Metabolix Reports Fourth Quarter and Full Year Financial Results and Provides Business Update
The Company reported a net loss of $9.5 million or $0.35 per share for
the fourth quarter of 2010 compared to a net loss of $9.8
million or $0.39 per share for the fourth quarter of 2009. For the full
year, the Company reported a net loss of
The Company's net cash used for operating activities during the fourth
quarter of 2010 was $8.1 million, which compares to net cash used
of $5.9 million for the comparable quarter in 2009. Net cash used in
operating activities for the full year was
FOURTH QUARTER AND FULL YEAR 2010 FINANCIAL OVERVIEW
Metabolix currently manages its finances with an emphasis on cash flow. Metabolix used $8.1 million of cash in operating activities for the fourth quarter 2010, which compares to cash usage of $5.9 million during the comparable period of 2009. Net cash used in operating activities reflects the Company's sales and marketing activities as well as research and product development. The increase in cash usage over the comparable quarter last year is primarily attributable to a decrease in cash received from ADM for cost sharing payments related to pilot manufacturing, an increase in cash paid for salaries and benefits and other operational costs during the fourth quarter of 2010.
For the full year, net cash used in operating activities was $32.0
million, compared to net cash used of $25.8 million for the comparable
period of 2009. The year-over-year increase in cash used in operating
activities during 2010 compared to 2009 was primarily due to the receipt
of
Total revenue in the fourth quarter of 2010 was $0.1 million, compared to $0.2 million for the respective period in 2009. Revenue for the full years 2010 and 2009 was $0.4 million and $1.4 million, respectively. The year-over-year decrease was primarily due to a decline in government research grant revenue, related to the completion of the Integrated Bio-Engineered Chemicals grant during the fourth quarter of 2009.
For the three months ended
Research and development expenses were
BUSINESS UPDATE
The Company noted that it progressed on several business and scientific initiatives during the recent fourth quarter.
The Company is pleased to note that it has achieved continued
development of the Telles business and growth in its portfolio of
customers for Mirel bioplastic.
Telles announced that it has entered into contractual arrangements with
five significant customers. These customers include
The Company also announced breakthrough results in its crop science research. The Company noted that it has achieved, in tobacco research crops, PHA yield levels of about 9% of total plant weight and 17% of leaf tissue weight. This is more than 10 times the yield levels previously documented in peer-reviewed research publications. Additionally, the Company has entered into its second field trial for camelina-based PHA production. It anticipates continued advances in yield levels which, longer-term, are expected to lead to new, more efficient production and recovery processes for a wide range of biobased plastics and chemicals.
Conference Call Information
About Metabolix
Founded in 1992, Metabolix, Inc. is an innovation-driven bioscience
company focused on providing sustainable solutions for the world's needs
for plastics, chemicals and energy. The Company is taking a systems
approach, from gene to end product, integrating sophisticated
biotechnology with advanced industrial practice. Metabolix is now
developing and commercializing Mirel(TM), a family of high performance
bioplastics which are biobased and biodegradable alternatives to many
petroleum-based plastics through Telles, a joint venture between
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
statements, including, without limitation, statements regarding expected
timing of the commercial phase of the ADM collaboration, reaching Mirel
manufacturing design capacity, delivery of sample chemicals to potential
METABOLIX, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
UNAUDITED | ||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenue: | ||||||||||||||||
Research and development revenue | $ | - | $ | 73 | $ | 212 | $ | 152 | ||||||||
License fee revenue | 50 | - | 50 | 10 | ||||||||||||
License fee and royalty revenue from related parties | 25 | 29 | 122 | 120 | ||||||||||||
Grant revenue | 38 | 103 | 64 | 1,143 | ||||||||||||
Total revenue | 113 | 205 | 448 | 1,425 | ||||||||||||
Operating expense: | ||||||||||||||||
Research and development expenses, including cost of revenue |
|
5,761 | 5,967 | 23,673 | 24,471 | |||||||||||
Selling, general, and administrative expenses | 3,836 | 4,063 | 15,714 | 15,683 | ||||||||||||
Total operating expenses | 9,597 | 10,030 | 39,387 | 40,154 | ||||||||||||
Loss from operations | (9,484 | ) | (9,825 | ) | (38,939 | ) | (38,729 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income, net | 17 | 66 | 136 | 772 | ||||||||||||
Net loss | $ | (9,467 | ) | $ | (9,759 | ) | $ | (38,803 | ) | $ | (37,957 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic and Diluted | $ | (0.35 | ) | $ | (0.39 | ) | $ | (1.45 | ) | $ | (1.62 | ) | ||||
Number of shares used in per share calculations: | ||||||||||||||||
Basic and Diluted | 26,891,816 | 24,740,188 | 26,773,755 | 23,435,264 | ||||||||||||
METABOLIX, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEET | |||||||
UNAUDITED | |||||||
(in thousands) | |||||||
December 31, | December 31, | ||||||
2010 | 2009 | ||||||
Assets | |||||||
Cash, cash equivalents and short-term investments | $ | 61,574 | $ | 92,202 | |||
Other current assets | 1,682 | 1,151 | |||||
Restricted cash | 622 | 593 | |||||
Property and equipment, net | 2,776 | 3,513 | |||||
Other assets | 117 | 95 | |||||
Total assets | $ | 66,771 | $ | 97,554 | |||
|
|||||||
Liabilities and Stockholders' Equity | |||||||
Accounts payable and accrued liabilities | $ | 4,324 | $ | 4,372 | |||
Short-term deferred revenue | 1,906 | 25 | |||||
Current portion of deferred rent | 165 | 165 | |||||
Long-term deferred revenue | 36,207 | 37,299 | |||||
Other long-term liabilities | 493 | 649 | |||||
Total liabilities | 43,095 | 42,510 | |||||
Total stockholders' equity | 23,676 | 55,044 | |||||
Total liabilities and stockholders' equity | $ | 66,771 | $ | 97,554 | |||
METABOLIX, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
UNAUDITED | ||||||||
(in thousands) | ||||||||
Year Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (38,803 | ) | $ | (37,957 | ) | ||
Adjustments to reconcile net loss to cash used in operating activities: | ||||||||
Depreciation and amortization | 1,647 | 2,734 | ||||||
Charge for 401(k) company common stock match | 443 | 428 | ||||||
Stock-based compensation | 4,696 | 4,653 | ||||||
Gain on the sale of equipment | - | (70 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Other operating assets and liabilities | (319 | ) | (66 | ) | ||||
Deferred revenue | 341 | 4,519 | ||||||
Net cash used in operating activities | (31,995 | ) | (25,759 | ) | ||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (906 | ) | (2,017 | ) | ||||
Proceeds from the sale of equipment | - | 70 | ||||||
Change in restricted cash | (29 | ) | - | |||||
Purchase of short-term investments | (83,814 | ) | (119,956 | ) | ||||
Proceeds the from sale and maturity of short-term investments | 116,126 | 103,048 | ||||||
Net cash provided by (used) in investing activities | 31,377 | (18,855 | ) | |||||
Cash flows from financing activities | ||||||||
Proceeds from options exercised | 2,339 | 116 | ||||||
Proceeds from public stock offering, net of offering costs of $1,932 | - | 29,118 | ||||||
Net cash provided by financing activities | 2,339 | 29,234 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (9 | ) | - | |||||
Net increase (decrease) in cash and cash equivalents | 1,712 | (15,380 | ) | |||||
Cash and cash equivalents at beginning of period | 10,814 | 26,194 | ||||||
Cash and cash equivalents at end of period | $ | 12,526 | $ | 10,814 | ||||
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