BioAmber Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter Ended June 30, 2016
August 09, 2016 at 09:01 pm
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BioAmber Inc. announced unaudited consolidated earnings results for the second quarter ended June 30, 2016. For the quarter, the company's revenue was $2,521,000 against $342,000 a year ago. The increase in revenue was entirely attributed to volume growth, with no material change in the average selling price. Operating loss was $7,315,000 against $10,894,000 a year ago. Net income was $2,933,000 against net loss of $14,779,000 a year ago. Net loss attributable to the company’s shareholders was $4,811,000 or $0.17 per basic share against $14,026,000 or $0.0.58 per basic share a year ago. Net cash used in operating activities was $25,675,000 against $15,571,000 a year ago. Acquisition of property and equipment was $364,000 against $52,433, 000 a year ago. Adjusted net loss attributable to the company’s shareholders was $7,132,000 or $0.25 per basic share against $9,529,000 or $0.39 per basic share a year ago.
BioAmber Inc. (BioAmber), formerly DNP Green Technology, Inc., is an industrial biotechnology company, which produces sustainable chemicals. The Company's technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstocks into sustainable chemicals that are replacements for petroleum-derived chemicals, which are used in a range of everyday products, including plastics, food additives and personal care products. Its geographical segments include Europe and North America. Its product pipeline includes the derivatives of bio-succinic acid, such as 1,4 Butanediol (1,4 BDO) and tetrahydrofuran (THF), and succinic acid-based polyesters, and C6 building block chemicals, such as adipic acid, caprolactam and hexamethylenediamine (HMDA). Its products are used in various applications, including polyurethanes, resins and coatings, de-icing and coolant solutions, fine chemicals, lubricants, carpets, engineering plastics and artificial leather products.