- First half cash revenue inflows of $35.5 million up 36% from same period of 2014. Second-quarter GAAP revenues of $7.8 million and first half GAAP revenues of $15.7 million, an increase of 2% over the first half of 2014
- Launched bio-opioids initiative expected to enable low cost supply of active pharmaceutical ingredients to global market for chronic pain management products
- Executed entry into large and fast-growing food ingredients sector via multi-year, multi-million-dollar collaboration agreement with global food ingredients supplier
- Converted and restructured $180 million of debt and raised $25 million in a private placement in July 2015, resulting in almost 60% reduction of debt and provides funding for growth.
EMERYVILLE, Calif., Aug. 6, 2015 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced financial results for the second quarter ended June 30, 2015.
“During the second quarter, we continued growing our specialty ingredients business with our new collaboration partnership into the food ingredients sector and our announcement today of our entry into bio-opioids as the key ingredient into the large and fast-growing chronic pain products market,” said John Melo, Amyris President & CEO. “These are markets where we believe our technology platform is uniquely positioned to deliver low cost, high performing sustainable products. Our farnesene renewable product platform continues to deliver lower cost, better performing products into the personal care and industrial cleaning markets. These products are continuing to realize strong consumer acceptance and continued revenue growth evidenced by our recent successful product launches of Biossance™ skin care and Muck Daddy™ hand cleaner products,” continued Melo.
“We’ve delivered more than half our 2015 expected collaboration inflows in the first half of the year and have already started successful production of our fragrance molecules for delivery to our customers in the second half of 2015 where we expect to realize strong product revenue growth. We’re very pleased to have successfully transitioned from the development phase of our hydrocarbon fuel development program to the commercialization phase with our partner Total and expect to realize further simplification and focus on our high-margin & high-growth specialty ingredient and performance materials business,” concluded Melo.
Business Highlights
Other key operating and development highlights during the second quarter and, more recently, included:
Personal Care
- Successfully launched Biossance™ brand available at www.biossance.com and executed consumer marketing program that exceeded expectations based on 42,000 samples requested by consumers since the beginning of June launch and experienced strong positive consumer survey feedback where over 90% believe Biossance is the best skin moisturizer they’ve used.
- Executed exclusive reseller agreement with Dinaco Importação Comércio S.A. for Amyris’s Neossance® cosmetic ingredients in Brazil
- Signed letter of intent with Ipca Laboratories Ltd. to establish an agreement for Amyris to supply a key pharmaceutical ingredient
Performance Chemicals
- Announced early success of Muck Daddy high-performance hand cleaner with initial pre-launch product shipments surpassing 3,000 units
- Sold first liquid farnesene rubber for commercial use for tires to be launched later this year.
Industrials
- In conjunction with the joint venture restructuring announcement noted above, transitioned from development to commercial phase for jet fuel technology
- Announced successful completion of Volkswagen renewable diesel evaluation program.
Financial Performance
Second Quarter 2015
- GAAP revenues were $7.8 million, a decrease of 16% compared to the $9.3 million in the second quarter of 2014. The decline was driven by unfavorable foreign currency fluctuations of approximately $0.5 million and our transition away from low value fuel sales. Collaboration and grants revenues contributed $4.5 million to the total GAAP revenues for the quarter, compared with $4.9 million for the second quarter of 2014.
- Cash revenue inflows, a non-GAAP measure, totaled $5.2 million for the second quarter of 2015. Collaboration and grants inflows decreased from $3.8 million in the second quarter of 2014 to $1.9 million in the second quarter of 2015. This decline was mostly driven by timing of contracts and the choppiness related to collaboration negotiations.
- Cost of products sold increased to $11.0 million in the second quarter 2015 from $7.5 million in the second quarter of 2014 driven mainly by product mix, and higher inventory provisions related to the lower expected price of future fuels sales compared to our higher inventory cost. Our adjusted gross margin, excluding inventory provisions, depreciation and excess capacity was 37.7%, a decline from Q2 2014 driven mainly by product mix.
- Net loss attributable to Amyris common stockholders for the second quarter of 2015 was $47.1 million, or $0.59 per basic share, and $0.62 on a diluted basis. Included in the second quarter net loss were two large non-cash related items: a gain of $28.8 million related to the change in fair value of derivative instruments, and a $36.6 million charge related to the acceleration of debt discount accretion associated with the debt conversion transaction. Adjusted net loss, excluding these non-recurring items, and excluding stock-based compensation, was $37.3 million, or $0.47 per basic share.
- Adjusted Free Cash flow for Q2 2015 was -$30.2 million, compared to -$26.7 million for Q2 2014 driven by timing of collaboration inflows, increased marketing spend and lower adjusted gross margins in the quarter.
First Half 2015
- GAAP revenues were $15.7 million in the first half of 2015, representing an increase of 2% over the $15.3 million in the same period last year, driven mainly by the achievement of collaboration milestones and the timing of revenue recognition related to previous collaboration payments. This increase was partly offset by an unfavorable foreign currency fluctuations effect of $0.7 million, lower fragrance sales due to the timing of a large fragrance molecule sale in the first quarter of 2014 as well as the completion of several government grant contracts. Collaboration and grants revenues contributed $10.3 million of total revenues for the six months ended June 30, 2015, compared to $8.1 million for the same period in 2014.
- Cash revenue inflows, a non-GAAP measure, totaled $35.5 million for the six months ended June 30, 2015. This is a 36% increase compared to $26.1 million for the same period of 2014.
- Net loss attributable to Amyris common stockholders for the six months ended June 30, 2015 was $99.4 million, or $1.25 per basic and diluted share.
- Adjusted Free Cash flow for the first half of 2015 was -$23.7 million, an improvement of $14.2 million compared to the first half of 2014, driven by collaboration inflows, including with Total, as well as improved adjusted gross margins.
Cash & Access to Growth Capital
Our current cash and investments balance approximates $32 million. We intend to continue to review our capital requirements and improve our capital structure. To supplement any cash needs, we continue to maintain our $50-million equity facility.
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