• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Verenium Reports Financial Results For The First Quarter Ended March 31, 2013

-- Company provides financial guidance for 2013 --


News provided by

Verenium Corporation

May 09, 2013, 04:05 ET

Share this article

Share this article


SAN DIEGO, May 9, 2013 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today reported financial results for the first quarter ended March 31, 2013, and also provided full year 2013 financial guidance.

(Logo: http://photos.prnewswire.com/prnh/20120924/MM79973LOGO)

Financial Results

Revenues




Revenues for the quarters ended March 31, 2013 and 2012 were as follows (in thousands):



Three Months Ended 

March 31,



2013


2012


Revenues:





       Animal health and nutrition

$           7,926


$           7,416


       Grain processing

2,166


3,585


       Oilseed processing

--


579


       All other products

124


141


Total product

10,216


11,721


Contract manufacturing

2,218


--


Collaborative and license

1,352


5,508


Total revenue

$          13,786


$         17,229

Total revenues for the quarter ended March 31, 2013 decreased 20% to $13.8 million from $17.2 million in the prior year, primarily due to license revenue recorded in 2012 from DSM and Novus International. Combined product and contract manufacturing revenue for the quarter ended March 31, 2013 increased 6% to $12.4 million from $11.7 million in the prior year.

Product revenue for the quarter ended March 31, 2013 decreased 13% to $10.2 million from $11.7 million in the prior year, primarily attributed to a decline in grain processing revenue due to the timing of orders from a major customer, as well as adverse business conditions impacting the corn ethanol industry. The Company also reported lower revenue from its grain processing and oilseed processing product lines as a result of the sale of its Veretase® alpha-amylase and Purifine® PLC enzymes to DSM in March 2012.

In conjunction with the sale to DSM, the Company entered into a supply agreement to continue to produce and sell Purifine® PLC and Veretase® to DSM at lower sales prices than prior periods when sold directly to end customers. Revenue from the DSM supply agreement is reported as contract manufacturing revenue.

Gross Profit and Gross Margin

Product and contract manufacturing gross profit for the quarter ended March 31, 2013 increased 7% to $4.7 million from $4.4 million in the prior year. The increase in gross profit was primarily due to an increase in Phyzyme® XP phytase royalty from the animal health and nutrition product line. Gross margin remained flat at 38% of total product and contract manufacturing revenue for the quarters ended March 31, 2013 and 2012. 

Operating Expenses

Excluding cost of product and contract manufacturing revenues, total operating expenses related to continuing operations for the quarter ended March 31, 2013 increased to $9.8 million (including share-based compensation of $0.3 million) from $9.1 million (including share-based compensation of $0.2 million) in the prior year.  This increase is primarily due to increased research and development costs reflecting continued investment in pipeline products, offset in large part by decreased general and administrative costs resulting from transaction-related expenses incurred in the first quarter of 2012.

Income (Loss) from Operations

Loss from operations for the quarter ended March 31, 2013 was $3.8 million compared to income from operations of $32.0 million for the prior year, on a GAAP accounting basis, including the impact of the $31.3 million gain on sale of the oilseed processing business to DSM in 2012. 

Adjusted EBITDA

As detailed in the attached financial tables, the operating results for the current and prior year first quarter periods were impacted by significant non-recurring and non-cash items. The Company believes that reporting Adjusted EBITDA on a non-GAAP basis, which excludes the impact of these items, provides a more consistent measure of operating results. It should not be considered, however, in isolation or as a substitute for, or superior to, the financial information presented in the Company's consolidated financial statements.  Further, the Adjusted EBITDA measure shown for the Company may not be comparable to similarly titled measures used by other companies.

The Company reported Adjusted EBITDA loss of $2.5 million for the quarter ended March 31, 2013, compared to Adjusted EBITDA income of $1.4 million for the same quarter in the prior year.  The change in Adjusted EBITDA is primarily attributed to license revenue recorded in 2012 from DSM and Novus International, and increased research and development expenses.

Balance Sheet

The Company ended the quarter with $27.2 million in cash and cash equivalents and $2.5 million in total restricted cash.

"First quarter results are in line with our expectations, reflecting continued steady demand for our Phyzyme® XP phytase product for animal health and nutrition," said James Levine, President & Chief Executive Officer at Verenium.  "Our recent successful corn ethanol plant trial activity demonstrates a strong value proposition for customers in a challenged market, and gives us reason to believe our Grain Processing enzymes will be an important source of revenue growth."

Financial Guidance for 2013

Verenium also provided financial guidance for 2013, as follows:

  • Adjusted EBITDA: $(10) – $(12) million
  • Capital Expenditures: $3 - $4 million

"The financial guidance we are providing today is based on our expectation of moderate growth in product revenue and product gross profit from our existing commercial products," said Jeff Black, Chief Financial Officer at Verenium. "As we have indicated in the past, we expect to make continued investments in our Product Pipeline as we prepare to launch new products in 2013, which should position us well for future growth."

About Verenium
Verenium, an industrial biotechnology company, is a global leader in developing high-performance enzymes.  Verenium's tailored enzymes are environmentally friendly, making products and processes greener and more cost-effective for industries, including the global food and fuel markets.  Read more at www.verenium.com.

