Amyris, Inc. Stories Third Quarter 2021 Monetary Outcomes

EMERYVILLE, Calif., Nov. 8, 2021 /PRNewswire/ — Amyris, Inc. (Nasdaq: AMRS), a number one artificial biotechnology firm accelerating the world to sustainable consumption by way of its Lab-to-MarketTM working platform, right this moment introduced monetary outcomes for its third quarter ended September 30, 2021.

“Amyris delivered one other robust quarter together with stable strategic execution amid difficult exterior international provide chain situations,” mentioned John Melo, President and Chief Govt Officer. “As soon as once more, we realized document underlying income and document client income demonstrating continued year-over-year and sequential development. We launched 4 new client manufacturers within the quarter additional increasing our foothold in clear magnificence and private care end-markets. Rose Inc.TM clear coloration cosmetics, JVNTM clear haircare and Terasana® clear skincare are every formulated with one, or a mixture, of our distinctive sustainable components that we created and manufacture leveraging the ability of our Lab-to-MarketTM working platform. Moreover, we launched OlikaTM. We accomplished three acquisitions together with Olika, Magnificence Labs and MG Empower including strategic digital, on-line influencer and social promoting capabilities as roughly 50% of our client income is being generated from e-commerce which is our quickest rising and finest gross margin enterprise channel.”

“Our science and partnerships proceed to ship new alternatives. We’re very enthusiastic about our JV partnership with ImmunityBio for the commercialization of a second technology COVID-19 vaccine which expands our enterprise into biopharma. We continued to progress the development of our new Brazil components plant with anticipated manufacturing in early 2022 in addition to the establishing our client manufacturing facility in Reno, Nevada by the center of subsequent 12 months.”

“Worldwide provide chain disruptions mixed with late quarter launches of the brand new manufacturers resulted in lower-than-expected income. Delivery delays impacted provide of uncooked supplies and buyer shipments whereas freight expense considerably elevated. Though international in nature and persisting within the fourth quarter, we imagine these are short-term points and that they haven’t any affect on our long-term development targets. We proceed to expertise very sturdy demand that greater than helps our outlook. Looking forward to 2022, we’re taking management of our provide chain with the investments in Brazil and Reno to cut back our third-party dependency and our publicity to transport delays leading to decrease working prices and expanded gross margins. We now anticipate full 12 months 2021 whole income to be within the $330 – $370 million vary, doubling full 12 months 2020. We have now the stock readily available to ship inside this vary and topic to easing provide chain headwinds might attain upside.”

“We proceed to strategically progress our capital construction to eradicate remaining legacy debt and herald development capital to help our formidable operational and monetary development targets.”

