Amyris Reports Third Quarter 2013 Financial Results

Amyris Reports Third Quarter 2013 Financial Results

Continued Strong Operational Performance and Lower Production Costs Lead to
Another Strong Quarter for Amyris

EMERYVILLE, Calif., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc.
(Nasdaq:AMRS), a leading renewable chemicals and fuels company, today
announced financial results for the third quarter ended September 30, 2013.

"During the third quarter, we achieved our highest farnesene production
volumes at our lowest quarterly unit costs to date. We continued our
relentless focus on collaborations and sales revenues with continued strength
in our two initial product lines: high-performance renewable diesel and our
best-in-class emollients. We expect continued growth in 2014 in new areas such
as lubricants, specialty fluids and polymers," said John Melo, Amyris
President & CEO.

"Since quarter-end we completed the initial closing of our financing with our
major stockholders, receiving $42.6 million in cash proceeds. We believe we
are on the right track to achieve our objective of positive cash flow from
operations in 2014 and profitability in 2015," Melo concluded.

BUSINESS HIGHLIGHTS

Below are some key highlights from the Company's activities during the third
quarter of 2013.

Farnesene Production

  *Operated with all six fermentors during the entire quarter at the
    Company's farnesene production facility in Brotas, São Paulo, Brazil.
  *Achieved lowest quarterly average farnesene production cash cost, which
    was less than $5 per liter.
  *Exceeded production milestones related to recent financing agreements.

Sales & Collaboration Revenues

  *Achieved second consecutive quarter of renewable product revenues above $4
    million.
  *Combined sales of Neossance™ Squalane emollient, renewable diesel for
    niche markets, and farnesene for the lubricants market were in line with
    previous quarter and 35% higher than same period in 2012.
  *Met all scheduled milestones associated with active R&D and product
    collaborations.

Strengthened Financial Position

  *Achieved lowest quarterly cash operating expenses since our Initial Public
    Offering in 2010.
  *Following quarter-end, closed initial tranche of convertible note
    financing for $42.6 million in cash proceeds, with established terms for
    access to additional funds in a second tranche.

FINANCIAL RESULTS

Aggregate revenues for the quarter ended September 30, 2013 were $7.0 million
compared to aggregate revenues of $19.1 million in the third quarter of 2012.
Last year's third quarter revenues included $1.7 million of sales related to
the Company's ethanol and ethanol-blended gasoline business, a business which
the Company transitioned out of in the third quarter of 2012. Of the $7.0
million in aggregate revenues in the quarter ended September 30, 2013, $4.1
million was related to renewable product sales and $2.9 million was related to
collaboration and grant revenue. This compares with $3.0 million in renewable
product sales and $14.4 million in collaboration and grant revenue for the
same period in the prior year. The $14.4 million in grants and collaboration
revenue in the prior year's quarter included $9.8 million in revenue related
to a July 2012 amendment of the Company's collaboration agreement with Total.

Cost of products sold increased to $8.3 million for the three months ended
September 30, 2013 from $4.4 million for the same period in the prior year.
Cost of products sold for the three months ended September 30, 2013 consisted
primarily of production costs of farnesene-derived products, including certain
costs related to the scale-up in production of farnesene-derived products at
the Company's recently operational plant located in Brotas, Brazil.

Total research & development (R&D) and sales, general & administrative (SG&A)
expenses for the three months declined 20.1 % to $26.4 million from $33.1
million for the same quarter in the prior year, primarily due to reductions in
personnel-related costs and overall lower spending.

GAAP net loss attributable to common stockholders for the quarter was $24.2
million ($0.32 per share) compared to a loss of $20.3 million ($0.34 per
share) in the comparable quarter of 2012. On a non-GAAP basis, excluding
stock-based compensation and loss on purchase commitments and write-off of
production assets, the net loss attributable to common stockholders was $19.8
million ($0.26 per share) compared to $12.9 million ($0.22 per share) in the
comparable quarter of the prior year. A reconciliation of GAAP to non-GAAP
results is included in this release.

