Amyris reports 25% gain in QonQ revenues; losses up 28%

May 6, 2011 |

In California, Amyris, announced total revenues for the first quarter were $37.2 million versus $29.7 million in the prior quarter with Cost of Products Sold of $34.4 million versus $27.5 million. Research and Development expense increased to $19.7 million from $17.0 million and Sales, General and Administrative expense increased to $16.0 million from $11.0 million.

Q1  GAAP net loss attributable to common stockholders was $33.1 million, compared with $25.6 million in the prior quarter, the company said in its release of financial results. The company’s balance of cash, cash equivalents and marketable securities was $227.2 million at the end of the first quarter versus $257.9 million at the end of the prior quarter.

“We continue to meet our critical milestones, including delivering our first renewable product to customers and completing our first commercial production facility,” said John Melo, CEO of Amyris. “These achievements clearly communicate that we have become a commercial operation, and our focus as a company is to ramp up our operations quickly to meet customer demand and deliver a growing portfolio of high-value, renewable products.”

Raymond James analyst Pavel Molchanov commented: “Amyris’ production plans remain on track, and in fact slightly ahead of schedule, for 2011 and 2012. Management reaffirmed that 2011 production will be toward the high end of guidance (6-9 million liters), with volumes mainly weighted toward lubricants (ASPs of $5-7 per liter), with smaller quantities of renewable diesel in Brazil (niche sales to bus fleets), and squalane. Guidance for 2012 also stays at 40-50 million liters, which includes production from Amyris’ 50/50 joint venture with Grupo São Martinho as well as Amyris’ base oils JV with Cosan (CZZ). We are projecting sales of 8.9 and 48.6 million liters for 2011 and 2012, respectively.

“AMRS shares are currently trading at a 1% discount to our DCF estimate of $25.94,” Molchanov added. “Given Amyris’ unique technology platform and “scarcity value” as one of the few publicly traded Gen2 companies, we believe a multiple of ~1.2x DCF is warranted, which yields our target price of $31.00.”

 

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