Solazyme makes “great strides”

Renewable oil and bioproducts company Solazyme has announced results for the fourth quarter and full year ended December 31, 2014. “Although 2014 was a challenging year, we made great strides against our commercialisation and production goals, including launching Encapso and our AlgaVia microalgae food ingredients, and starting up operations at our Clinton/Galva and SB Oils Moema […]

Renewable oil and bioproducts company Solazyme has announced results for the fourth quarter and full year ended December 31, 2014.

“Although 2014 was a challenging year, we made great strides against our commercialisation and production goals, including launching Encapso and our AlgaVia microalgae food ingredients, and starting up operations at our Clinton/Galva and SB Oils Moema facilities,” said Jonathan Wolfson, CEO ofSolazyme. “We ended 2014 by demonstrating fully integrated operations at Moema and are confident that we will turn the corner to consistent and reliable operations as well. We have great technology, products and partners and though there is hard work in front of us we are excited about our opportunities and the year ahead.”

Total revenue for the fourth quarter of 2014 was $14.5 million compared with $11.3 million in the fourth quarter of 2013, an increase of 29%. Fourth quarter GAAP net loss was $44.9 million compared to a net loss of $33.3 million in the prior year period. On a non-GAAP basis, the net loss was $35.5 million for the fourth quarter of 2014 compared to a net loss of $27.4 million in the prior year quarter.

Total revenue for the year ended December 31, 2014 was $60.4 million compared with $39.8 million in the prior year, an increase of 52%, with the product revenue component of that up 87% versus the prior year. Full year 2014 GAAP net loss was $162.1 million, compared with $116.4 million loss in the prior year. On a non-GAAP basis, the net loss was $133.4 million for 2014, compared with $88.6 million in 2013.

“Solazyme’s 2014 revenue growth reflects the continued expansion of our Algenist product line, shipments from Clinton/Galva and Peoria of Encapso and AlgaVia branded products, as well as delivery against all of our joint development milestones for our partners,” said Tyler Painter, COO and CFO of Solazyme. “We are focused on maximizing the returns on our capacity investments and driving efficiencies across our operations. We are well positioned financially to accelerate the commercialisation of our products in 2015.”