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Verenium Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2007
Date:11/6/2007

705

Total Revenues 10,861 14,312 33,303 34,420

Product Gross Profit 1,580 1,028 3,838 1,902

Product Gross Margin 25% 22% 22% 18%

Restructuring Expenses -- 766 58 11,533

Non-cash in-process

research and development

charge -- -- 42,400 --

Total Operating Expenses 30,743 18,678 118,318 68,501

Net Loss $(20,493) $ (3,975) $(86,011) $(33,148)

Net Loss Per Share $(0.34) $(0.08) $(1.64) $(0.72)

Revenues for the third quarter and nine months ended September 30, 2007 were $10.9 million and $33.3 million, respectively, compared to $14.3 million and $34.4 million for the same periods in 2006. Net loss for the third quarter and nine months ended September 30, 2007 was $20.5 million, or $0.34 per share, and $86.0 million, or $1.64 per share, respectively, which included a preliminary one-time, non-cash charge of $42.4 million for in-process research and development related to the merger with Celunol Corporation in June 2007. Net loss for the third quarter and nine months ended September 30, 2006 was $4.0 million, or $0.08 per share, and $33.1 million, or $0.72 per share, respectively, which included a restructuring charge of $0.8 million in the third quarter and $11.5 million in the first nine months of 2006. As of September 30, 2007, the Company had cash, cash equivalents, and short-term investments totaling $87.6 million.

Product revenues for the third quarter and nine months ended September 30, 2007 were $6.3 million and $17.7 million, respectively, compared to $4.7 million and $10.6 million in 2006, representing an increase of 35% and 68% when compared to the same periods in the prior year. The increase in product revenues was primarily due to increased sales of Phyzyme(TM) XP
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SOURCE Verenium Corporation
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