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Verenium Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2010
Date:3/1/2011

implementation; and
  • Announced joint marketing agreement with a second global engineering partner, Desmet Ballestra, for Purifine® PLC, and extended the partnership agreement with Alfa Laval.

  • Manufacturing

  • Expanded committed fermentation capacity at Fermic, the Company's contract manufacturing partner, and launched a manufacturing improvement program to expand downstream capacity, increase manufacturing efficiency and improve overall stability of manufacturing processes.

  • Corporate/Financial:

  • Increased total product revenue by 15% to $50.4 million for the year ended December 31, 2010, achieving 2010 guidance range of $48 to $54 million;
  • Increased 2010 year end product gross profit by 16% to $18.6 million, exceeding 2010 annual guidance of $16 to $18 million;
  • Increased full year non Phyzyme revenue from 25% in 2009 to 35% in 2010 through increasing sales of Company's newer enzymes including Fuelzyme, Xylathin, Veretase, Deltazym GA L-E5 and Purifine; and
  • Ended the quarter and year with unrestricted cash and cash equivalents totaling $87.9 million and convertible notes outstanding of $74.7 million.

  • "We ended 2010 with a more flexible financial structure and better positioned to invest strategically and grow the industrial enzymes business," said Jeffrey G. Black, Senior Vice President and Chief Financial Officer Designate.  "In 2011 we will look to further solidify our capital structure and create a clear path to profitability through a combination of revenue and gross margin growth, pipeline development, manufacturing improvements, and strategic partnerships."

    Financial ResultsIn the commentary below, the historical results of the Company's ligno-cellulosic biofuels business for current and prior periods have been reclassified into discontinued operations as a result of the sale of the ligno-cellulosic biofuels business on September 2, 2010 to BP.Revenue
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