Amyris narrows loss; captive company for Total, asks analyst?

November 14, 2012 |

In California, Amyris announced that aggregate revenues for the quarter ended September 30, 2012 were $19.1 million versus $36.3 million in the third quarter of 2011. GAAP net loss attributable to common stockholders for the quarter was $20.3 million ($0.34 per share) compared to a loss of $43.7 million ($0.97 per share) in the same quarter of 2011. Piper Jaffray energy analyst Mike Ritzenthaler wrote: “Cash used in operations was approximately $10 million higher than we anticipated. Clearly, management’s main focus over the next 6-7 weeks is raising at least enough cash to string them along through the startup of Paraíso. Amyris/Total is starting to sound a bit too much like Codexis/Shell or Metabolix/ADM. With an additional $30 million in notes in 3Q, the relationship with Total appears to remain on solid footing. While such a relationship with a large strategic partner can yield significant benefits, we are a bit leery of other ‘new to the world’ technology companies that have suffered in the long-term, from either slower market adoption or handcuffed development efforts.”

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