Metabolix Announces Third Quarter 2013 Financial Results
"In the third quarter, we continued to make progress in the execution of our commercial strategy and in developing high value applications for our PHA products," said
"In biopolymers, we continue to develop markets for compostable film and bags, for performance additives and for applications requiring functional biodegradation. In October, we launched I6003rp, a new polymeric modifier for recycled PVC, and presented data on the product at a technical conference. In September, we broadened our suite of film resins with the launch of Mvera B5010, a new certified compostable resin for film and bag applications. Mvera B5010 is a product developed in collaboration with Samsung Fine Chemicals. We featured these products plus I6001, another PHA performance additive for flexible and semi-rigid PVC, at the recent K 2013 International Trade Fair held in
"In our chemicals platform, we recently achieved three key technical milestones in our program. We demonstrated a process to efficiently recover ultra-high purity bio-GBL from fermentation broth. We also showed that our fermentation process and P4HB technology can be adapted to produce deuterated bio-GBL. In addition, we demonstrated the robust nature of our microbial strains for production of biobased chemicals based on the successful conversion of second generation, or cellulosic, sugars to PHA precursors for C3 (bio-acrylic) and C4 chemicals," added
THIRD QUARTER AND NINE MONTHS 2013 FINANCIAL OVERVIEW
Total revenue in the third quarter of 2013 was
Cost of product revenue recognized was
Research and development expenses were
The Company reported a net loss of
Revenue for the nine months ended
Cost of product revenue was
Research and development expenses were
The Company reported a net loss of
The Company's net cash used in operating activities during the nine months ended
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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 statements, including, without limitation, statements regarding expectations for establishing commercial PHA manufacturing; expected market demand for the Company's PHA products; expected future financial results and cash requirements; plans for obtaining additional funding; and expectations for future research and 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
(FINANCIAL TABLES FOLLOW)
| |||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||
UNAUDITED | |||||||||||||
(in thousands, except share and per share data) | |||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||
|
| ||||||||||||
2013 |
2012 |
2013 |
2012 | ||||||||||
Revenue: |
|||||||||||||
Revenue from termination of ADM collaboration |
$ |
- |
$ |
- |
$ |
- |
$ |
38,885 | |||||
Product revenue |
265 |
70 |
1,876 |
457 | |||||||||
Grant revenue |
563 |
576 |
1,871 |
1,415 | |||||||||
Research and development revenue |
- |
- |
618 |
- | |||||||||
License fee and royalty revenue |
27 |
28 |
139 |
162 | |||||||||
Total revenue |
855 |
674 |
4,504 |
40,919 | |||||||||
Costs and expenses: |
|||||||||||||
Cost of product revenue |
459 |
316 |
2,212 |
808 | |||||||||
Research and development expenses |
4,643 |
4,931 |
14,446 |
15,982 | |||||||||
Selling, general, and administrative expenses |
2,995 |
3,170 |
9,728 |
11,006 | |||||||||
Total costs and expenses |
8,097 |
8,417 |
26,386 |
27,796 | |||||||||
Income (loss) from operations |
(7,242) |
(7,743) |
(21,882) |
13,123 | |||||||||
Other income (expense): |
|||||||||||||
Interest income, net |
10 |
27 |
43 |
102 | |||||||||
Other expense, net |
(19) |
(29) |
(40) |
(78) | |||||||||
Total other income (expense), net |
(9) |
(2) |
3 |
24 | |||||||||
Net income (loss) |
$ |
(7,251) |
$ |
(7,745) |
$ |
(21,879) |
$ |
13,147 | |||||
Net income (loss) per share: |
|||||||||||||
Basic |
$ |
(0.21) |
$ |
(0.23) |
$ |
(0.64) |
$ |
0.38 | |||||
Diluted |
$ |
(0.21) |
$ |
(0.23) |
$ |
(0.64) |
$ |
0.38 | |||||
Number of shares used in per share calculations: |
|||||||||||||
Basic |
34,516,051 |
34,243,792 |
34,435,129 |
34,188,146 | |||||||||
Diluted |
34,516,051 |
34,243,792 |
34,435,129 |
34,270,455 |
| ||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
UNAUDITED | ||||||||
(in thousands) | ||||||||
|
| |||||||
2013 |
2012 | |||||||
Assets |
||||||||
Cash, cash equivalents and short-term investments |
$ |
25,748 |
$ |
43,773 | ||||
Inventory |
3,400 |
3,204 | ||||||
Other current assets |
1,795 |
1,978 | ||||||
Restricted cash |
619 |
594 | ||||||
Property and equipment, net |
891 |
1,358 | ||||||
Long-term investments |
- |
2,508 | ||||||
Other assets |
50 |
95 | ||||||
Total assets |
$ |
32,503 |
$ |
53,510 | ||||
Liabilities and Stockholders' Equity |
||||||||
Accounts payable and accrued liabilities |
$ |
3,612 |
$ |
4,752 | ||||
Short-term deferred revenue |
450 |
1,067 | ||||||
Current portion of deferred rent |
97 |
165 | ||||||
Other current liabilities |
141 |
- | ||||||
Other long-term liabilities |
- |
186 | ||||||
Total liabilities |
4,300 |
6,170 | ||||||
Total stockholders' equity |
28,203 |
47,340 | ||||||
Total liabilities and stockholders' equity |
$ |
32,503 |
$ |
53,510 |
| ||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
UNAUDITED | ||||||||
(in thousands) | ||||||||
Nine Months Ended | ||||||||
2013 |
2012 | |||||||
Cash flows from operating activities |
||||||||
Net loss |
$ |
(21,879) |
$ |
13,147 | ||||
Adjustments to reconcile net loss to cash used in operating activities: |
||||||||
Depreciation |
737 |
1,026 | ||||||
Charge for 401(k) company common stock match |
356 |
350 | ||||||
Stock-based compensation |
2,441 |
2,935 | ||||||
Inventory impairment |
317 |
- | ||||||
Changes in operating assets and liabilities: |
||||||||
Inventory |
(513) |
(3,028) | ||||||
Deferred revenue |
(617) |
(37,900) | ||||||
Other operating assets and liabilities |
(1,056) |
(954) | ||||||
Net cash used in operating activities |
(20,214) |
(24,424) | ||||||
Cash flows from investing activities |
||||||||
Purchase of property and equipment |
(281) |
(397) | ||||||
Proceeds from sale of equipment |
- |
12 | ||||||
Change in restricted cash |
(25) |
28 | ||||||
Purchase of investments |
(15,621) |
(56,428) | ||||||
Proceeds from sale and maturity of short-term investments |
30,447 |
77,320 | ||||||
Net cash provided by investing activities |
14,520 |
20,535 | ||||||
Cash flows from financing activities |
||||||||
Proceeds from options exercised |
14 |
19 | ||||||
Net cash provided by financing activities |
14 |
19 | ||||||
Effect of exchange rate changes on cash and cash equivalents |
(20) |
(2) | ||||||
Net decrease in cash and cash equivalents |
(5,700) |
(3,872) | ||||||
Cash and cash equivalents at beginning of period |
14,572 |
21,277 | ||||||
Cash and cash equivalents at end of period |
$ |
8,872 |
$ |
17,405 |
SOURCE
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