Enterprise and Operational Highlights

• Document Q3 underlying income of $48 million elevated 40% persevering with the year-over-year and sequential development trajectory. Document client income of $23 million elevated 89% versus Q3 2020. The full variety of client manufacturers grew from 1 in 2018, and three in 2019, to eight in Q3 2021. 12 months-to-date Q3 2021 client income of $60 million grew from $6 million for a similar interval in 2018, 10.7X or a 121% CAGR.
• Throughout September, Rose Inc. and JVN hosted a variety of launch occasions within the U.S. and internationally, together with social media campaigns to speed up model consciousness and educate shoppers on the ability of Squalane, Hemi-Squalane and Biosilica as differentiated core components to those manufacturers. JVN was launched with 9 SKUs in 62 Sephora shops with shops anticipated to triple over the subsequent quarter. Rose Inc. was launched with 16 SKUs in Sephora North America and House NK within the U.Ok. Each manufacturers are accelerating income into the fourth quarter and are anticipated to exceed $20 million income every of their first 12 months. This could be our strongest efficiency for brand spanking new manufacturers
• Biossance®’s worldwide enlargement continued by way of House NK within the U.Ok. and may now be present in 14 totally different retailer chains worldwide. Pipette continued to ship on its dedication to enhance the accessibility of fresh merchandise for infants, moms and households. Pipette can now be present in 236 new shops throughout Canada and likewise launched in 118 new shops within the U.S. throughout Q3.
• Amyris and ImmunityBio (Nasdaq: IBRX) introduced a JV for the commercialization of a next-generation COVID-19 RNA vaccine. Upon completion of profitable human trials, the joint-venture’s purpose is to ship one billion doses of the brand new vaccine in 2022 addressing the unmet wants of entry to vaccines in creating international locations and different areas of the world, addressing cold-chain and sturdiness challenges dealing with the world right this moment.
• By means of the tip of Q3 gross sales volumes for Squalane, utilized in skincare and different merchandise, surpassed whole 2020 gross sales volumes. Demand for Hemi-Squalane for haircare, is pushed by growing regulatory strain to cut back the usage of environmentally dangerous silicones.
• Q3 was essential for our client provide chain to help model launches and to additionally put together for the end-of-year vacation season. 90% of projected product demand is in our distribution facilities out there on the market. Throughout Q3 we skilled provide chain challenges with important port delays for essential uncooked supplies as a result of labor shortages affecting the manufacturing of Squalane and Hemi-Squalane. These delays resulted in a 20% shortfall in our Squalane manufacturing goal. We incurred further value from elevated transport expense and expedited air transport. We anticipate transport and port unloading points to proceed in This fall.
• We continued to handle COVID-19 with a really profitable administration and monitoring program whereas having 250-300 building staff on the Brazil components plant building web site. Commodity value will increase affected the price of building supplies akin to metal. Commissioning of the plant stays on schedule for early 2022.
• We anticipate to finalize negotiations for 3 new client manufacturers over the subsequent three months. These are strategic additions and characterize important alternative for our ingredient portfolio.

Q3 and YTD 2021 Gross sales Income

1 Different: $4.8m Vitamin E transaction (Q1 2020), $143.6m DSM F&F transaction (Q1 2021), $10.0m Ingredion Reb M transaction (Q2 2021).

Q3 2021 Monetary Highlights

• Complete income of $47.9 million, elevated 40% in comparison with Q3 2020 income of $34.Three million. Product income of $36.5 million elevated 17% in comparison with Q3 2020 product income of $31.1 million pushed by document client income of $23.2 million, an 89% enhance, which was partially offset by a lower in ingredient gross sales.
• Non-GAAP gross margin of $17.7 million, or 37% of income, grew from $14.2 million, or 41% of income in Q3 2020 primarily as a result of elevated client income.
• Money working expense of $81.Four million elevated by $38.1 million, or 88%, in comparison with Q3 2020, primarily as a result of a $28.1 million enhance in promoting expense as a result of greater headcount, development pushed success and transport expense and launches of recent manufacturers. R&D and G&A expense elevated by $4.Four million and $5.6 million respectively as a result of greater headcount, M&A expense and relatively low prior 12 months journey expense as a result of COVID-19.
• Adjusted EBITDA of –$73.1 million decreased $40 million year-over-year, primarily as a result of greater working expense.
• GAAP web revenue/loss is considerably influenced by non-cash mark-to-market changes associated to adjustments within the honest worth of debt and derivatives. GAAP web lack of $32.9 million or $0.11 per share in comparison with a lack of $83.5 million or $0.37 per share in Q3 2020. Adjusted web lack of $80.1 million, or $0.27 per share, in comparison with an adjusted web lack of $50.Zero million, or $0.22 per share in Q3 2020.
• Money on the finish of the quarter was $115 million, in comparison with $38 million on the finish of Q3 2020.
• Complete debt principal on the finish of the quarter was $102 million, in comparison with $175 million on the finish of Q3 2020. Curiosity expense for Q3 2021 was $Four million in comparison with $7 million in Q3 2020 as a result of decreased debt.

