February 26, 2013

Solazyme: On track for commercialization

Solazyme has frequently been covered here in the blog so this earnings update will not be too long. The company reported last week that it is on track for commercial production of its tailored algae oils on three continents by 2014. Still, the company's results reportedly fell short of analysts' earnings expectations.

While the blog is not too interested in reporting revenues given that most of the renewable chemical companies in our scope is still not mature enough to have meaningful sales, Solazyme did say that it was able to increase its Algenist sales of $16.5m by 130% in 2012. The company was able to launched 7 new products last year and reportedly successfully met all joint development agreement targets with partners such as Bunge, Chevron, Dow and Unilever.

Solazyme's total 2012 revenue ended December 31, 2012 was $44.1m versus $39m in 2011. Other sources of revenues aside from the Algenist sales include joint development revenue of $13.2m and government program revenue of $14.4m.

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