EMERYVILLE, Calif.,
May 6, 2021 /PRNewswire/
-- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company active in the Clean Health and Beauty markets
through its consumer brands, today announced financial results for
its first quarter ended March 31,
2021.
"We delivered significant value during the first quarter from
continued product-related revenue growth and the completion of the
second strategic ingredients transaction resulting in record
revenue and significantly positive adjusted EBITDA. We further
reduced our debt position, and since the close of Q1, we signed the
third strategic ingredients transaction and completed a successful
equity raise. All these factors combined enhance our capital
structure, solidify our liquidity and provide financial flexibility
to accelerate growth," commented John
Melo, President and Chief Executive Officer.
"Consumer demand for clean beauty is accelerating and our
consumer brands are delivering industry-leading growth. Our
ingredients portfolio also delivered a solid quarter, and we are
very pleased with the progress on the three strategic transactions.
These transactions further validate the value we have long
associated with our ingredients portfolio, accelerate our market
leadership, and expand partnerships to establish industry platforms
for nutrition and flavor and fragrance markets. We are the leader
of bio-manufacturing and believe that we deliver more
bio-manufactured products than the aggregate of the entire sector,"
continued Melo.
"We're on track to more than double our targeted additional
retail locations and our new brands have a strong retail order book
ahead of their launch dates. We expanded the number of ingredients
in the development and scale-up pipeline by 33% and see an
estimated $2.5 billion of future
ingredient revenue from the strategic, long term manufacturing
partnerships with DSM and Ingredion. Based on our momentum, we
expect full year underlying total revenue in the $250 million range and reported total revenue of
around $400 million, when including
the contributions from strategic transactions. We expect positive
adjusted EBITDA for full year 2021," concluded Melo. "We are
leading the world of bio-manufacturing through the delivery of
clean, sustainable chemistry for a healthier planet."
Q1 2021 Financial Highlights
- Total revenue of $177 million was
a new record and included revenue of $144
million related to the strategic ingredient portfolio
transaction. Total underlying revenue (product sales and
collaboration revenue) increased 37% to $33
million compared to Q1 2020.
- Product revenue of $28 million
increased $9 million or 47%, compared
to Q1 2020 driven by a $6 million, or
73%, increase in consumer sales and a $3
million, or 25%, increase in ingredient sales.
- Gross margin of $161 million or
91% of revenue improved from $18
million or 63% of revenue in Q1 2020. Excluding the
$144 million contribution from the
strategic transaction, gross margin of $17
million increased by $4
million compared to Q1 2020 due to product-related margin
growth.
- Cash operating expense of $54
million increased by $9
million, or 21% compared to Q1 2020 due primarily to
marketing investments in the expansion of consumer brands and
additional R&D spend.
- Adjusted EBITDA was $103 million
and improved $130 million
year-over-year due to income from the Q1 strategic ingredients
transaction, increased underlying revenue and improved product
margins, partially offset by higher operating expenses.
- GAAP net earnings were -$289
million due primarily to -$377
million of unfavorable non-cash mark-to-market adjustments
related to changes in the fair value of debt and derivatives. GAAP
EPS of -$1.08 compared to
-$0.56 in Q1 2020.
- Adjusted net earnings of $95
million, or $0.35 per share
compared to adjusted net earnings of -$44.0
million, or -$0.28 per share,
for Q1 2020. The Company recorded non-GAAP adjustments totaling
$384 million in Q1 2021.
- Cash at the end of the quarter was $144
million, compared to $3
million at the end of Q1 2020. This includes $150 million from the strategic ingredients
transaction completed during the quarter (net $123 million after $23
million debt prepayment and $4
million expense).
- Total principal debt at the end of the quarter was $115 million, compared to $209 million at the end of Q1 2020, and
$171 million at year-end 2020.
Interest expense for Q1 2021 was $6
million compared to $15
million in Q1 2020 due to lower debt.
