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

ed by significant non-recurring and non-cash items. The Company believes that reporting Adjusted EBITDA on a non-GAAP basis, which excludes the impact of these items, provides a more consistent measure of operating results. It should not be considered, however, in isolation or as a substitute for, or superior to, the financial information presented in the Company's consolidated financial statements.  Further, the Adjusted EBITDA measure shown for the Company may not be comparable to similarly titled measures used by other companies.

The Company reported Adjusted EBITDA loss of $2.5 million for the quarter ended March 31, 2013, compared to Adjusted EBITDA income of $1.4 million for the same quarter in the prior year.  The change in Adjusted EBITDA is primarily attributed to license revenue recorded in 2012 from DSM and Novus International, and increased research and development expenses.

Balance Sheet

The Company ended the quarter with $27.2 million in cash and cash equivalents and $2.5 million in total restricted cash.

"First quarter results are in line with our expectations, reflecting continued steady demand for our Phyzyme® XP phytase product for animal health and nutrition," said James Levine, President & Chief Executive Officer at Verenium.  "Our recent successful corn ethanol plant trial activity demonstrates a strong value proposition for customers in a challenged market, and gives us reason to believe our Grain Processing enzymes will be an important source of revenue growth."

Financial Guidance for 2013Verenium also provided financial guidance for 2013, as follows:

  • Adjusted EBITDA: $(10) – $(12) million
  • Capital Expenditures: $3 - $4 million
  • "The financial guidance we are providing today is based on our expectation of moderate growth in product revenue and product gross profit from our existing commercial products," said Jeff Black, Chief Financial
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    SOURCE Verenium Corporation
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