BioAmber Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter Ended June 30, 2017
August 03, 2017 at 04:35 am EDT
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BioAmber Inc. announced unaudited consolidated earnings results for the second quarter ended June 30, 2017. For the quarter, the company's revenue for the quarter ended June 30, 2017 were $4.1 million, an increase of 64% over the previous quarter, mainly driven by growth in succinic acid volume sold, slightly offset by a decrease in average selling price. The company recorded a net loss attributable to company shareholders of $7.1 million, or a loss of $0.20 per share, for the quarter ended June 30, 2017, compared to a net income of $4.8 million, or an income of $0.17 per share, for the same period last year. The adjusted net loss attributable to company shareholders for the quarter ended June 30, 2017 was $7.3 million, or a loss of $0.20 per share, compared to an adjusted net loss attributable to company shareholders of $7.1 million, or a loss of $0.25 per share, for the three months ended June 30, 2016. Operating loss was $7,802,000 compared to $7,315,000 a year ago. Loss before income taxes was $8,849,000 compared to income before income tax of $2,945,000 a year ago. Net cash used in operating activities was $18,765,000 compared to $25,675,000 a year ago. Acquisition of property and equipment and intangible asset, net of disposals was $426,000 compared to $364,000 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.