Amyris shrinks Q1 2016 net loss

Amyris, a California-headquarted industrial bioscience company, has narrowed its first quarter loss by 71% to $15.3 million (€313m), compared to a net loss of $52.2 million during the same period in 2015.

In a statement, the company said its stable results were due to delivery of strong renewable product sales growth and continued reduction in operating expenses.

First quarter revenue for 2016 increased to $8.8 million from $7.8 million year-over-year.  Amyris said this increase from the first quarter of 2015 was due to a 50% increase in product sales, from $2.1 million to $3.1 million, driven by continued growth in our personal care business.

Approximately 92% of Amyris’ Q1 2016 product sales related to the personal care business, which represents stronger margins than the firm’s industrial business. Collaboration and grants revenues contributed $5.7 million to total revenues for the quarter, which was flat compared to the first quarter of 2015.

‘Cash-generating activities’

“The financing announced today in our SEC filings, along with proceeds from our previously announced plan for strategic asset divestments and other cash generating activities, provides us the capital to support our business plan for the year,” said John Melo, Amyris president and CEO.

He added: “We are successfully expanding our collaboration portfolio, executing on several significant farnesene supply agreements for disruptive applications for our partners, and growing our overall sales of high-value, No Compromise ingredients.

“While we still have work to do, we believe we are currently on track to deliver on our goal of becoming a self-sustaining business by the end of this year.

 “We thank our investors, including the Bill & Melinda Gates Foundation, for their continued strong financial support in helping our company to deliver on its mission to make renewable products mainstream while saving lives and reducing the impact of a growing population on our planet’s resources.”