442)
stockholders (GAAP)
Stock-based compensation  5,965       6,873      21,400       18,836
Loss on purchase
commitments and write off 1,438       --        38,090       --
of production assets
Net loss attributable to
Amyris Inc., common       $(12,890)  $(36,817) $(102,157)  $(100,606)
stockholders (Non- GAAP)
Net loss per share
attributed to common                                          
basic and diluted (GAAP)  $(0.34)    $(0.97)   $(2.91)     $(2.68)
Stock-based compensation  0.10        0.15       0.39         0.42
Loss on purchase
commitments and write off 0.02        --        0.68         --
of production assets
Net loss per share
attributed to common      $(0.22)    $(0.82)   $(1.84)     $(2.26)
stockholders, basic and
diluted (Non-GAAP)

CONTACT: Amyris, Inc.
         (510) 740-7481

company logo
Press spacebar to pause and continue. Press esc to stop.