Q1 2021 Sales Revenue
|
|
Three Months
Ended
March 31,
|
|
(In
millions)
|
2021
|
2020
|
YoY%
|
Consumer
|
$
|
15.7
|
$
|
9.1
|
73%
|
Ingredients
|
12.7
|
10.2
|
25%
|
Product
|
28.4
|
19.3
|
47%
|
Collaborations and
grants
|
4.9
|
5.0
|
-3%
|
Underlying
total
|
33.2
|
24.3
|
37%
|
Other
|
143.6
|
4.8
|
2882%
|
Reported
total
|
$
|
176.9
|
$
|
29.1
|
507%
|
1 Includes one-off strategic
ingredient portfolio transaction in Q1 2021
|
Full Year 2021 Outlook
- Underlying total revenue (Product, Collaboration & Grants)
expected to be in the $250 million
range. Reported total revenue expected to be around $400 million inclusive of strategic
transactions.
- Continued growth combined with strategic transactions expected
to result in positive full year adjusted EBITDA.
- Debt expected to be below $100
million by year-end. This includes a $50 million convertible to equity (i.e. net
$50 million).
Business Highlights
1. Commercializing our Lab-to-Market
Synthetic Biology Platform
We expanded the number of ingredients in the development and
scale-up pipeline by 33% from 18 to 24.
Our proprietary Lab-to-Market pipeline continues to make
impressive progress in transitioning new molecules to manufacturing
scale and reducing our manufacturing costs with each campaign.
Amyris is at >90% of its final manufacturing cost target for a
key food ingredient, >80% for two others in the food, health and
wellness sectors and exceeded the performance targets for a fourth
molecule targeted for the fragrance industry.
Our R&D and Process Development teams continue to drive down
the manufacturing cost for CBG and is targeting another campaign in
the second half of 2021.
Our development of squalane as an excipient, and our
collaboration with IDRI on the next-generation advanced RNA vaccine
for current and future potential COVID variants continues to
progress well.
2. No Compromise® Consumer
Brands
We recently announced a 5-year partnership with Reese Witherspoon as global brand ambassador for
Biossance. Reese, the Biossance brand team and its industry-leading
scientists will create content that is engaging and educational,
empowering today's beauty community to become savvier, more
health-conscious consumers. Since the announcement 60% of consumers
who purchased on Biossance.com were new compared to 44% in the
previous 7 days.
Biossance launched in China in
March and Sephora expansion in North
America and Australia
continues.
We launched Pipette in more than 600 Target stores nationwide.
Within the first month we achieved number one "New Baby Bath Brand"
at Target in both retail sales and units.
We have entered into a partnership to establish a manufacturing
and fulfillment center in Reno
Nevada. We expect to transition up to 70% of our consumer
products from various contract manufacturers to this location and
expect this to reduce our cost of goods. Additionally, we expect to
improve our speed to market and our flexibility in quickly adapting
to the needs of our retail partners and consumers.
3. Ingredients Portfolio enabling
the ESG agenda of industry leaders
Consistent with our previous communication we have now completed
three strategic transactions.
With the transactions we see a clear path that is strategic and
value accretive for all parties involved. Amyris will continue to
do what it does best in these partnerships, namely develop, scale
and commercialize ingredients from our Lab-to-Market operating
system
The first two transactions were with DSM and represent an
estimated value of $550 million in
short and medium-term contributions. The upfront cash was
$190 million for the two combined
with which we paid down $23 million
in debt.
The third strategic transaction was with Ingredion for the
exclusive licensing of Amyris's zero-calorie, nature-based,
fermented Reb M sweetener. The transaction value is estimated to be
$100 million, comprised of both short
and medium-term contributions from Ingredion. This includes
$75 million for the exclusive license
to sell and market Reb M from fermentation along with a
participation in the Brazil
manufacturing joint venture. Additional value is expected from
future profit share from Reb M sales and R&D collaboration.
Our engineering and operations team remains on task for the
construction of our new ingredients plant in Barra Bonita, Brazil. We expect to complete construction by
the end of this year and be producing early 2022.
