Metabolix Announces Fourth Quarter and Full Year 2013 Financial Results
Recent Highlights:
- Presented data demonstrating use of Metabolix PHA biopolymers as a performance and process enhancing additive in PVC and PLA applications
- Launched Mvera B5011, a new film grade resin that allows for production of highly transparent compostable film and bags
- Achieved technical milestones for production of PHA in latex form with target applications in biobased, biodegradable barrier coatings for paper and cardboard
- Demonstrated use of second generation cellulosic sugars as feedstock for PHA biopolymer and biobased chemical products
- Achieved significant increase in yield in microbial strains used to produce bioacrylic from either corn sugar or second generation cellulosic sugars
"We accomplished several milestones across our business platforms during the fourth quarter of 2013 and early 2014," said
"In 2014, we will be focused on a number of key milestones tied to our business plan," Shaulson continued. "Financing the execution of that plan is at the top of our agenda. Selection and build-out of an intermediate-scale (2.5 to 5 KTPA) manufacturing site for commercial production of
"In anticipation of commercial production, we are also sharpening our emphasis on developing performance additive solutions that deliver the greatest combination of value and performance to our customers. This is driving a shift in our approach to product and application development, as we work closely with customers from initial data demonstration, through product and process validation, larger-scale trials and ultimately to final purchasing decisions. We are confident in our strategy and excited by the opportunity to execute our business plan through the balance of 2014 and 2015. Ultimately, this should position us to move forward with longer-range plans for larger scale manufacturing supported by customer demand for Metabolix PHA biopolymers and create significant value for all of our stakeholders," said Shaulson.
"Today,
FULL YEAR AND FOURTH QUARTER 2013 FINANCIAL OVERVIEW
For 2013, the Company reported a net loss of
Total revenue for the full year 2013 was
Cost of product revenue for the full year 2013 was
Research and development expenses were
Selling, general and administrative expenses were
The Company reported a net loss of
Total revenue in the fourth quarter of 2013 was
In the fourth quarter of 2013, research and development expenses were
The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern. However, with the exception of 2012, when the Company recognized
Conference Call Information
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About
For more information, please visit www.metabolix.com. (MBLX-E)
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical, including, without limitation, statements regarding the Company's business plans and strategies; expectations for establishing commercial PHA biopolymer manufacturing; expected market demand and commercialization plans for the Company's PHA biopolymer products; expected future financial results and cash requirements; plans for obtaining additional funding; plans and expectations that depend on the Company's ability to continue as a going concern; and
expectations for future research, product development and collaborations constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in
Metabolix Inquiries:
(FINANCIAL TABLES FOLLOW)
| |||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||
UNAUDITED | |||||||||||||
(in thousands, except share and per share data) | |||||||||||||
Three Months Ended |
Twelve Months Ended | ||||||||||||
|
| ||||||||||||
2013 |
2012 |
2013 |
2012 | ||||||||||
Revenue: |
|||||||||||||
Revenue from termination of ADM collaboration |
$ |
- |
$ |
- |
$ |
- |
$ |
38,885 | |||||
Product revenue |
191 |
754 |
2,067 |
1,211 | |||||||||
Grant revenue |
619 |
556 |
2,490 |
1,971 | |||||||||
Research and development revenue |
- |
- |
618 |
- | |||||||||
License fee and royalty revenue |
80 |
87 |
219 |
249 | |||||||||
Total revenue |
890 |
1,397 |
5,394 |
42,316 | |||||||||
Costs and expenses: |
|||||||||||||
