BioAmber Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
March 14, 2016 at 04:05 pm EDT
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BioAmber Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total revenues of $1,111,000 compared to $308,000 a year ago. Operating loss was $9,285,000 compared to $9,038,000 a year ago. Loss before income taxes was $8,675,000 compared to $4,306,000 a year ago. Net loss attributable to company shareholders of $7,602,000 compared to $3,953,000 a year ago. Adjusted net loss attributable to company shareholders of $10,389,000, or a loss of $0.40 per share compared to $10,378,000 or a loss of $0.48 per share a year ago.
Revenues for the year ended December 31, 2015 increased to $2.2 million from $1.5 million last year. This included sales of $1.1 million in the fourth quarter of 2015. Research and development expenses for the year ended December 31, 2015 increased to $20.3 million from $15.2 million last year. The company recorded a net loss attributable to company shareholders of $37.2 million, or a loss of $1.52 per share for the year ended December 31, 2015, compared to a net loss of $46.5 million, or a loss of $2.32 per share last year. The adjusted net loss attributable to company shareholders for the year ended December 31, 2015 was $38.0 million, or a loss of $1.55 per share, compared to an adjusted net loss attributable to company shareholders of $34.7 million, or a loss of $1.74 per share in 2014. Operating loss was $38,528,000 compared to $35,205,000 a year ago. Loss before income taxes was $41,175,000 compared to $47,274,000 a year ago. Net cash used in operating activities was $32,199,000 compared to $22,454,000 a year ago. Acquisition of property and equipment was $64,390,000 compared to $85,014,000 a year ago.
BioAmber Inc. (BioAmber), formerly DNP Green Technology, Inc., is an industrial biotechnology company, which produces sustainable chemicals. The Company's technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstocks into sustainable chemicals that are replacements for petroleum-derived chemicals, which are used in a range of everyday products, including plastics, food additives and personal care products. Its geographical segments include Europe and North America. Its product pipeline includes the derivatives of bio-succinic acid, such as 1,4 Butanediol (1,4 BDO) and tetrahydrofuran (THF), and succinic acid-based polyesters, and C6 building block chemicals, such as adipic acid, caprolactam and hexamethylenediamine (HMDA). Its products are used in various applications, including polyurethanes, resins and coatings, de-icing and coolant solutions, fine chemicals, lubricants, carpets, engineering plastics and artificial leather products.