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Amyris Posts Q2 Results, Predicts "Disruptive Impact in the Fragrance Ingredients Segment"
Posted: August 1, 2012
Amyris Inc.’s second-quarter revenue fell 44%, reflecting the wind down of its Amyris Fuels operations; however, the integrated renewable products company has secured funding for farnesene research and development and plans to bring its first fragrance material to market.
During the company’s quarterly conference call, CEO John Melo said Amyris has produced and delivered a sizable test quantity of its undisclosed fragrance ingredient and has met obligations to its partner, Firmenich.
“Various perfumers are in final stages of evaluating the oil's purity and quality, and we are getting ready for production,” said Melo. “This first molecule serves as the proof point that we can have a disruptive impact in the fragrance ingredients segment.”
The renewable products company also plans to introduce two new farnesene-based cosmetic products next year and is on track with its goal of launching one or two new cosmetic products each year.
Still, Amyris’s vision is firmly fixed on its Biofene renewable farnesene for renewable diesel and jet fuel and has received up to an incremental $82 million in funding over three years for research and development in this area from Total S.A. It is also in active discussions with several other companies to receive additional funding in the coming years, although executives wouldn’t disclose any names. Amyris has also narrowed its contract manufacturing operations and reduced operating costs.
For the three months ended June 30, revenue fell to $15.6 million from $27.8 million a year earlier, reflecting the wind-down for Amyris Fuels (AFL). Excluding AFL operations, revenue rose to $6 million, compared to $4.2 million of non-AFL revenue in the year-ago second quarter.
Based on GAAP, or generally accepted accounting principles, its second-quarter GAAP net loss, which includes items such as stock-based compensation, widened to $46.8 million from a loss of $42.6 million a year earlier. Excluding items such as stock-based compensation, its non-GAAP net loss widened to $37.9 million during the latest quarter, compared to $34.7 million a year ago.