Sales of bio-succinic acid were $3.3M, compared to $3.7M in Q3 2016.
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MONTREAL, Nov. 7, 2017 /PRNewswire/ - BioAmber Inc. (NYSE: BIOA) (TSX: BIOA) - a leader in renewable materials today announced operational and financial results for the three months ended September 30, 2017. Highlights:
"I am excited to join BioAmber at this stage of development. Our technology is proven, we have identified numerous opportunities to drive down our variable costs, and our customer base and application pattern continues to expand," stated Richard Eno, BioAmber's Chief Executive Officer. "I look forward to leading the company as we grow our sales from Sarnia creating a foundation for long term profitable growth." Q3 2017 Financial Results Revenues for the quarter ended September 30, 2017 were $3.3 million, a decrease of 10% over the same quarter last year, mainly driven by a decrease in succinic acid volume, slightly offset by an increase in average selling price. Cost of goods sold increased from $5 million to $6 million for the three months ended September 30, 2017 compared to the three months ended September 30, 2016, driven primarily by an increase in production volume and an increase in royalties. General and administrative expenses increased by $0.6 million to $2.3 million for the three months ended September 30, 2017, as compared to $1.8 million for the three months ended September 30, 2016. This is mainly due to recruiting fees associated with the hiring of a new CEO and an increase in legal fees. Excluding these and other non-recurring charges, general and administrative expenses were flat compared to last year. Research and development expenses decreased by $0.6 million to $1.2 million for the three months ended September 30, 2017, as compared to $1.8 million for the three months ended September 30, 2016, primarily attributable to a reduction in the R&D efforts required to support the Sarnia facility. Financial charges (income), net decreased to an income of $0.9 million for the three months ended September 30, 2017 as compared to a charge of $3.2 million for the three months ended September 30, 2016. This variation of $4.1 million is mainly due to the non-cash mark-to-market adjustment change of $3.5 million on all outstanding warrants. It is also attributable to a decrease in interest and end of term charges on long-term debt due to the full repayment of the Bridging Loan in January 2017. This decrease is partially offset by the issuance costs associated with the January 2017 and the August 2017 Warrants classified as liabilities. The Company recorded a net loss attributable to BioAmber Inc. shareholders of $7.0 million, or a loss of $0.16 per share, for the quarter ended September 30, 2017, compared to a net loss of $6.2 million, or a loss of $0.21 per share, for the same period last year. The Adjusted Net Loss Attributable to BioAmber Inc. Shareholders for the quarter ended September 30, 2017 was $9.4 million, or a loss of $0.21 per share, compared to an Adjusted Net Loss Attributable to BioAmber Inc. Shareholders of $7.4 million, or a loss of $0.26 per share, for the three months ended September 30, 2016. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a non-GAAP financial metric that excludes the impact of the change in fair value of the IPO, Legacy, January 207 and August 2017 Warrants and grant revenue. Please refer to Annex A: "Non-GAAP Financial Information--Adjusted Net Loss Attributable to BioAmber Inc. Shareholders" for more information regarding this non-GAAP financial metric. About BioAmber BioAmber (NYSE: BIOA, TSX: BIOA) is a renewable materials company. Its innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products. For more information visit www.bio-amber.com Forward-Looking Statements
BioAmber Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except for per
share data)
Three Months Ended
September 30,
-------------
2017 2016
---- ----
$ $
Product sales 3,301 3,661
Cost of goods sold excluding
depreciation and amortization 5,980 5,035
Operating expenses
General and administrative 2,321 1,767
Research and development, net 1,187 1,773
Sales and marketing 458 479
Depreciation of property and
equipment and amortization of
intangible assets 1,328 1,208
Foreign exchange loss (gain) 103 (29)
--- ---
Operating expenses 5,397 5,198
----- -----
Operating loss (8,076) (6,572)
Amortization of
debt discounts 702 1,038
Financial charges
(income), net (924) 3,190
Grant income - (4,047)
Other income, net - (34)
-----------------
Loss before income taxes (7,854) (6,719)
Income taxes (21) -
--- ---
Net loss (7,833) (6,719)
====== ======
Net loss
attributable to:
BioAmber Inc. shareholders (7,050) (6,158)
Non-controlling interest (783) (561)
---- ----
(7,833) (6,719)
====== ======
Basic net loss per share attributable to
BioAmber Inc. shareholders (0.16) (0.21)
Weighted-average number of common
shares outstanding - basic 45,274 28,811
BioAmber
Inc.