FINANCIAL RESULTS AND NON-GAAP INFORMATION
To supplement our financial results and guidance presented in
accordance with U.S. generally accepted accounting principles
(GAAP), we use certain non-GAAP financial measures that we believe
are helpful in understanding our financial results. These non-GAAP
financial measures are among the factors management uses in
planning and forecasting future periods. These non-GAAP financial
measures also facilitate management's internal comparisons to
Amyris's historical performance as well as comparisons to the
operating results of other companies. Management believes these
non-GAAP financial measures, when considered together with
financial information prepared in accordance with GAAP, can enhance
investors' and analysts' abilities to meaningfully compare our
results from period to period, identify operating trends in our
business, and track and model our financial performance. In
addition, our management believes that these non-GAAP financial
measures allow for greater transparency into the indicators used by
management to understand and evaluate our business and make
operating decisions.
Non-GAAP financial information is not prepared under a
comprehensive set of accounting rules, and therefore, should only
be read in conjunction with financial information reported under
GAAP in order to understand Amyris's operating performance. A
reconciliation of the non-GAAP financial measures presented in this
release to the most directly comparable GAAP financial measure, is
provided in the tables attached to this press release.
Our Non-GAAP financial measures include the following:
Adjusted net income (loss) is calculated as GAAP net
income/loss excluding stock-based compensation expense, gain/loss
from change in fair value of derivatives, gain/ loss from changes
in the fair value of debt, losses upon debt extinguishment, income
attributable to noncontrolling interest, loss allocated to
participating securities, inventory lower of cost or net realizable
value adjustments, R&D performance agreement termination,
manufacturing capacity fee adjustments and other income/expense and
income/loss attributable to noncontrolling interest.
Adjusted EPS is calculated by dividing adjusted net
income (loss) by the weighted average shares, basic outstanding for
the period.
Non-GAAP Gross Margin (Gross Margin) is calculated
as GAAP revenues divided by non-GAAP cost of products sold (which
excludes other costs/provisions, inventory lower of cost or net
realizable value adjustments, excess capacity, manufacturing
capacity fee adjustments, stock-based compensation expense,
depreciation and amortization).
Non-GAAP Cash Operating Expense is calculated as
GAAP Operating Expense minus non-cash stock-based compensation,
depreciation and amortization and R&D performance agreement
termination.
EBITDA is calculated as GAAP net income (loss) less
interest, expense, income tax expense, depreciation and
amortization, deemed dividends to preferred stockholders, and loss
allocated to participating securities.
Adjusted EBITDA is calculated as EBITDA less income
attributable to noncontrolling interest, gain/loss from change in
fair value of derivatives, gain/loss from changes in the fair value
of debt, loss upon debt extinguishment, other income/expense, loss
from investment in affiliate, income attributable to
non-controlling interest, inventory lower of cost or net realizable
value adjustments, R&D performance agreement termination,
manufacturing capacity fee adjustments, and stock-based
compensation expense.
Conference Call
Amyris will host its first quarter 2021 conference call
today at 9:00 am ET (6:00 am
PT) to discuss its financial results and provide a business
and financial update.
Live audio webcast/conference call:
Webcast: please visit http://investors.amyris.com.
U.S. Dial-In Number: (877) 870-4263. International Dial-In Number:
(412) 317-0790.
Please connect to the website or dial in to the conference call
15 minutes prior to the start of the call to avoid connection
delays. If a participant will be listen-only, they are encouraged
to listen via the webcast on Amyris's investor page.
A replay of the webcast will be available on the Investor
Relations section of Amyris's website.
About Amyris
Amyris (Nasdaq: AMRS) is a science and
technology leader in the research, development and production of
sustainable ingredients for the Clean Health & Beauty and
Flavors & Fragrances markets. Amyris uses an impressive array
of exclusive technologies, including state-of-the-art machine
learning, robotics and artificial intelligence. Our ingredients are
included in over 3,000 products from the world's top brands,
reaching more than 200 million consumers. Amyris is proud to own
and operate a family of consumer brands - all built around its No
Compromise® promise of clean ingredients: Biossance® clean beauty
skincare, Pipette® clean baby skincare and Purecane™, a
zero-calorie sweetener naturally derived from sugarcane. For more
information, please visit http://www.amyris.com.
