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Dyadic International Reports 2010 Third Quarter Financial Results
Date:11/15/2010

enzyme yields at lower cost for the benefit of our licensing and research partners
  • Initiated several provisional patent applications on genes and the enzymes they encode which resulted from ongoing research generated through the Scripps annotation program

  • Intellectual Property

  • Sixth U.S. patent issued to Dyadic in October 2010

  • Financial ResultsTotal revenue for the third quarter ended September 30, 2010 decreased to approximately $2.0 million as compared to approximately $2.1 million for the third quarter ended September 30, 2009. Total revenue for the nine months ended September 30, 2010 decreased to approximately $6.2 million as compared to approximately $19.0 million for the nine months ended September 30, 2009. The decrease in total revenue for the three and nine month periods ended September 30, 2010 as compared to the three and nine month periods ended September 30, 2009 was due to a decrease in license fee revenue and research and development revenue as described below.

    Net product related revenue for the third quarter increased approximately 15% to approximately $2.0 million as compared to approximately $1.7 million for the third quarter of 2009. Net product related revenue for the nine months ended September 30, 2010 increased approximately 14% to approximately $5.5 million as compared to approximately $4.9 million for the same period a year ago.

    Gross margins for net product related revenue (exclusive of shipping and other costs) for the nine months ended September 30, 2010 increased to approximately 31% as compared to approximately 22% for the nine months ended September 30, 2009 as a result of the continued focus on more profitable product lines and improvements to inventory management and overall operating efficiencies.

    There was no license fee revenue for the third quarter ended September 30, 2010 as compared to license fee revenue of $125,000 for the third quarter ended September 30, 2009
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    SOURCE Dyadic International, Inc.
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