Nine Months Ended September 30, 2013

Aggregate revenues for the nine months ended September 30, 2013 were $25.7
million versus $67.8 million in the prior year. Revenues for the first nine
months of last year included $38.8 million of sales related to the Company's
ethanol and ethanol-blended gasoline business. Of the $25.7 million in
aggregate revenues for the nine months ended September 30, 2013, $11.3 million
was related to renewable product sales and $14.4 million was related to
collaboration and grant revenue. This compares with $7.8 million in renewable
product sales and $21.2 million in collaboration and grant revenue for the
same period in the prior year. The $21.2 million in grants and collaboration
revenue in the prior year included $9.8 million in revenue recorded as a
result of a July 2012 amendment of a collaboration agreement and related
agreements with Total.

Cost of products sold declined to $26.1 million for the nine months ended
September 30, 2013 from $71.9 million for the same period in the prior year.
Prior year cost of products sold included costs related to the Company's
ethanol and ethanol-blended gasoline business.

Total R&D and SG&A expenses for the nine months ended September 30, 2013
declined 26.7% to $85.7 million from $116.9 million for the same period in
2012, primarily due to reductions in personnel-related costs and overall lower
spending.

GAAP net loss attributable to common stockholders for the nine months ended
September 30, 2013 was $95.7 million ($1.27 per share) compared to a loss of
$161.6 million ($2.91 per share) in the comparable period of 2012. On a
non-GAAP basis, excluding stock-based compensation and loss on purchase
commitments and write-off of production assets, the net loss attributable to
common stockholders was $73.7 million ($0.98 per share) compared to $102.2
million ($1.84 per share) in the prior year.

CONFERENCE CALL

Amyris will discuss these results and provide a business update in a
conference call scheduled for today at 4:30 p.m. ET (1:30 p.m. PT). Investors
may access a live audio webcast of this conference call in the Investor
Relations section of the Company's website at http://investors.amyris.com. A
replay of the webcast will be available in the Investor Relations section of
the Company's website approximately two hours after the conclusion of the call
and will 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 www.amyris.com.

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 the Company's expectations for
growth in new areas such as lubricants and specialty fluids and polymers and
for achieving positive cash flow from operations and profitability, including
the expected timing of such achievements) 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 9, 2013. 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
below.

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

Amyris, Inc.
Condensed Consolidated Statement of Operations
(Unaudited)
(In thousands, except per share data)
                                                              
                             ThreeMonthsEnded      NineMonthsEnded
                              September 30,           September 30,
                             2013        2012        2013        2012
Revenues                                                       
Product sales                 $3,138    $4,728    $10,130   $46,615
Related party product sales   1,006      --        1,182      --
Total product sales           4,144      4,728      11,312     46,615
Grants and collaborations     2,860      4,605      11,763     11,450
revenue
Related party grants and      --        9,775      2,647      9,775
collaborations revenue
Total grants and              2,860      14,380     14,410     21,225
collaborations revenue
Total revenues                7,004      19,108     25,722     67,840
Costs and operating expenses                                   
Cost of products sold         8,328      4,444      26,141     71,891
Loss on purchase commitments
and write off of production   --        1,438      8,423      38,090
assets
Research and development (1)  13,370     15,736     43,116     55,580
Sales, general and            13,057     17,355     42,602     61,301
administrative (1)
Total costs and operating     34,755     38,973     120,282    226,862
expenses
Loss from operations          (27,751)   (19,865)   (94,560)   (159,022)
Other income (expense):                                        
Interest income               21         297        114        1,406
Interest expense              (2,110)    (1,224)    (5,230)    (3,538)
Other income (expense), net   4,177      664        3,266      (512)
Total other income (expense)  2,088      (263)      (1,850)    (2,644)
Loss before income taxes      (25,663)   (20,128)   (96,410)   (161,666)
Benefit (provision) for       1,435      (260)      953        (753)
income taxes
Net loss                      $(24,228) $(20,388) $(95,457) $(162,419)
Net (income) loss
attributable to               29         95         (232)      772
noncontrolling interest
Net loss attributable to
Amyris, Inc. common           $(24,199) $(20,293) $(95,689) $(161,647)
stockholders
Net loss per share
attributable to common        $(0.32)   $(0.34)   $(1.27)   $(2.91)
stockholders, basic and
diluted
Weighted-average shares of
common stock outstanding used
in computing net loss per     76,205,853  58,964,226  75,167,877  55,552,949
share of common stock, basic
and diluted
                                                              
                                                              
(1) Includes stock-based compensation expense of the following for the periods
presented:
                                                              