Forward-Looking Statements
This release contains
forward-looking statements, and any statements other than
statements of historical fact could be deemed to be forward-looking
statements. These forward-looking statements include, among other
things, statements regarding future events, such as Amyris's 2021
financial outlook and goals, including the addition of retail
locations and launch of new brands; Amyris's belief regarding its
delivery of more bio-manufactured products than aggregate of the
sector; Amyris's expectations regarding future ingredient revenue
as well as strategic and value accretive path with respect to its
strategic transactions; Amyris's expectations regarding
transitioning consumer products to future fulfillment center to
reduce cost of goods; Amyris's expectations regarding improving
speed to market and adaptability to needs of retail partners and
consumers; and other expectations regarding financial and
operational results and strategic priorities, including the timing
of completion of Brazil facility.
These statements are based on management's current expectations and
actual results and future events may differ materially due to risks
and uncertainties, including risks related to Amyris's liquidity
and ability to fund operating and capital expenses, risks related
to its financing activities, risks related to potential delays or
failures in completing and integrating planned acquisitions, risks
related to potential delays or failures in development, regulatory
approval, launch, production and commercialization of products,
risks related to Amyris's reliance on third parties (including
supply chain), and other risks detailed from time to time in
filings Amyris makes with the Securities and Exchange Commission,
including Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. Amyris disclaims any
obligation to update information contained in these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Amyris, the Amyris logo, No Compromise, Biossance, Pipette, and
Purecane are trademarks or registered trademarks of Amyris, Inc. in
the U.S. and/or other countries.
Financial Tables Follow
Amyris,
Inc.
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
(In
thousands
|
March 31,
2021
|
December
31,
2020
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
143,821
|
$
30,152
|
Restricted
cash
|
283
|
309
|
Accounts receivable,
net
|
27,036
|
32,846
|
Accounts receivable -
related party, net
|
391
|
12,110
|
Contract
assets
|
6,589
|
4,178
|
Contract assets -
related party
|
2,000
|
1,203
|
Inventories
|
47,639
|
42,862
|
Deferred cost of
products sold - related party
|
5,220
|
9,801
|
Prepaid expenses and
other current assets
|
19,246
|
13,103
|
Total current
assets
|
252,225
|
146,564
|
Property, plant and
equipment, net
|
31,933
|
32,875
|
Deferred cost of
products sold, noncurrent - related party
|
9,391
|
9,939
|
Restricted cash,
noncurrent
|
961
|
961
|
Recoverable taxes
from Brazilian government entities
|
8,680
|
8,641
|
Right-of-use assets
under financing leases, net
|
9,296
|
9,994
|
Right-of-use assets
under operating leases, net
|
9,333
|
10,136
|
Other
assets
|
4,770
|
3,704
|
Total
assets
|
$
326,589
|
$
222,814
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
44,154
|
$
41,045
|
Accrued and other
current liabilities
|
32,121
|
30,707
|
Financing lease
liabilities
|
3,258
|
4,170
|
Operating lease
liabilities
|
5,510
|
5,226
|
Contract
liabilities
|
6,163
|
4,468
|
Debt, current
portion
|
55,904
|
54,748
|
Related party debt,
current portion
|
-
|
22,689
|
Total current
liabilities
|
147,110
|
163,053
|
Long-term debt, net
of current portion
|
13,873
|
26,170
|
Related party debt,
net of current portion
|
413,687
|
159,452
|
Operating lease
liabilities, net of current portion
|
8,209
|
9,732
|
Derivative
liabilities
|
31,384
|
8,698
|
Other noncurrent
liabilities
|
22,467
|
22,754
|
Total
liabilities
|
636,730
|
389,859
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently
redeemable common stock
|
5,000
|
5,000
|
Stockholders'
deficit:
|
|
|
Preferred
stock
|
-
|
-
|
Common
stock
|
27
|
24
|
Additional paid-in
capital
|
2,106,214
|
1,957,224
|
Accumulated other
comprehensive loss
|
(49,413)
|
(47,375)
|
Accumulated
deficit
|
(2,377,943)
|
(2,086,692)
|
Total Amyris, Inc.
stockholders' deficit
|
(321,115)
|
(176,819)
|
Noncontrolling
interest
|
5,974
|
4,774
|
Total stockholders'
deficit
|
(315,141)
|
(172,045)
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
$
326,589
|
$
222,814
|
Amyris,
Inc.
