EMERYVILLE, Calif., April 24,
2023 /PRNewswire/ -- Amyris, Inc. (Nasdaq: AMRS), a
leading synthetic biotechnology company accelerating the world's
transition to sustainable consumption through its
Lab-to-Market™ technology platform and clean beauty
consumer brands, provided an update on first quarter revenue.
The Company expects to deliver Q1 2023 total revenue of
approximately $56 million. The
Company previously guided to revenue of approximately $50 million during the fourth quarter earnings
call. Gross profit and operating expense are expected to be
sequentially significantly better compared to Q4 2022.
Amyris continues to execute its strategic agenda with a keen
focus on cost efficiency and capital structure and the liquidity
required to self-fund its business plan. The Company is in process
of a strategic review of all aspects of its cost structure in
support of "Fit-to-Win", with the objective to accelerate cost and
efficiency improvements.
The Company progressed insourcing production of its ingredients
at Barra Bonita, the world's most technologically advanced
biomanufacturing facility. Critical issues from the commissioning
and start-up phase have been addressed and the plant is delivering
product at target.
"We are pleased with the start of the year and are focused on
operating with a more efficient cost base while continuing to
deliver strong revenue growth," commented John Melo, President and Chief Executive
Officer.
"Our strategy to focus our portfolio, reduce our cost base,
expand our strategic partnerships and to divest non-core assets is
designed to self-fund our business operations. Our liquidity plan
includes significant cost savings, attaining the estimated
$335 million of earnouts and
milestone payments over the next three years from current strategic
agreements and executing on an estimated $200 million from additional transactions this
year."
The Company will provide a more detailed update during the Q1
2023 earnings call to be held on May 9,
2023 at 1:30pm PT.
About Amyris
Amyris (Nasdaq: AMRS) is a leading
synthetic biotechnology company, transitioning the Clean Health
& Beauty and Flavors & Fragrances markets to sustainable
ingredients through fermentation and the company's proprietary
Lab-to-Market™ technology platform. This Amyris
platform leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the world's top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products. 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 the Company's
expectations regarding Q1 2023 financial results and the Company's
strategic Fit-to-Win goals related to cost efficiency. 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' 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 global inflation and policy measures undertaken to
address inflation, the COVID-19 pandemic and any other geopolitical
events, including the Ukraine conflict, resulting in
global economic, financial and supply chain disruptions that may
negatively impact Amyris' business operations and financial results
or cause market volatility, risks related to Amyris' reliance on
third parties particularly in the 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.
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SOURCE Amyris, Inc.