YTD 2021 Monetary Highlights

• Complete YTD income of $277.Zero million improved 197% versus the prior 12 months interval. Complete income included $153.6 million of proceeds ensuing from strategic transactions. Complete underlying income (product and R&D and different providers) elevated 39% to $123.Four million in comparison with $88.6 million in first 9 months of 2020. Product income of $102.1 million elevated $25.5 million, or 33%, in comparison with the primary 9 months of 2020 pushed by a $25.2 million, or 73%, enhance in client gross sales.
• Non-GAAP gross margin of $205.Zero million, or 74% of income, grew from $43.5 million or 47% of income in first 9 months of 2020. Excluding the contribution from the strategic transactions, gross margin of $51.Four million grew $12.Eight million in comparison with first 9 months of 2020 primarily as a result of consumer-related development.
• Money working expense of $198.Zero million elevated by $67.5 million, or 52%, in comparison with first 9 months of 2020 primarily as a result of investments in client manufacturers, new client model launches, elevated headcount and extra R&D spend.
• Adjusted EBITDA of –$12.2 million improved $84.Four million year-over-year as a result of income and margin development and proceeds from strategic transactions.
• GAAP web loss was $308.Zero million or $1.07 per share in comparison with a lack of $273.2 million or $1.44 per share within the first 9 months of 2020. Adjusted web loss was $34.2 million, or $0.12 per share in comparison with adjusted web lack of $152.2 million, or $0.80 per share, for the primary 9 months of 2020.

Outlook – Replace to Steering Supplied on August 5, 2021

• Amyris now expects reported whole income for the total 12 months, inclusive of strategic transactions of $154 million, to be in a variety of $330 – $370 million.

Convention Name

Amyris will host its third quarter 2021 convention name right this moment at 4:30 pm ET (1:30 pm PT) to debate its monetary outcomes and supply a enterprise and monetary replace.

Dwell audio webcast/convention name:

Webcast: please go to http://traders.amyris.com.

U.S. Dial-In Quantity: (844) 850-0551. Worldwide Dial-In Quantity: (412) 902-4203.

Please connect with the web site or dial in to the convention name 15 minutes previous to the beginning of the decision to keep away from connection delays. If a participant will probably be listen-only, they’re inspired to hear through the webcast on Amyris’ investor web page.

A replay of the webcast will probably be out there on the Investor Relations part of Amyris’ web site.

FINANCIAL RESULTS AND NON-GAAP INFORMATION

To complement our monetary outcomes and steering offered in accordance with U.S. typically accepted accounting ideas (GAAP), we use sure non-GAAP monetary measures that we imagine are useful in understanding our monetary outcomes. These non-GAAP monetary measures are among the many components administration makes use of in planning and forecasting future intervals. These non-GAAP monetary measures additionally facilitate administration’s inside comparisons to Amyris’ historic efficiency in addition to comparisons to the working outcomes of different corporations. Administration believes these non-GAAP monetary measures, when thought of along with monetary data ready in accordance with GAAP, can improve traders’ and analysts’ skills to meaningfully evaluate our outcomes from interval to interval, determine working developments in our enterprise, and monitor and mannequin our monetary efficiency. As well as, our administration believes that these non-GAAP monetary measures permit for larger transparency into the indications utilized by administration to grasp and consider our enterprise and make working choices.

Non-GAAP monetary data isn’t ready underneath a complete set of accounting guidelines, and subsequently, ought to solely be learn along with monetary data reported underneath GAAP so as to perceive Amyris’ working efficiency. A reconciliation of the non-GAAP monetary measures offered on this launch to probably the most straight comparable GAAP monetary measure, is offered within the tables hooked up to this press launch.

Our Non-GAAP monetary measures embrace the next:

Non-GAAP Gross Margin (Gross Margin) is calculated as GAAP income much less non-GAAP value of merchandise bought divided by GAAP income. Non-GAAP value of merchandise bought excludes different prices/provisions, stock decrease of value or web realizable worth changes, extra capability, manufacturing capability charge changes, stock-based compensation expense, depreciation and amortization.

Non-GAAP Money Working Expense is calculated as GAAP Working Expense minus non-cash stock-based compensation, depreciation and amortization, non-recurring transaction and acquisition expense, contract credit score loss reserve, and R&D efficiency settlement termination.

