Solazyme Reports Increased Licensing Payments Impacted Q4 Revenues, Resulting in Limited Growth for 2011

Feb 22 2012 --- Solazyme, Inc., a renewable oil and bioproducts company, announced financial results for the fourth quarter and fiscal year ended December 31, 2011 and recent key corporate highlights.

Total revenue for the fourth quarter ended December 31, 2011 was $14.9 million compared with $23.2 million in the fourth quarter of 2010. The fourth quarter of 2010 included a $15 million license payment from Roquette, compared with a $5 million license payment received in the comparable quarter in 2011.

 

Fourth quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $15.6 million, which compares with net income attributable to common stockholders of $2.9 million in the prior year period. On a non-GAAP basis, the net loss attributable to Solazyme, Inc. common stockholders was $12.2 million for the fourth quarter of 2011, compared with net income attributable to common stockholders of $5.9 million in the prior year quarter.

 

Total revenue for the fiscal year ended December 31, 2011 was $39.0 million compared with $38.0 million in the prior year. Fiscal year 2011 GAAP net loss attributable to Solazyme, Inc. common stockholders was $54.0 million, compared with $16.4 million in the prior year. On a non-GAAP basis, the net loss attributable to Solazyme, Inc. common stockholders was $39.4 million for 2011, compared with $11.8 million in 2010.

 

2011 saw Solazyme sign a new agreement expanding its Unilever partnership into tailored food oils, including a non-binding multi-year offtake agreement.

 

"In 2011, Solazyme made significant progress toward commercializing our valuable technology platform, including launching our Algenist skincare line and our Solazyme Roquette Nutritionals business," said Jonathan Wolfson, CEO, Solazyme. "Recently, we commenced operations at our manufacturing plant in Peoria, Illinois and Solazyme Roquette Nutritionals commenced operations at its Phase 1 facility in France. Over the past year, we delivered on all of our partner commitments; signed MOUs and JDAs to meet the majority of our long-term feedstock needs, and progressed on important partnerships. We believe we've set the stage for commercial expansion in 2012 and 2013."

 

"Our unique technology platform is capable of rapidly prototyping new triglyceride oils that we expect will allow our customers to develop new and improved products and change the industrial playing field," added Mr. Wolfson.

 

Fourth quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $15.6 million, which compares with net income attributable to common stockholders of $2.9 million in the prior year period. On a non-GAAP basis, the net loss attributable to Solazyme, Inc. common stockholders was $12.2 million for the fourth quarter of 2011, compared with net income attributable to common stockholders of $5.9 million in the prior year quarter. A reconciliation of GAAP to non-GAAP results is included below.

 

"Our primary focus throughout 2012 will be on ramping our commercial capacity," said Tyler Painter, CFO, Solazyme. "With approximately $244 million in cash, cash equivalents and marketable securities at year end, we believe we are well positioned to execute our plans and remain on track to achieve our commercialization targets."