Research and development     $1,132    $1,450    $3,428    $4,521
Sales, general and            3,301      4,515      10,183     16,879
administrative
                             $4,433    $5,965    $13,611   $21,400


Amyris, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
                                                              
                                                 September 30, December 31,
                                                 2013          2012
                                                              
Assets                                                         
Current assets:                                                
Cash, cash equivalents and short-term investments $6,336      $30,689
Accounts receivable, net                          2,789         3,846
Related party accounts receivable                 1,022         --
Inventories, net                                  7,948         6,034
Prepaid expenses and other current assets         7,164         8,925
Total current assets                              25,259        49,494
Property, plant and equipment, net                140,718       163,121
Restricted cash                                   956          955
Other assets                                      19,725        20,112
Goodwill and intangible assets                    9,120         9,152
Total assets                                      $195,778    $242,834
                                                              
Liabilities and Equity                                         
Current liabilities:                                           
Accounts payable                                  $12,881     $15,392
Deferred revenue                                  7,351        1,333
Accrued and other current liabilities             20,305       24,410
Capital lease obligation, current portion         1,031        1,366
Debt, current portion                             5,448        3,325
Total current liabilities                         47,016       45,826
Capital lease obligation, net of current portion  464          1,244
Long-term debt, net of current portion            55,299       61,806
Related party debt                                58,091       39,033
Deferred rent, net of current portion             10,084       8,508
Deferred revenue, net of current portion          5,000        4,255
Other liabilities                                 19,404       15,933
Total liabilities                                 195,358      176,605
                                                              
Amyris, Inc. stockholders' equity                 1,010        67,106
Noncontrolling interest                           (590)        (877)
Total stockholders' equity                        420          66,229
                                                              
Total liabilities and stockholders' equity        $195,778    $242,834


Amyris, Inc.
Supplemental Consolidated Financial Information
(Unaudited)
(In thousands, except per share data)
                                                             
                        ThreeMonthsEnded         NineMonthsEnded
                         September 30,              September 30,
                        2013          2012         2013         2012
                                                             
                                                             
Other Selected Financial                                      
Information:
Capital expenditures and
deposits on property and $2,190      $5,541     $5,901     $50,906
equipment
Depreciation and         $3,768      $3,179     $12,259    $10,686
amortization
                                                             
Product sales                                                 
Ethanol and              $--        $1,657     $--       $38,836
ethanol-blended gasoline
Renewables               4,144        3,071       11,312      7,779
Total product sales      $4,144      $4,728     $11,312    $46,615
                                                             
Non-GAAP Financial                                            
Information:
                                                             
Grants and                                                    
collaborations
Revenue recognized       $2,860      $14,380    $14,410    $21,225
Cash received^(1)        $25,081     $36,031    $53,141    $58,923
                                                             
Reconciliationof GAAP
to Non-GAAP Net Loss Per                                      
Share:
                                                             
Net loss attributable to
Amyris Inc., common      $(24,199)   $(20,293)  $(95,689)  $(161,647)
stockholders (GAAP)
Stock-based compensation 4,433        5,965       13,611      21,400
expense
Loss on purchase
commitments and write    --          1,438       8,423       38,090
off of production assets
Net loss attributable to
Amyris Inc., common      $(19,766)   $(12,890)  $(73,655)  $(102,157)
stockholders (Non- GAAP)
                                                             
Net loss per share
attributed to common     $(0.32)     $(0.34)    $(1.27)    $(2.91)
stockholders basic and
diluted (GAAP)
Stock-based compensation 0.06         0.10        0.18        0.39
expense
Loss on purchase
commitments and write    --          0.02        0.11        0.68
off of production assets
Net loss per share
attributed to common     $(0.26)     $(0.22)    $(0.98)    $(1.84)
stockholders, basic and
diluted (Non-GAAP)
                                                             
                                                             
^(1) The three months ended September 30, 2013and 2012, includes $20.0
million and $30.0 million, respectively, and the nine months ended September
30, 2013 and 2012,includes $30.0 million and $30.0 million, respectively, of
funding from Total which is in the form of convertible debt financing as
contemplated in the July 2012 Amended Collaboration Agreement with Total.

CONTACT: Amyris, Inc.
         Investor Relations
         Joel Velasco
         (510) 740-7481
         investor@amyris.com

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