Amyris, Inc. Reports Third Quarter 2020 Financial Results

EMERYVILLE, Calif., Nov. 5, 2020 /PRNewswire/ —Amyris, Inc. (Nasdaq: AMRS), a number one artificial biotechnology firm in Sustainable Well being and Clear Magnificence markets via its client manufacturers and a prime provider of sustainably sourced pure components, immediately introduced monetary outcomes for its third quarter ended September 30, 2020.

John Melo, President and Chief Government Officer of Amyris stated, “The third quarter of 2020 was one other robust quarter for our firm. Our capacity to ship report Product Income in these troublesome and unsure instances is a testomony to the resiliency of our crew, the rising development of shoppers’ dedication to sustainable manufacturers, our merchandise, and the robustness of our enterprise mannequin.”

Mr. Melo added, “In the course of the quarter, we continued to execute throughout the strategic priorities we laid out at first of the 12 months. Our client enterprise is rising at over 3 times 2019 income and delivered considerably expanded Gross Margin. We anticipate the mixture of a powerful fourth quarter together with the profitable completion of strategic transactions to set us up for a worthwhile 2021.”

Q3 2020 Monetary Highlights

• Gross sales Income:Product Income (Shopper & Elements) of $31 million was up 58% in contrast with the prior 12 months quarter, with year-over-year income development in Shopper (+203%) and Elements (+21%).
• Money working expenseof $43 million improved $5 million or 10% versus the prior 12 months quarter, principally as a result of decrease G&A expense.
• Adjusted EBITDAof –$33 million improved $10 million year-over-year as a result of robust income development, improved gross margin and decrease working expense.
• Curiosity expenseof $7 million was down $10 million or 61% from Q3 2019 as a result of decrease debt and an improved common rate of interest.

Strategic Highlights

1. Excessive development client manufacturers:above-market development

• Latest Progress:
• Our wholly owned client manufacturers delivered 220% development on a year-to-date foundation. Product Income demonstrated three consecutive quarters of >55% YoY development.
• Continued worldwide development of Biossance.
• Upcoming milestone:
• Pipette & fast-tracked to launch in China in November.
• Biossance Coming into China by 12 months finish

2. Scientific and business collaboration:quick time from lab to industrial scale

• Latest Progress:
• Executed settlement with the Infectious Illness Analysis Institute (IDRI) to speed up growth of a mRNA vaccine platform, beginning with COVID-19 as first software.
• Scaled business manufacturing of Cannabigerol (CBG), leveraging our fermentation course of functionality.
• Upcoming milestone:
• On monitor to ship 4 molecules at scale, surpassing 2020 goal of two to 3.
• This autumn Elements income to profit from new merchandise to market.

3. Provide chain optimization:enhanced product margins

• Latest Progress:
• 12 months-to-date gross margins improved versus 2019 pushed by each Shopper and Elements. Shopper margins have been 67% year-to-date, nicely inside the 60-70% anticipated goal vary.
• Cosmetics Ingredient Enterprise delivered 49% adjusted EBITDA margin.
• Upcoming milestone:
• Development of built-in Brazil components plant on monitor for This autumn 2021 commissioning.

4. Improved stability sheet, earnings and money movement:monetary basis for fulfillment

• Latest Progress:
• Improved margin profile of client manufacturers and components portfolio.
• Q3 money working expense improved 10%, principally as a result of decrease G&A.
• Q3 curiosity expense was down 61%. Debt was diminished 41% for the reason that begin of 2020.

Q3 2020 and 12 months-to-Date (YTD) Gross sales Income

• Q3 reported Whole Income of $34 million included robust Product Income development in comparison with the prior 12 months quarter.
• Q3 Product Income of $31 million elevated $11 million or 58% in contrast with the prior 12 months quarter, with year-over-year income development in Shopper (+203%) and Elements (+21%). Q3 marks the third consecutive quarter of tripled year-over-year Shopper Income.
• YTD Gross sales Income additionally noticed robust development from Product Income, partly offset by decrease Collaboration Income.

