TerraVia Affirms 2016 Year-End Outlook
January 11 2017 - 8:30AM
Business Wire
TerraVia Holdings, Inc. (NASDAQ: TVIA), a plant-based food,
nutrition and specialty ingredients company and pioneer in algae
innovation, announced today that it has affirmed its previously
announced financial guidance for the fourth quarter and full year
ended December 31, 2016. While these results are preliminary, the
Company anticipates hosting a conference call and releasing final
financial results in early March 2017 that will meet the following
quarterly and full-year guidance provided November 2, 2016:
- Full-year 2016 non-GAAP revenue from
the unconsolidated SB Oils joint venture (excluding related party
revenue) is expected to increase in excess of three times
year-over-year
- GAAP revenue in the 2016 fourth quarter
is expected to meet prior guidance of reported revenue comparable
to the 2016 third quarter
- Total 2016 cash usage is expected to
decrease by at least 20% year over year
“Our preliminary results reflect that 2016 was a successful
first year in our transition to a food, nutrition and specialty
ingredients company under the TerraVia banner,” said Apu Mody, who
was appointed CEO of TerraVia in August 2016. “During the fourth
quarter, we focused sharply on implementing our simplified strategy
to accelerate commercialization of our algae-based products and
ingredients, while also taking steps to optimize our capital
structure to support and drive our growth plans. We look forward to
sharing more about our plans on our year-end conference call.”
About TerraVia
TerraVia is a plant-based food, nutrition and specialty
ingredients company that harnesses the power of algae, the mother
of all plants and earth's original superfood. With a portfolio of
breakthrough ingredients and manufacturing, the Company is well
positioned to help meet the growing need of consumer packaged goods
and established and emerging food manufacturers to improve the
nutritional profile of foods without sacrificing taste, and to
develop select consumer brands. The Company also manufactures a
range of specialty personal care ingredients for key strategic
partners. Headquartered in South San Francisco, the Company's
mission is to create products that are truly better for people and
better for the planet. For additional information, please visit
TerraVia's website at www.terravia.com.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 about TerraVia, including statements that involve
risks and uncertainties concerning: the achievement of certain
financial guidance in the fourth quarter and full year ended
December 31, 2016; full-year 2016 non-GAAP revenue from the SB Oils
joint venture increasing in excess of three times year-over-year;
GAAP revenue in Q4 2016 in line with Q3 2016; cash usage decreasing
by at least 20% year over year; success in implementing a
simplified business strategy; the ability to accelerate
commercialization; the ability to optimize TerraVia’s capital
structure and achieve growth. When used in this press release, the
words "will", "expects", "intends" and other similar expressions
and any other statements that are not historical facts are intended
to identify those assertions as forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Any such statement may be influenced by a variety of factors,
many of which are beyond the control of TerraVia, that could cause
actual outcomes and results to be materially different from those
projected, described, expressed or implied in this press release
due to a number of risks and uncertainties. Potential risks and
uncertainties include, among others: TerraVia's limited operating
history; its limited history commercializing products;
implementation risk in deploying new technologies and operating in
new or modified business areas; delays related to start-up and
ramp-up of production facilities and new products; commercial risk
in deploying new products; and its access, on favorable terms, to
any required financing. Accordingly, no assurances can be given
that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on the results of operations or financial
condition of TerraVia.
In addition, please refer to the documents that TerraVia
Holdings, Inc. files with the Securities and Exchange
Commission, including its Quarterly Reports on Forms 10-Q and its
Annual Report on Form 10-K, as updated from time to time, for a
discussion of these and other risks. You are cautioned not to place
undue reliance on forward-looking statements, which speak only as
of the date of this press release. TerraVia is not under
any duty to update any of the information in this press
release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170111005360/en/
TerraViaCorporate CommunicationsKatie
Ringerpress@terravia.comorJM Strategic Communications GroupJeff
Majtyka, 646-776-0886jeff@jmscgroup.comorTaylor Krafchik,
646-776-0886taylor@jmscgroup.com