Consolidated
Balance
Sheet
Information
(unaudited,
in
thousands)
As of As of
September 30, December 31,
2017 2016
---- ----
$ $
Assets
Current
assets:
Cash
and
cash
equivalents 10,228 16,160
Accounts
receivable 2,536 987
Inventories 6,214 4,498
Prepaid
expenses
and
other
current
assets 1,349 880
Restricted
cash - 8,897
--- -----
Total current assets 20,327 31,422
Property
and
equipment,
net 127,813 121,628
Investment
in
cost
and
equity
method
investment 447 447
Intangible
assets
including
goodwill 6,603 6,752
Restricted
cash 301 558
Deferred
financing
costs 24 524
--- ---
Total assets 155,515 161,331
=======
Liabilities
Current
Liabilities:
Accounts
payable
and
accrued
liabilities 6,845 6,022
Income
taxes
payable 190 115
Deferred
revenue - 1,372
Warrants
financial
liability - 14,497
Short-
term
portion
of
long
term
debt 11,789 23,299
------ ------
Total current liabilities 18,824 45,305
Long-
term
debt 25,409 29,032
Warrants
financial
liability 4,253 740
Other
long-
term
liabilities 241 247
--- ---
Total liabilities 48,727 75,324
------
Redeemable
non-
controlling
interest - 37,516
Shareholders'
Equity 106,788 48,491
------- ------
Total
Liabilities
and
Shareholders'
Equity 155,515 161,331
======= =======
BioAmber Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)
Nine Months ended
September 30,
-------------
2017 2016
$ $
Operating Activities
Net loss (18,117) (16,322)
Adjustments to reconcile net loss to cash:
Stock-based compensation 4,118 2,686
Depreciation and amortization 3,778 3,600
Loss on disposals of property and equipment 32 133
Amortization of debt discounts 1,944 2,478
Other long-term liabilities (25) (17)
Financial charges (income), net (12,345) (8,103)
Gain on debt extinguishment (746) -
Grant income - (4,047)
Write-off of deferred financing costs 500 -
Changes in operating assets and liabilities (3,676) (13,509)
------ -------
Net cash used in operating
activities (24,537) (33,101)
---------
Investing activities
Acquisition of property and equipment and intangible asset,
net of disposals (722) (540)
---- ----
Net cash used in investing
activities (722) (540)
---------
Financing activities
Deferred financing costs (81) (1,369)
Issuance of long-term debt - 26,929
Repayment of long-term debt (19,009) (14,081)
Government grants - 1,108
Net proceeds from issuance of common shares 38,145 11,918
Proceeds from issuance of shares by a subsidiary - 17,726
--- ------
Net cash provided provided
by financing activities 19,055 42,231
---------
Foreign exchange impact on cash 272 376
(Decrease) Increase in cash and cash equivalents (5,932) 8,966
Cash and cash equivalents, beginning of period 16,160 6,974
------ -----
Cash and cash equivalents, end of period 10,228 15,940
====== ======
ANNEX A: Non-GAAP Financial Information Adjusted Net Loss Attributable to BioAmber Inc. Shareholders BioAmber presents Adjusted Net Loss Attributable to BioAmber Inc. Shareholders as a supplemental measure of BioAmber's performance. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a non-GAAP financial metric that excludes, for the quarter ended September 30, 2017, the impact of the change in fair value of the IPO Warrants, Legacy Warrants, January 2017 Warrants and August 2017 Warrants. For the quarter ended September 30, 2016, it excludes the impact of the change in fair value of the IPO Warrants, Legacy Warrants, and the grant income. The above items are excluded from BioAmber's Adjusted Net Loss Attributable to BioAmber Inc. Shareholders because these items are non-cash in nature, or because the amount and timing of these items are either unpredictable or not driven by current operating results and renders comparisons with prior periods and competitors less meaningful. BioAmber believes Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a useful measure for analysts and investors to evaluate BioAmber's future ongoing performance as this measure allows for a more meaningful comparison of BioAmber's projected cash earnings and performance with its historical results from prior periods and to the results of its competitors. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders corresponds more closely to the cash operating income generated from BioAmber's business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of BioAmber's business. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders has certain limitations in that it does not take into account the impact of certain expenses to BioAmber's consolidated statements of operations. In evaluating Adjusted Net Loss Attributable to BioAmber Inc. Shareholders, you should be aware that in the future BioAmber may incur expenses similar to the adjustments in this presentation. BioAmber's presentation of Adjusted Net Loss Attributable to BioAmber Inc. Shareholders should not be construed as an inference that BioAmber's future results will be unaffected by unusual or non-recurring items. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is not a measurement of BioAmber's financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP.
BioAmber Inc.
Non-GAAP
Financial
Information
(unaudited, in
thousands,
except for
per share
data)
Three Months Ended
September 30,
2017 2016
---- ----
$ $
Net loss
attributable
to BioAmber
Inc.
Shareholders (7,050) (6,158)
Adjustment:
Warrants revaluation
(income) expense (2,379) 1,108
Grant income - (2,396)
Adjusted net
loss
attributable
to BioAmber
Inc.
shareholders (9,429) (7,446)
====== ======
Adjusted net
loss per
share
attributable
to BioAmber
Inc.
shareholders
-basic (0.21) (0.26)
Weighted-
average
number of
common shares
outstanding-
basic 45,274 28,811
SOURCE BioAmber Inc. |
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Company Codes: NYSE:BIOA, Toronto:BIOA |
