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

manufacturing revenue included in 2011.

Product and contract manufacturing revenue from non-Phyzyme® XP products as a percentage of total product and contract manufacturing revenues decreased to 37% for the year ended December 31, 2012 compared to 46% in the prior year.  Contract manufacturing revenue increased as a result of the supply agreement entered into in conjunction with the DSM sale, under which the Company produces and sells Purifine and Veretase to DSM at lower sales prices than when the Company sold directly to end customers.

Total collaborative revenue for the year ended December 31, 2012 increased to $8.3 million from $5.3 million in the prior year, primarily due to recognition of license fee revenue from Novus International, Inc. and license fees associated with the DSM transaction. This increase was offset in part by a non-recurring license fee received in 2011 for a commercial enzyme candidate previously licensed to a third party.

Product and Contract Manufacturing Gross Profit and Gross Margin

Product and contract manufacturing gross profit for the year ended December 31, 2012 decreased 22% to $16.8 million from $21.5 million in the prior year. Gross margin decreased to 34% of total product and contract manufacturing revenue for the year ended December 31, 2012, compared to 38% for the year ended December 31, 2011.  Gross margin decreased primarily due to a shift in sales mix from higher margin grain processing revenue to the Company's lower margin supply agreement with DSM, implementation of upgrade projects at the Company's manufacturing facility which resulted in idle capacity charges and incremental inventory reserves and write-offs associated with certain lots of inventory which did not meet defined product specifications.

Operating Expenses (excluding cost of product and contract manufacturing revenue and restructuring expense)

Excluding cost of pro
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SOURCE Verenium Corporation
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