BioAmber Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 03, 2016 at 08:01 pm
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BioAmber Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company's revenues were $3.7 million compared with $0.35 million a year ago. The 45% increase relative to the previous quarter was driven by an increase in the quantity of bio-succinic acid sold. The company recorded a net loss attributable to the company shareholders of $6.2 million, or a loss of $0.21 per basic share for the quarter ended September 30, 2016, compared to a net loss of $7.1 million, or a loss of $0.27 per basic share for the same period last year. Adjusted net loss attributable to the company shareholders for the quarter ended September 30, 2016 was $7.4 million, or a loss of $0.26 per basic share, compared to an adjusted net loss attributable to the company shareholders of $9.4 million, or a loss of $0.36 per basic share for the same period last year. Operating loss was $6.6 million compared with $9.9 million a year ago. Loss before income taxes was $6.7 million compared with $8.5 million a year ago. Depreciation of property and equipment and amortization of intangible asset expense were $1.2 million for the quarter ended September 30, 2016, up significantly from $123,000 for same period last year. This increase was due to the depreciation of Sarnia facility assets following the beginning of production in fourth quarter 2015.
For the nine months, the company's net loss was $16.3 million compared with $32.3 million a year ago. Net cash used in operating activities was $33.1 million compared with $22.5 million a year ago. Acquisition of property and equipment and intangible asset, net of disposals was $0.54 million compared with $62.5 million 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.