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except shares and per share amounts)
|
2021
|
2020
|
Revenue:
|
|
|
Renewable
products
|
$
28,179
|
$
17,854
|
Licenses and
royalties
|
143,800
|
5,161
|
Grants and
collaborations
|
4,880
|
6,115
|
Total
revenue
|
176,859
|
29,130
|
Cost and operating
expenses:
|
|
|
Cost of products
sold(1)
|
22,659
|
11,790
|
Research and
development(1)
|
23,332
|
17,126
|
Sales, general and
administrative(1)
|
37,922
|
32,014
|
Total cost and
operating expenses
|
83,913
|
60,930
|
Income (loss) from
operations
|
92,946
|
(31,800)
|
Other income
(expense):
|
|
|
Interest
expense
|
(5,813)
|
(15,002)
|
(Loss) gain from
change in fair value of derivative instruments
|
(22,745)
|
3,282
|
Loss from change in
fair value of debt
|
(326,785)
|
(16,503)
|
Loss upon
extinguishment of debt
|
(27,313)
|
(27,319)
|
Other (expense)
income, net
|
(678)
|
4
|
Total other expense,
net
|
(383,334)
|
(55,538)
|
Loss before income
taxes and loss from investment in affiliate
|
(290,388)
|
(87,338)
|
Provision for income
taxes
|
(55)
|
(91)
|
Gain (loss) from
investment in affiliate
|
392
|
(415)
|
Net loss
|
(290,051)
|
(87,844)
|
Less: income
attributable to noncontrolling interest
|
(1,200)
|
-
|
Net loss attributable
to Amyris, Inc.
|
(291,251)
|
(87,844)
|
Less: loss allocated
to participating securities
|
2,099
|
1,087
|
Net loss attributable
to Amyris, Inc. common stockholders, basic and diluted
|
(289,152)
|
(86,757)
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
of common stock, basic and diluted
|
267,733,555
|
155,065,635
|
Loss per share
attributable to common stockholders, basic and diluted
|
$
(1.08)
|
$
(0.56)
|
|
|
|
(1)Includes stock-based compensation
expense as follows:
|
|
|
Cost of products
sold
|
$
63
|
$
-
|
Research and
development
|
1,062
|
1,065
|
Sales, general and
administrative
|
3,156
|
2,439
|
|
$
4,281
|
$
3,504
|
|
|
|
Amyris,
Inc.
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except per share data)
|
2021
|
2020
|
Net loss
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(289,152)
|
$
(86,757)
|
Non-GAAP
adjustments:
|
|
|
Stock-based
compensation expense
|
4,281
|
3,504
|
(Gain) loss from
change in fair value of derivative instruments
|
22,745
|
(3,282)
|
Loss from change in
fair value of debt
|
326,785
|
16,503
|
Loss upon
extinguishment of debt
|
27,313
|
27,319
|
Income attributable
to noncontrolling interest
|
1,200
|
-
|
Loss allocated to
participating securities
|
(2,099)
|
(1,087)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(161)
|
(616)
|
R&D Performance
Agreement termination
|
1,850
|
-
|
Manufacturing
capacity fee adjustment
|
1,482
|
-
|
Other (income)
expense, net, and (gain) loss from investment in
affiliate
|
286
|
411
|
Adjusted net
income (loss) attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
$
94,530
|
$
(44,005)
|
|
|
|
Weighted-average
shares outstanding
|
|
|
Weighted-average
shares of common stock outstanding used in computing earnings
(loss) per share attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
267,733,555
|
155,065,635
|
|
|
|
Loss per share
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(1.08)
|
$
(0.56)
|
Non-GAAP
adjustments:
|
|
|
Stock-based
compensation expense
|
0.02
|
0.02
|
(Gain) loss from
change in fair value of derivative instruments
|
0.08
|
(0.02)
|
Loss from change in
fair value of debt
|
1.22
|
0.11
|
Loss upon
extinguishment of debt
|
0.10
|
0.18
|
Income attributable
to noncontrolling interest
|
0.00
|
-
|
Loss allocated to
participating securities
|
(0.01)
|
(0.01)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(0.00)
|
(0.00)
|
R&D Performance
Agreement termination
|
0.01
|
-
|
Manufacturing
capacity fee adjustment
|
0.01
|
-
|
Other (income)
expense, net, and (gain) loss from investment in
affiliate
|
0.00
|
0.00
|
Adjusted earnings
(loss) per share attributable to Amyris, Inc. common stockholders
(non-GAAP)(1)
|
$
0.35
|
$
(0.28)
|
(1)Amounts
may not sum due to rounding.
