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Verenium Reports Financial Results for the Third Quarter 2010
Date:11/9/2010

ry below, the historical results of the Company's cellulosic biofuels business for current and prior periods have been reclassified into discontinued operations as a result of the sale of the cellulosic biofuels business on September 2, 2010 to BP.

Revenues

Revenues for the periods ended September 30, 2010 and 2009 were as follows (in thousands): Three Months Ended 
September 30,Nine Months Ended 
September 30,2010200920102009Revenues:Animal Health and Nutrition

$
7,696$
7,919$
24,537$
23,846Grain Processing

3,3642,5249,6057,016All other products

1,1735832,9431,232Total product

12,23311,02637,08532,094Collaborative

3399031,3913,369Total revenues

$
2,572$
,929$
38,476$
35,463Total revenues for the nine months ended September 30, 2010 increased 8% to $38.5 million from $35.5 million for the same period in the prior year, with product revenues representing more than 90 percent of total revenues in both periods. Product revenues for the nine months ended September 30, 2010 increased 16% to $37.1 million from $32.1 million for same period in the prior year, primarily due to an increase in Phyzyme profit share from Danisco, as well as an increase in revenues from grain processing enzymes, Fuelzyme, Veretase and Xylathin, which continued to gain acceptance in the grain ethanol markets, and Purifine enzyme for the soybean oil processing market. Product revenue from non-Phyzyme products as a percentage of total product revenue increased to 34% for the nine months ended September 30, 2010 compared to 26% for the same period in the prior year.

Product Gross Profit

Product gross profit for the nine months ended September 30, 2010 increased to $13.9 million from $11.6 million for the same period in the prior year, primarily due to improved fixed cost leverage on higher revenue, partially offset by the imp
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SOURCE Verenium Corporation
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