Solazyme reports Q1 2015 results

Solazyme has announced results for the first quarter ended March 31, 2015. “We are executing against our operating plan for 2015 and are pleased with the progress we are seeing across the company and in our manufacturing and commercialization efforts specifically,” said Jonathan Wolfson, CEO of Solazyme.

Total revenue for the first quarter ended March 31, 2015 was $12.6 million compared with $12.4 million in the first quarter of 2014, while product revenue of $8.8 million was up 20% versus the comparable quarter. GAAP net loss was $34.7 million for the first quarter of 2015, unchanged from the first quarter of the prior year. On a non-GAAP basis, the net loss was $29.5 million for the first quarter of 2015, compared with net loss of $30.5 million in the prior year quarter. A reconciliation of GAAP to non-GAAP results is included below.

“During the first quarter, we continued to build the market for our AlgaVia™ food ingredients business, which had its best quarter yet, and our Algenist® personal care brand turned in 26% year-on-year growth,” said Tyler Painter, COO and CFO of Solazyme. “We are focused on sales as well as overall financial performance and continue to believe that we are well positioned to profitably commercialize our products globally.”

“Advances are being made at the Moema JV production facility in Brazil including substantial improvements in downstream processing efficiency and oil production as well as in overall up-time and integrated operations,” said Wolfson. “On the commercial side, we are moving forward as well. Recent progress includes the announced Flotek strategic partnership for Encapso™ and Flocapso™, new AlgaVia™ food ingredient customers and the expansion of our relationship with Bunge to cover a next generation food ingredient.”

 

Photo: Solazyme’s Algenist® personal care brand grew 26% year-on-year

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