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Metabolix Announces Second Quarter 2013 Financial Results
Date:7/31/2013

customer payment.  During the second quarter, $0.8 million in product revenue was recognized, primarily from shipments to customers completed during the first quarter of 2013, which is a $0.4 million increase over the comparable quarter of 2012.  The Company also recorded $0.2 million of research and development revenue earned under a development arrangement with a third party during the second quarter of 2013.

Cost of product for revenue recognized was $1.2 million during the quarter ended June 30, 2013, compared to $0.4 million for the comparable period in 2012. The increase of $0.8 million was primarily attributable to the cost of inventory associated with revenue recognized during the quarter, current period freight and warehousing costs and a write-off of excess and obsolete inventory.

Research and development expenses were $4.9 million for the second quarter of 2013 compared to $5.0 million for the same period in 2012. Selling, general and administrative expenses were $3.4 million for both the second quarter of 2013 and the second quarter of 2012.

The Company reported a net loss of $7.9 million or $0.23 per share for the second quarters of both 2013 and 2012.

Revenue for the six months ended June 30, 2013 was $3.6 million compared to $40.2 million in the same period of 2012. The year-over-year decrease was primarily related to $38.9 million in deferred revenue which was recognized as a result of the termination of the Telles joint venture in early 2012. Product revenue, grant revenue and research and development revenue increased by $1.2 million, $0.5 million and $0.6 million, respectively, during the first six months of 2013 compared to the first six months of 2012.

Cost of product revenue was $1.8 million during the six months ended June 30, 2013 compared to $0.5 million for the comparable period in 2012.  The $1.3 million increase is primarily attributable to the cost of inventory sold during the period
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SOURCE Metabolix, Inc.
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