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

act of manufacturing constraints compared to the prior year, resulting from the challenges of satisfying increased demand for our products and expanded product mix.

Operating Expenses (excluding cost of product revenue)

Excluding cost of product revenues, total operating expenses related to continuing operations decreased $4.3 million to $25.1 million (including share-based compensation of $0.8 million) for the nine months ended September 30, 2010 from $29.4 million (including share-based compensation of $3.9 million) for the same period in the prior year.  Excluding the impact of share-based compensation, total operating expenses decreased $1.2 million primarily due to $2.1 million of debt issuance costs during the third quarter of 2009 related to our 2007 Notes exchange and 2008 Notes amendment, partially offset by $1.4 million in bonus payments expensed during the third quarter of 2010.

Net Loss from Continuing Operations

Net loss from continuing operations for the nine months ended September 30, 2010 was $11.9 million compared to a net loss of $5.7 million for the same period in 2009, on a GAAP accounting basis. Adjusted for the non-cash impact of the tax benefit from income from discontinued operations, gains on debt extinguishment and amendments, and gains and losses for fair value remeasurements related to the 8% and 9% convertible notes, the Company's non-GAAP pro-forma net loss from continuing operations for the nine months ended September 30, 2010 was $16 million compared to $23.4 million for the same period in the prior year. The Company believes that excluding the impact of these items provides a more consistent measure of operating results.  

Net Income (Loss) from Discontinued Operations

For the nine months ended September 30, 2010, net income from discontinued operations was $9.8 million and included a $46.9 million gain on sale of the cellulosic biofuels business (net of tax p
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SOURCE Verenium Corporation
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