Q3 2020 and 12 months-to-Date (YTD) Different Key Financials

• Q3 Gross margin of 41% was supported by robust enchancment in Product margins. Q3 Product gross margin of 35% grew $11 million versus the prior 12 months quarter with a $9 million year-over-year enchancment from Shopper and $2 million from Elements. YTD Gross margin additionally mirrored a powerful enchancment in Product margins. Prior 12 months gross margins have been helped by greater Collaboration Income and a one-off Vitamin E transaction.
• Q3 Money Working Expense of $43 million improved $5 million or 10% versus the prior 12 months quarter. Enhancements in G&A and R&D expense have been partly redirected to advertising investments to assist Shopper model development. T&E expense was down as a result of COVID-19. Sequential money working expense was flat regardless of continued topline development. YTD money working expense of $130 million was down $6 million or 4%.
• Q3 Adjusted EBITDA of –$33 million improved $10 million versus the prior 12 months quarter as a result of robust income development, improved gross margins and decrease expense. YTD adjusted EBITDA of –$101 million improved from –$131 million within the prior 12 months pushed by gross margin development and decrease working expense. Adjusted EBITDA excludes one-time impression from Vitamin E, Lavvan income and a one-off credit score loss.
• Curiosity Expense of $7 million was down $10 million or 61% from Q3 2019 as a result of decrease debt and an improved common rate of interest. Q3 2020 completed with debt of $175m, which compares to $241m on the finish of the prior 12 months quarter. YTD curiosity expense of $42 million improved by $Three million.
• Q3 GAAP Web Earnings of –$23 million in contrast with –$60 million in 2019. The year-over-year and year-to-date comparisons are impacted by varied non-cash changes associated to honest worth of derivatives and debt.
• Diluted EPS of –$0.41 in contrast with –$0.56 for Q3 of 2019. YTD diluted EPS was –$1.46, which in comparison with –$2.11 for YTD 2019.

Regardless of robust monetary efficiency within the third quarter, the extent to which the COVID-19 pandemic may have an effect on Amyris’ future monetary outcomes and operations is topic to a excessive diploma of uncertainty, and due to this fact the corporate is just not offering formal steering at the moment.

FINANCIAL RESULTS AND NON-GAAP INFORMATION

To complement our monetary outcomes and steering offered on a GAAP foundation, we use non-GAAP measures that we consider are useful in understanding our outcomes. These non-GAAP measures are among the many components administration makes use of in planning and forecasting future durations. These non-GAAP monetary measures additionally facilitate administration’s inner comparisons to Amyris’s historic efficiency in addition to comparisons to the working outcomes of different corporations. Administration believes these non-GAAP monetary measures are helpful to traders as a result of they permit for higher transparency into the symptoms utilized by administration to grasp, handle, and consider our enterprise and make working choices. Our non-GAAP monetary measures embrace the next:

Non-GAAP web earnings (loss) is calculated as GAAP web earnings/loss excluding stock-based compensation expense, beneficial properties or losses from change in honest worth of debt, beneficial properties and losses from modifications within the honest worth of derivatives, losses on debt extinguishment, losses allotted to taking part securities, deemed dividends to most well-liked stockholders, contract asset credit score loss reserve, stock decrease of value or web realizable worth changes, loss from funding in affiliate and different earnings/expense.

Adjusted diluted EPS is calculated by dividing Non-GAAP web earnings (loss) by the weighted common shares, primary and diluted excellent for the interval.

Non-GAAP Gross Margin (Gross Margin) is calculated as GAAP revenues divided by GAAP value of merchandise bought excluding extra capability, depreciation and amortization, different prices/provisions and stock decrease of value or web realizable worth changes.

Non-GAAP Money Working Expense is calculated as GAAP Working Expense minus non-cash stock-based compensation, depreciation and amortization. In Q3 2020 it additionally excluded a one-off credit score loss.

