Amyris reports strong fourth quarter renewable product sales

By Erin Voegele | March 10, 2016

Amyris Inc. has released fourth quarter financial results, reporting GAPP revenues of $9.8 million, down from $11.6 million during the same quarter of the prior year. Product sales reached $5.2 million, up from $4.78 million during the fourth quarter of 2014. Collaboration and grants contributed $4.6 million to total GAAP revenues, down from $6.9 million during the same quarter of the previous year.

Net loss attributable to common stockholders was $41.9 million, or 23 cents per basic share and 28 cents per diluted basis, for the fourth quarter. Adjusted net loss was $34 million, or 16 cents per basic share.

For the full year, Amyris reported GAAP revenues of $34.2 million, down from $43.3 million in 2014. Collaboration revenues contributed $19.3 million last year, compared to $19.8 million in 2014. Non-GAAP revenue for 2015 was $48.5 million, compared to $58.9 million in 2014.

Net loss attributable to common stockholders was $218 million last year, or $1.75 per basic and diluted share. Adjusted net loss was $135.7 million, or $1.07 per basic share.

"The fourth quarter resulted in our best renewable product sales quarter to date during 2015 while also highlighting our challenge in completing our product finishing and shipping in time for one of our customers," said John Melo, president and CEO of Amyris.

"We expect to complete a significant portion of the delayed product shipment during the current quarter with the remainder later in the year and continue to make very good progress in the expansion of our collaboration portfolio,” he continued. “We entered 2016 with key commitments in place for farnesene applications, which represent a substantial percentage of our total planned annual farnesene production volume for 2016. The volumes we expect under these farnesene supply agreements represent initial supplies for high-volume applications, and alone, could fully utilize our Brotas plant through the end of 2016."

"We are focusing on our core business, which is driven by solving supply challenges, delivering innovative products and providing our partners with a strategic advantage underpinned by high-performance, sustainable products,” Melo said. “We expect our key results for 2016 to include divestment of non-core assets that we believe will generate approximately $40 million to $60 million of net proceeds, closing new collaborations in personal care and pharmaceutical industries and delivering on our farnesene supply agreements."

During an investor call, Melo said that the combination of successful commercialization activities and new customer commitments has generated a product mix that allows the company to be profitable on a gross margin basis at $30 per barrel.

Regarding fuels, Melo indicated Amyris reduced its exposure to diesel sales at end of the fourth quarter and has exited most of its diesel sales at the start of this year. He said this will have a $6-7 million positive impact on gross margin dollars and revenue and will be replaced by higher value farnesene sales to the company’s industrial partners.

Melo also noted that Amyris continues its partnership and collaboration with Total. The company supplies Total with farnesene for specialty fluids and high-value chemicals applications, and is continuing work toward long-term competitive biobased jet fuel production. The companies aim to deliver competitive renewable jet fuel by 2020.