Forward-Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty.  These include, but are not limited to, statements related to Verenium's technology, products and product candidates (including, in each case, their value, potential for revenue growth and expected near-term and longer term revenue)and product pipeline (including the timing for commercial launch of any product candidates), lines of business, operations (including Verenium's ability to successfully negotiate and enter into future collaborations and partnerships), capabilities, commercialization activities, customer adoption rates, industry conditions, future financial performance (including all financial guidance), and near-term and longer-term growth and prospects.  Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements.  Factors that could cause or contribute to the differences include, but are not limited to, risks associated with Verenium's strategic focus, technologies, products and product candidates and product pipeline (including Verenium's ability to identify, develop and commercialize new products and product candidates, either independently or with collaborators or partners, and market demand for those products and product candidates), dependence on patents and proprietary rights,  protection and enforcement of its patents and proprietary rights, the commercial prospects of the industries in which Verenium operates and sells products, Verenium's dependence on manufacturing and/or license agreements,  its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium's technologies, the timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture or partnership agreements and licenses on a timely basis or at all, and risks and other uncertainties more fully described in Verenium's filings with the Securities and Exchange Commission, including, but not limited to, Verenium's annual report on Form 10-K for the year ended December 31, 2012 and any updates contained in its subsequently filed quarterly reports on Form 10-Q.  These forward-looking statements speak only as of the date hereof, and Verenium expressly disclaims any intent or obligation to update these forward-looking statements.

Contacts:

Sarah Carmody
Sr. Manager, Corporate Communications
858-431-8581
[email protected]

Verenium Corporation

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)




Three Months Ended

March 31,


2013


2012





Revenues:




   Product

$     10,216


$    11,721

   Contract manufacturing

2,218


--

   Collaborative and license

1,352


5,508

Total revenue

13,786


17,229





Operating expenses:




   Cost of product and contract manufacturing revenue

7,704


7,315

Product and contract manufacturing gross profit

4,730


4,406

Product and contract manufacturing gross margin

38%


38%

   Research and development

5,078


3,161

   Selling, general and administrative

4,763


5,915

Total operating expenses

17,545


16,391





Gain on sale of oilseed processing business

--


(31,278)





Income (loss) from operations

(3,759)


32,116





Other income and expense:




   Interest and other expense, net

(1,371)


(1,280)

Loss on net change in fair value of derivative assets and liabilities

(927)


(706)

Total other expense, net

(2,298)


(1,986)





Net income (loss) from continuing operations before income taxes

(6,057)


30,130

Income tax provision

--


(814)

Net income (loss) from continuing operations

(6,057)


29,316

 Net loss from discontinued operations

--


(15)

Net income (loss) attributed to Verenium

$     (6,057)


$     29,301





Net income (loss) per share, basic

$       (0.47)


$         2.32

Net income (loss) per share, diluted

$       (0.47)


$         2.26





Shares used in computing net income (loss) per share, basic

12,783


12,608

Shares used in computing net income (loss) per share, diluted

12,783


13,178





Verenium Corporation

Condensed Consolidated Balance Sheet Data

(unaudited, in thousands)


March 31,


December 31,


2013


2012





Cash and cash equivalents

$    27,196


$    34,875

Restricted cash, short term

2,500


2,500

Accounts receivable, net

11,620


10,577

Inventories, net

5,140


5,311

Other current assets 

2,517


3,039

Property and equipment, net 

36,127


36,798

Other noncurrent assets 

624


676





Total assets 

$    85,724


$    93,776









Accounts payable and accrued expenses             

$    10,292


$    13,266

Deferred revenue, current 

1,377


1,929

Other current liabilities 

335


428

Long term debt,  at carrying value, net of current portion (face value of $25.1 million at March 31, 2013 and $25.2 million at December 31, 2012)

25,836


24,861

Long term lease financing obligation, net of current portion

22,413


22,020

Other long term liabilities 

583


619

Stockholders' equity 

24,888


30,653





Total liabilities and stockholders' equity 

$    85,724


$    93,776











Verenium Corporation

Unaudited Supplemental and Non-GAAP Financial Information

(in thousands)


The following Adjusted EBITDA figures represent supplemental and non-GAAP financial information, and is derived from the Company's condensed consolidated financial statements for the three months ended March 31, 2013 and 2012, as reported under GAAP. The Company believes that such supplemental and non-GAAP financial information is helpful to understand the results of operations of the business. It should not be considered, however, in isolation or as a substitute for, or superior to, the financial information presented in the Company's consolidated financial statements.  Further, the Adjusted EBITDA measure shown for the Company may not be comparable to similarly titled measures used by other companies.







Three Months Ended March 31,



2013


2012






Income (loss) from operations


$            (3,759)


$        32,116






Adjustments:





Depreciation and amortization


937


328

Non-cash share-based compensation


299


241

Gain on sale of oilseed processing business


--


(31,278)

Cash paid for rent on San Diego facility (1)


--


--






Adjusted EBITDA


$           (2,523)


$          1,407






(1)

The Company is the deemed owner (for accounting purposes) of its San Diego facility, and as such carries an asset on its books representing the total cost of the buildings and improvements, with a corresponding lease financing obligation. The assets are depreciated over the term of the lease, and cash rental payments are allocated primarily to principal and interest payments on the lease financing obligation. The Company believes that including cash rental payments as part of Adjusted EBITDA provides a more accurate representation of operating cash burn.  For the quarters ended March 31, 2013 and 2012, no cash rental payments were made, pursuant to the terms of the lease agreement.

SOURCE Verenium Corporation

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.