Amyris, Inc (AMRS) saw its loss narrow to $19.70 million, or $0.08 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $76.66 million, or $0.55 a share. On the other hand, adjusted net loss for the quarter narrowed to $16.48 million, or $0.07 a share from a loss of $32.33 million or $0.23 a share, a year ago.
Revenue during the quarter surged 208.97 percent to $26.54 million from $8.59 million in the previous year period. Gross margin for the quarter expanded 4237 basis points over the previous year period to 43.96 percent.
Operating loss for the quarter was $12.03 million, compared with an operating loss of $31.57 million in the previous year period.
“We’re encouraged by the solid momentum in our business, which led to record revenue for the third quarter,” said John Melo, Amyris president and chief executive officer. “We have continued to execute on our business plan to grow our business through collaborations and partnerships, including expansion into the pharmaceutical sector. Our industry leading platform helped us reach a tipping point in demand from some of the leading companies in our target sectors. The combination of the strong growth for our farnesene building block, the new collaborations we are signing and the record number of products in our portfolio that are reaching commercial scale help underpin a very strong fourth quarter and over $200 million of 2017 revenue that we believe is supported by our current business and the remaining collaborations we expect to close in the fourth quarter.”
Working capital remains negative
Working capital of Amyris, Inc was negative $110.61 million on Sep. 30, 2016 compared with negative $24.14 million on Sep. 30, 2015. Current ratio was at 0.16 as on Sep. 30, 2016, down from 0.59 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 22 days for the quarter from 65 days for the last year period. Days sales outstanding went down to 17 days for the quarter compared with 42 days for the same period last year.
Days inventory outstanding has decreased to 24 days for the quarter compared with 121 days for the previous year period. At the same time, days payable outstanding went down to 63 days for the quarter from 97 for the same period last year.
Debt increases substantially
Amyris, Inc has witnessed an increase in total debt over the last one year. It stood at $176.63 million as on Sep. 30, 2016, up 57.33 percent or $64.36 million from $112.27 million on Sep. 30, 2015. Total debt was 177.66 percent of total assets as on Sep. 30, 2016, compared with 83.15 percent on Sep. 30, 2015.
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