Metabolix releases quarterly financials

By Erin Voegele | November 02, 2012

Metabolix Inc. has reported financial results for the quarter ended Sept. 30, reporting total revenue of $700,000 for the quarter. This is an increase over the $500,000 in revenue reported for the same period last year. According to the company, the revenue from the most recent quarter consisted primarily of revenue from government grants and product sales.

According to financial data released by Metabolix, it billed and shipped $700,000 million in biopolymer product orders during the third quarter, resulting in $100,000 in revenue that was recognized, and $600,000 that was deferred to the fourth quarter. During the second quarter of 2012, the company recorded $400,000 in sales. A new return policy was adopted at the end of the third quarter.

Metabolix reported a net loss of $7.7 million, or 23 cents per share, during the third quarter of 2012. That is a reduction over the net loss of $9.6 million, or 28 cents per share, posted during the same time period last year.

“We made progress in each of our business areas during the quarter.  We entered the demonstration phase with Antibióticos, our manufacturing partner for biopolymers, and have begun the engineering and ordering of the equipment needed to begin production in Spain.  We expect Antibióticos to begin delivering demonstration quantities of biopolymer in early 2013 and commercial quantities later in the year.  We also increased our product shipments during the third quarter utilizing our inventory position to expand the roster of customers placing new and repeat orders,” said Richard  Eno, president and CEO of Metabolix.  “In our biobased chemicals platform, we have accelerated discussions with potential partners for our C4 and C3 chemicals programs.  In our crops platform, which we believe has excellent long term potential, we have continued to execute on our $6 million [U.S. DOE] grant and are pursuing a number of opportunities for additional funding.”

As part of its financial announcement, Metabolix also provided its shareholders and the public with an overview of its recent progress. Key accomplishments of its biopolymers division include working with Antibióticos to begin the demonstration phase of biopolymer production. Demonstration production capacity is expected to be online in early 2013. The company also increased quarterly product shipments, planned for the launch of a new compostable film product, and identified a new high-value market opportunity in PVC.

The chemicals division of Metabolix’s operation accelerated discussions with potential partners for C4 and C3 chemicals. The company’s production process involves using patented fermentation technology along with a fast-acting, selective thermolysis recovery process.

Finally, with regard to its crops division, Metabolix continued to execute a DOE grant to produce PHB in switchgrass to co-produce densified biomass for fuel and to produce crotonic acid.