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Verenium Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2010


Revenues for the periods ended December 31, 2010 and 2009 were as follows (in thousands): Three Months Ended December 31,Year Ended December 31,2010200920102009Revenues:Animal Health and Nutrition

32,781Grain Processing

3,8342,72813,4399,744All other products

1,3812004,3241,431Total product

13,26611,86250,35143,956Collaborative and grant

3311,4941,7224,863Total revenues

48,819Total revenues for the year ended December 31, 2010 increased 7% to $52.1 million from $48.8 million in the prior year, with product revenues representing 90% or more of total revenues in both periods. Product revenues for the year ended December 31, 2010 increased 15% to $50.4 million from $44.0 million in the prior year, primarily due to an increase in Phyzyme profit share from Danisco, as well as an increase in revenues from grain processing enzymes, Fuelzyme, Veretase, Deltazym GA L-E5 and Xylathin, which continued to gain traction in the grain ethanol markets, and Purifine enzyme for the soybean oil processing market. Product revenue from non-Phyzyme products as a percentage of total product revenue increased to 35% for the year ended December 31, 2010 compared to 25% in the prior year.

Product Gross Profit

Product gross profit for the year ended December 31, 2010 increased 16% to $18.6 million from $16.0 million in the prior year, primarily due to improved fixed cost leverage on higher revenue, partially offset by the impact of manufacturing constraints compared to the prior year, resulting from the challenges of satisfying increased demand for our products and expanded product mix.

Operating Expenses (excluding cost of product revenue)

Excluding cost of product revenues, total operating expenses related to continuing operations decreased to $33.9 million (including share-based compensation of $1

SOURCE Verenium Corporation
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