Dyadic’s FY 2014 results show decreased revenues, but tripling of gross profit

In Florida, Dyadic has announced positive financial results for FY 2014, including 12% year-over-year increase in revenue and tripling of gross profit (excluding one-time, upfront license fees). Net product related revenue remained flat at $9.8 million. Sales for the period were driven by growth in the starch and alcohol markets, offset by lower sales to the textile market.

Chief Executive Officer, Mark Emalfarb, stated, “We have been very focused on building the foundation of our business to get to profitability from revenues derived from our enzyme product sales, third party funded research programs and ongoing royalty and milestone payments from C1 licensees…The technology behind C1 has never been better as we are achieving record high productivity in some of our programs, which we expect will translate directly to even lower cost manufacturing processes for ourselves, our licensees and collaborators.  Additionally, we have a variety of late stage discussions and negotiations ongoing that we anticipate will lead to the further strengthening of our balance sheet.”

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