|
-
|
-
|
|
Three Months Ended
March 31,
|
Adjusted
EBITDA
|
2021
|
2020
|
GAAP net loss
attributable to Amyris, Inc. common stockholders - Basic
|
$
(289,152)
|
$
(86,757)
|
Interest
expense
|
5,813
|
15,002
|
Income
taxes
|
55
|
91
|
Depreciation and
amortization
|
2,114
|
1,719
|
Loss allocated to
participating securities
|
(2,099)
|
(1,087)
|
EBITDA
|
(283,269)
|
(71,032)
|
Income attributable
to noncontrolling interest
|
1,200
|
-
|
(Gain) loss from
change in fair value of derivative instruments and debt, loss upon
extinguishment of debt, other (income) expense, and (gain) loss
from investment in affiliate
|
377,129
|
40,951
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(161)
|
(616)
|
R&D performance
agreement termination
|
1,850
|
-
|
Manufacturing
capacity fee adjustment
|
1,482
|
-
|
Stock-based
compensation
|
4,281
|
3,504
|
Adjusted
EBITDA
|
$
102,512
|
$
(27,193)
|
Amyris,
Inc.
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
(In
thousands)
|
2021
|
2020
|
Revenue (GAAP and
non-GAAP)
|
|
|
Renewable products
|
$
28,179
|
$
17,854
|
Licenses
and royalties
|
143,800
|
5,161
|
Grants
and collaborations
|
4,880
|
6,115
|
Revenue (GAAP and
non-GAAP)
|
$
176,859
|
$
29,130
|
|
|
|
Cost of products
sold (GAAP)
|
$
22,659
|
$
11,790
|
Other
costs/provisions
|
(4,473)
|
(1,431)
|
Manufacturing capacity fee adjustment
|
(1,482)
|
-
|
Inventory lower-of-cost-or-net realizable value
adjustment
|
161
|
616
|
Excess
capacity
|
(205)
|
(66)
|
Stock-based compensation expense
|
(63)
|
-
|
Depreciation and amortization
|
(514)
|
(233)
|
Cost of products
sold (non-GAAP)
|
$
16,083
|
$
10,676
|
|
|
|
Adjusted gross
margin (non-GAAP)
|
$
160,776
|
$
18,454
|
Gross
margin %
|
91%
|
63%
|
|
|
|
Research and
development expense (GAAP)
|
$
23,332
|
$
17,126
|
Stock-based compensation expense
|
(1,062)
|
(1,065)
|
Depreciation and amortization
|
(1,321)
|
(1,225)
|
R&D
performance agreement termination
|
(1,850)
|
-
|
Research and
development expense (non-GAAP)
|
$
19,099
|
$
14,836
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$
37,922
|
$
32,014
|
Stock-based compensation expense
|
(3,156)
|
(2,439)
|
Depreciation and amortization
|
(279)
|
(261)
|
Sales, general and
administrative expense (non-GAAP)
|
$
34,487
|
$
29,314
|
|
|
|
Cash operating
expense (non-GAAP)
|
$
53,586
|
$
44,150
|
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SOURCE Amyris, Inc.