Amyris Announces 1st Quarter Results

Renewable chemicals company Amyris, Inc. posted lower revenues than it did in the first quarter of last year—$29.5 million, as opposed to $37.2 million. This was due to the company winding down business for Amyris Fuels.

The company saw many cost increases for the quarter ending March 31: Cost of products sold was $43.8 million, up from $34.4 million for the same period in 2011. A charge of $36.7 million this quarter was related to losses on purchase commitments and write-off of production assets. Research and development expenses were $21.3 million, as opposed to Q1 2011's $19.7 million; and sales, general and administrative expense increased from $16 million to $21.7 million.

The net loss attributable to common stockholders was $51.4 million compared, to $29.1 million in the 1st quarter of the prior year.

CEO John Melo spoke to the company's strategy moving forward. "Since the beginning of the year, in addition to a considerable private placement, we improved our production stability and efficiency and saw growth in our renewable product sales," he says. "We remain on track with the construction of our own industrial production facility at Paraíso, and have restructured our management and are rationalizing our contract manufacturing footprint. This enables us to focus and execute on the continued growth and commercialization of our technology."

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