Cost of product revenue |
814 |
618 |
3,026 |
1,426 | |||||||||
Research and development expenses |
4,681 |
7,195 |
19,127 |
23,177 | |||||||||
Selling, general, and administrative expenses |
4,015 |
3,104 |
13,743 |
14,110 | |||||||||
Total costs and expenses |
9,510 |
10,917 |
35,896 |
38,713 | |||||||||
Income (loss) from operations |
(8,620) |
(9,520) |
(30,502) |
3,603 | |||||||||
Other income, net: |
|||||||||||||
Interest income, net |
8 |
22 |
51 |
124 | |||||||||
Other expense, net |
(15) |
(18) |
(55) |
(97) | |||||||||
Total other income (expense), net |
(7) |
4 |
(4) |
27 | |||||||||
Net income (loss) |
$ |
(8,627) |
$ |
(9,516) |
$ |
(30,506) |
$ |
3,630 | |||||
Net income (loss) per share: |
|||||||||||||
Basic |
$ |
(0.25) |
$ |
(0.28) |
$ |
(0.88) |
$ |
0.11 | |||||
Diluted |
$ |
(0.25) |
$ |
(0.28) |
$ |
(0.88) |
$ |
0.11 | |||||
Number of shares used in per share calculations: |
|||||||||||||
Basic |
34,578,636 |
34,304,118 |
34,471,301 |
34,217,298 | |||||||||
Diluted |
34,578,636 |
34,304,118 |
34,471,301 |
34,279,779 |
| ||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
UNAUDITED | ||||||||
(in thousands) | ||||||||
|
| |||||||
2013 |
2012 | |||||||
Assets |
||||||||
Cash, cash equivalents and short-term investments |
$ |
19,209 |
$ |
43,773 | ||||
Inventory |
4,074 |
3,204 | ||||||
Other current assets |
1,948 |
1,978 | ||||||
Restricted cash |
619 |
594 | ||||||
Property and equipment, net |
793 |
1,358 | ||||||
Long-term investments |
- |
2,508 | ||||||
Other assets |
95 |
95 | ||||||
Total assets |
$ |
26,738 |
$ |
53,510 | ||||
Liabilities and Stockholders' Equity |
||||||||
Accounts payable and accrued liabilities |
$ |
5,471 |
$ |
4,752 | ||||
Short-term deferred revenue |
669 |
1,067 | ||||||
Current portion of deferred rent |
55 |
165 | ||||||
Long-term deferred revenue |
- |
- | ||||||
Other long-term liabilities |
145 |
186 | ||||||
Total liabilities |
6,340 |
6,170 | ||||||
Total stockholders' equity |
20,398 |
47,340 | ||||||
Total liabilities and stockholders' equity |
$ |
26,738 |
$ |
53,510 |
| |||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||
UNAUDITED | |||||||||||
(in thousands) | |||||||||||
Year Ended | |||||||||||
2013 |
2012 |
2011 | |||||||||
Cash flows from operating activities |
|||||||||||
Net income (loss) |
$ |
(30,506) |
$ |
3,630 |
$ |
(38,785) | |||||
Adjustments to reconcile net income (loss) to cash used in operating activities: |
|||||||||||
Depreciation |
928 |
1,298 |
1,507 | ||||||||
Charge for 401(k) company common stock match |
397 |
408 |
529 | ||||||||
Stock-based compensation |
3,193 |
3,807 |
4,633 | ||||||||
Inventory impairment |
818 |
138 |
- | ||||||||
Changes in operating assets and liabilities: |
|||||||||||
Deferred revenue |
(398) |
(37,791) |
1,333 | ||||||||
Inventory |
(1,688) |
(3,342) |
- | ||||||||
Other operating assets and liabilities |
608 |
116 |
(948) | ||||||||
Net cash used in operating activities |
(26,648) |
(31,736) |
(31,731) | ||||||||
Cash flows from investing activities |
|||||||||||
Purchase of property and equipment |
(373) |
(392) |
(895) | ||||||||
Proceeds from sale of equipment |
- |
12 |
- | ||||||||
Change in restricted cash |
(25) |
28 |
- | ||||||||
Purchase of investments |
(16,635) |
(58,933) |
(107,477) | ||||||||
Proceeds from sale and maturity of short-term investments |
36,821 |
84,303 |
99,464 | ||||||||
Net cash provided by (used in) investing activities |
19,788 |
25,018 |
(8,908) | ||||||||
Cash flows from financing activities |
|||||||||||
Proceeds from options exercised |
14 |
19 |
74 | ||||||||
Proceeds from public stock offering, net of issuance costs |
- |
- |
49,333 | ||||||||
Net cash provided by financing activities |
14 |
19 |
49,407 | ||||||||
Effect of exchange rate changes on cash and cash equivalents |
(28) |
(6) |
(17) | ||||||||
Net increase (decrease) in cash and cash equivalents |
(6,874) |
(6,705) |
8,751 | ||||||||
Cash and cash equivalents at beginning of period |
14,572 |
21,277 |
12,526 | ||||||||
Cash and cash equivalents at end of period |
$ |
7,698 |
$ |
14,572 |
$ |
21,277 |
SOURCE
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