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

ction with the sale to DSM, the Company entered into a supply agreement to continue to produce and sell Purifine® PLC and Veretase® to DSM at lower sales prices than prior periods when sold directly to end customers. Revenue from the DSM supply agreement is reported as contract manufacturing revenue.

Gross Profit and Gross Margin

Product and contract manufacturing gross profit for the quarter ended March 31, 2013 increased 7% to $4.7 million from $4.4 million in the prior year. The increase in gross profit was primarily due to an increase in Phyzyme® XP phytase royalty from the animal health and nutrition product line. Gross margin remained flat at 38% of total product and contract manufacturing revenue for the quarters ended March 31, 2013 and 2012. 

Operating Expenses

Excluding cost of product and contract manufacturing revenues, total operating expenses related to continuing operations for the quarter ended March 31, 2013 increased to $9.8 million (including share-based compensation of $0.3 million) from $9.1 million (including share-based compensation of $0.2 million) in the prior year.  This increase is primarily due to increased research and development costs reflecting continued investment in pipeline products, offset in large part by decreased general and administrative costs resulting from transaction-related expenses incurred in the first quarter of 2012.

Income (Loss) from Operations

Loss from operations for the quarter ended March 31, 2013 was $3.8 million compared to income from operations of $32.0 million for the prior year, on a GAAP accounting basis, including the impact of the $31.3 million gain on sale of the oilseed processing business to DSM in 2012. 

Adjusted EBITDA

As detailed in the attached financial tables, the operating results for the current and prior year first quarter periods were impact
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SOURCE Verenium Corporation
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