Categories Earnings, Other Industries

Amyris stock loses the momentum after reporting a loss for Q4, finalizes cannabinoid deal

Amyris (AMRS) reported that it has signed a final definitive agreement for cannabinoid development, licensing and commercialization containing $300 million of R&D and milestone payments plus long-term royalties. Amyris stock jumped about 25% during the extended trading hours. However, after the company announced Q4 loss, the stock pared the early gains and traded in the negative territory.

Amyris posted a loss of $56.1 million, or $0.76 per basic share for Q4 2018 compared to a net income of $36.2 million or $0.76 per basic share for Q4 2017. Revenue was $19.4 million, compared with $80.6 million in the prior year quarter. The prior year quarter revenue reflected the recognition of $57.3 million of revenue from the multi-element license and value share (royalty) agreement with DSM during the fourth quarter of 2017.

GAAP net loss attributable to Amyris common stockholders for the recently ended quarter was $53.2 million, or $1.03 per diluted share, compared with a GAAP net loss attributable to Amyris common stockholders of $2.9 million, or $0.06 diluted share in the comparable period a year ago.

Amyris’ previous quarter earnings calls audios 

The agreement between Amyris and LAVVAN, Inc., a newly-formed company backed by leaders across the pharmaceutical, cannabis, and financial sectors, intends to bring the first fermentation-derived cannabinoid products to market.

“Our results for the quarter and year are below expectations,” said CEO John Melo. “The negative results for the quarter and full year reflect the inability to recognize revenue for a $50 million multi-party Vitamin E deal in China during the fourth quarter. Our financial results for the fourth quarter were also impacted by a 30-day delay to our manufacturing scale-up and production of our natural sweetener product,” he added.

The company said that the sweetener issues were quickly resolved in the first quarter of 2019. Melo added that Amyris has undertaken a thorough review of its business plan for 2019 and will take a more conservative approach in assessing likely revenue opportunities.

Amyris stock ended today’s trading session at $3.81, down 3.05%.

 

Listen to on-demand earnings calls and hear how management responds to analysts’ questions

 

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top