Solazyme releases financial results for last fiscal year

By Erin Voegele | February 28, 2012

Solazyme Inc. has announced financial results for fiscal year 2011, which ended on Dec. 31. According to Jonathan Wolfson, Solazyme’s CEO, his company made significant progress towards commercialization last year, including the launch of its Algenist skincare line and the Solazyme Roquette Nutritionals business. Wolfson also pointed about that his company has begun operations at manufacturing plants in Peoria, Ill., while Solazyme Roquette Nutritionals commenced operations at its Phase 1 facility in France. “In 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,” said Wolfson. “We believe we've set the stage for commercial expansion in 2012 and 2013.”

Solazyme’s total revenue for FY 2011 was $39 million, which represents a slight drop compared to the $38 million in revenue posted for FY 2010. According to the company, via generally accepted accounting principles (GAAP) FY 2011 net losses attributable to the company’s common stock holders was $54 million. This is a significant increase over the $16.4 million recorded for FY 2010. On a nonGAAP basis, Solazyme attributed a net loss of $39.1 million to common stockholders for FY 2011. The comparable figure for FY 2010 was $11.8 million.

In its year-end results, Solazyme attributed nearly $26.8 million in revenue to research and development programs, with an additional $7.2 attributed to product revenue. Research and development operating expenses were more than $45.6 million during the same time period. Total operating expenses for the year equaled nearly $89.5 million. The income loss from operations was nearly $50.5 million.

Solazyme Chief Financial Officer Tyler Painter said that the company’s primary focus in 2012 will to ramp up commercial capacity. “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,” he said.

Several of Solazyme’s recent business highlights were mentioned as part of its FY 2011 financial results. The company noted the testing of Solazyme’s renewable diesel on a 300-meter Maersk Kalmar container vessel that traveled 6,500 miles from Northern Europe to India. Solazyme also pointed out that it’s expanded Algenist skincare collection has been launched is more than 1,100 retail locations around the world. Solazyme also notably partnered with Dynamic Fuels to supply the Navy with the largest purchase of advanced biofuel in government history.

Additional 2011 highlights include the successful demonstration of Solazyme fuel in a commercial airline flight, and the formation of a joint development agreement funded by Bunge Ltd. Solazyme also signed a joint venture framework agreement with Bunge that establishes key terms for the anticipated joint venture project that would build a renewable oil plant in Brazil. In addition, the company signed a joint development agreement, and a nonbinding offtake agreement with Dow. A nonbinding, multiyear offtake agreement was also signed with United Airlines. 


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