Solazyme reports 24% revenue growth in 3Q 2013
November 8, 2013
olazyme, Inc. has announced results for the third quarter ended September 30, 2013. Total revenue for the quarter was $10.6 million, compared with $8.6 million in the third quarter of 2012, an increase of 24%. Revenues in the third quarter of 2013 included $4.8 million of product sales compared to $3.8 million in the same period of 2012, an increase of 27%.
In the 2013 third quarter, development revenues with commercial partners came in at $5.8 million versus $2.2 million, an increase of 160% over the same period in the prior year. The increases in product and development revenues with commercial partners were offset by much lower government funded revenues, in line with their expectations.
Third quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $30.7 million, which compares with net loss of $22.5 million in the prior year period. On a non-GAAP basis, the net loss was $22.3 million for the third quarter of 2013, compared with net loss of $19.4 million in the prior year quarter.
“We continue to make significant progress toward commercializing our breakthrough technology platform with two commercial production facilities coming online in 1Q14,” said Jonathan Wolfson, Solazyme CEO. “The facility in Iowa is already supplying market development samples to customers. Construction at the Brazil facility is in its final phases at over 90% complete and commissioning is underway. While our timeline for oil production at Moema has been moved into 1Q14, in part to accommodate additional enhancements we are making at the facility, we are excited to be nearing commercial production of our oils.”