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Verenium Reports Financial Results For The Fourth Quarter And Year Ended December 31, 2012
Date:3/27/2013

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Financial ResultsRevenues
Revenues for the periods ended December 31, 2012 and 2011 were as follows (in thousands):Three Months Ended December 31,Year Ended December 31,2012201120122011Revenues:Animal health and nutrition

$
8,328$
9,116$
30,849$
33,850Grain processing

2,9703,71310,86515,953Oilseed processing

--8115795,352All other products

901031,062840Total product

11,38813,74343,35555,995Contract manufacturing (1)

1,500--5,547--Collaborative and license

1,0955788,2695,272Total revenue

$
3,983$
4,321$
57,171$
,267(1) Revenue from the DSM supply agreement is reported as contract manufacturing following the sale of assets to DSM in March 2012. Revenue for Purifine and Veretase prior to the DSM transaction is reflected in oilseed processing and grain processing revenue, respectively. Total revenues for the year ended December 31, 2012 decreased 7% to $57.2 million from $61.3 million in the prior year.  Product and contract manufacturing revenues represented approximately 86% of total revenues for the year ended December 31, 2012 compared to 91% in the prior year.

Product revenue for the year ended December 31, 2012 decreased 23% to $43.4 million from $56.0 million in the prior year, primarily due to the following:

  • A decrease in grain processing revenue compared to 2011 attributed to adverse business conditions in the corn ethanol industry, resulting in plant closures and reduced operating rates, increased competitive pressure, and delays or extensions of product trials which affected new customer adoption rates.
  • The sale and license of the Company's Purifine product for oilseed processing and Veretase product for grain processing to DSM in March of 2012, now reported as contract manufacturing revenue at lower selling prices; and
  • A decrease in animal health and nutrition due to toll
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