EBITDA is calculated as GAAP web loss much less curiosity, expense, earnings tax expense, depreciation and amortization, deemed dividends to most well-liked stockholders and losses allotted to taking part securities.

Adjusted EBITDA is calculated as EBITDA much less stock-based compensation expense, beneficial properties or losses from change in honest worth of debt, beneficial properties and losses from modifications within the honest worth of derivatives, losses on debt extinguishment, different earnings/expense, web, loss from funding in affiliate, contract asset credit score loss reserve and stock decrease of value or web realizable worth changes.

Non-GAAP monetary data is just not ready underneath a complete set of accounting guidelines, and due to this fact, ought to solely be learn at the side of monetary data reported underneath U.S. GAAP to be able to perceive Amyris’s working efficiency. A reconciliation of the non-GAAP monetary measures offered on this launch to essentially the most instantly comparable GAAP monetary measure, is supplied within the tables hooked up to this press launch.

Convention Name
Amyris will host its third quarter 2020 convention name immediatelyat9:00 am ET(6:00 am PT) to debate its monetary outcomes and supply an replace on the corporate’s enterprise. Those that want to hearken to the convention name ought to dial into (877) 870-4263 (U.S.) or (412)-317-0790 (worldwide) and ask to be joined to the Amyris, Inc. name. A dwell webcast of the decision can be accessible on-line on the Amyris web site. To hear through dwell webcast, please go to:http://investors.amyris.com.

A replay of the webcast can be accessible on the Investor Relations part of the corporate’s web site roughly two hours after the conclusion of the decision. Extra data on Amyris’ third quarter 2020 outcomes can be discovered on the Firm’s web site.

About Amyris
Amyris (Nasdaq: AMRS) is a science and expertise chief within the analysis, growth and manufacturing of sustainable components for the Sustainable Well being, Clear Magnificence and Flavors & Fragrances markets. Amyris makes use of a formidable array of unique applied sciences, together with state-of-the-art machine studying, robotics and synthetic intelligence. Our components are included in over 3,000 merchandise from the world’s prime manufacturers, reaching greater than 200 million shoppers. Amyris is proud to personal three client manufacturers – all constructed round its No Compromise promise of unpolluted components: Biossance clear magnificence skincare, Pipette clear child skincare and Purecane, a zero-calorie sweetener naturally derived from sugarcane. For extra data, please go towww.amyris.com.

Ahead-Trying Statements
This launch comprises forward-looking statements, and any statements aside from statements of historic truth could possibly be deemed to be forward-looking statements. These forward-looking statements embrace, amongst different issues, statements concerning future occasions, comparable to anticipated completion of strategic transactions and achievement of milestones, development within the Sustainable Well being and Clear, Magnificence and Wellness markets, together with worldwide growth and timing thereof, anticipated sustained money era and profitability, growth of vaccines, supply of molecules at scale, and operational optimization, together with the anticipated commissioning of the brand new plant in Brazil, and expectations concerning Amyris’s monetary and operational outcomes and skill to attain its marketing strategy in 2020 and past. These statements are based mostly on administration’s present expectations and precise outcomes and future occasions could differ materially as a result of dangers and uncertainties, together with dangers associated to Amyris’s liquidity and skill to fund working and capital bills, dangers associated to its financing actions, dangers associated to potential delays or failures in growth, manufacturing and commercialization of merchandise, dangers associated to Amyris’s reliance on third events, and different dangers detailed every now and then in filings Amyris makes with the Securities and Change Fee, together with Annual Stories on Type 10-Okay, Quarterly Stories on Type 10-Q and Present Stories on Type 8-Okay. Amyris disclaims any obligation to replace data contained in these forward-looking statements, whether or not on account of new data, future occasions, or in any other case.

Amyris, the Amyris brand, No Compromise, Biossance, Pipette, and Purecane are emblems or registered emblems of Amyris, Inc. within the U.S. and/or different international locations.

Monetary Tables Observe

SOURCE Amyris, Inc.

Associated Hyperlinks

www.amyris.com