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Verenium Reports Financial Results For The First Quarter Ended March 31, 2013
Date:5/9/2013

SAN DIEGO, May 9, 2013 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today reported financial results for the first quarter ended March 31, 2013, and also provided full year 2013 financial guidance.

(Logo: http://photos.prnewswire.com/prnh/20120924/MM79973LOGO) Financial ResultsRevenuesRevenues for the quarters ended March 31, 2013 and 2012 were as follows (in thousands):Three Months Ended March 31,20132012Revenues:Animal health and nutrition

$
7,926$
7,416Grain processing

2,1663,585Oilseed processing

--579All other products

124141Total product

10,21611,721Contract manufacturing

2,218--Collaborative and license

1,3525,508Total revenue

$
3,786$
7,229Total revenues for the quarter ended March 31, 2013 decreased 20% to $13.8 million from $17.2 million in the prior year, primarily due to license revenue recorded in 2012 from DSM and Novus International. Combined product and contract manufacturing revenue for the quarter ended March 31, 2013 increased 6% to $12.4 million from $11.7 million in the prior year.

Product revenue for the quarter ended March 31, 2013 decreased 13% to $10.2 million from $11.7 million in the prior year, primarily attributed to a decline in grain processing revenue due to the timing of orders from a major customer, as well as adverse business conditions impacting the corn ethanol industry. The Company also reported lower revenue from its grain processing and oilseed processing product lines as a result of the sale of its Veretase® alpha-amylase and Purifine® PLC enzymes to DSM in March 2012.

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SOURCE Verenium Corporation
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