EBITDA is calculated as GAAP web revenue (loss) much less curiosity, expense, revenue tax expense, depreciation and amortization expense, deemed dividends to most well-liked stockholders, and loss allotted to taking part securities.

Adjusted EBITDA is calculated as EBITDA much less revenue attributable to noncontrolling curiosity, achieve/loss from change in honest worth of derivatives, achieve/loss from adjustments within the honest worth of debt, loss upon debt extinguishment, different revenue/expense, loss from funding in affiliate, stock decrease of value or web realizable worth changes, non-recurring transaction and acquisition expense, stock-based compensation expense, R&D efficiency settlement termination, manufacturing capability charge adjustment and contract asset credit score loss reserve.

Adjusted web revenue (loss) is calculated as GAAP web revenue/loss excluding stock-based compensation expense, achieve/loss from change in honest worth of derivatives, achieve/ loss from adjustments within the honest worth of debt, losses upon debt extinguishment, revenue/loss attributable to noncontrolling curiosity, loss allotted to taking part securities, stock decrease of value or web realizable worth changes, R&D efficiency settlement termination, manufacturing capability charge changes, non-recurring transaction and acquisition expense, different revenue/expense, and achieve/loss from funding in affiliate.

Adjusted EPS is calculated by dividing adjusted web revenue (loss) by the weighted common shares, primary excellent for the interval.

About Amyris
Amyris (Nasdaq: AMRS) is a number one artificial biotechnology firm, transitioning the Clear Well being & Magnificence and Flavors & Fragrances markets to sustainable components by way of fermentation and the corporate’s proprietary Lab-to-MarketTM working platform. This Amyris platform leverages state-of-the-art machine studying, robotics and synthetic intelligence, enabling the corporate to quickly deliver new innovation to market at business scale. Amyris components are included in over 20,00Zero merchandise from the world’s high manufacturers, reaching greater than 300 million shoppers. Amyris additionally owns and operates a household of client manufacturers that’s always evolving to satisfy the rising demand for sustainable, efficient and accessible merchandise. For extra data, please go to http://www.amyris.com.

Amyris, the Amyris emblem, No Compromise, Biossance, Pipette, Purecane, Terasana, Rose Inc. and Lab-to-Market are logos or registered logos of Amyris, Inc. within the U.S. and/or different international locations.

Ahead-Trying Statements

This launch accommodates forward-looking statements, and any statements apart from statements of historic truth might be deemed to be forward-looking statements. These forward-looking statements embrace, amongst different issues, statements concerning future occasions, akin to Amyris’ monetary outlook and targets for the rest of 2021 and past; Amyris’ expectations concerning provide chain points in This fall and past and the restricted affect of such points on long-term development targets; Amyris’ expectations about growing client demand for sustainable merchandise and the acceleration of income of newly launched manufacturers; Amyris’ expectations concerning its JV partnership with ImmunityBio and the event, manufacturing, and commercialization of its COVID-19 vaccine which expands its enterprise into biopharma and the timing thereof; Amyris’ expectation of including three new client manufacturers and the timing thereof; and Amyris’ expectations concerning the commissioning of its Brazil manufacturing facility, the timing thereof and advantages thereof in assuaging value pressures. These statements are primarily based on administration’s present expectations and precise outcomes and future occasions could differ materially as a result of dangers and uncertainties, together with dangers associated to Amyris’ liquidity and talent to fund working and capital bills, dangers associated to its financing actions, dangers associated to potential delays or failures in finishing and integrating deliberate acquisitions, dangers associated to potential delays or failures in growth, regulatory approval, launch, manufacturing and commercialization of merchandise, dangers associated to Amyris’ reliance on third events significantly within the provide chain, and different dangers detailed on occasion in filings Amyris makes with the Securities and Alternate Fee, together with Annual Stories on Type 10-Ok, Quarterly Stories on Type 10-Q and Present Stories on Type 8-Ok. Amyris disclaims any obligation to replace data contained in these forward-looking statements, whether or not because of new data, future occasions, or in any other case.

Monetary Tables Comply with

SOURCE Amyris, Inc.

Associated Hyperlinks

www.amyris.com