BioAmber Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter Ended September 30, 2017; Provides Sales Guidance for the Fourth Quarter of 2017
November 07, 2017 at 04:05 pm EST
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BioAmber Inc. announced unaudited consolidated earnings results for the third quarter ended September 30, 2017. For the quarter, the company's product sales were $3,301,000 against $3,661,000 a year ago, the decrease was mainly driven by a decrease in volume sold, slightly offset by an increase in the average selling price. Operating loss was $8,076,000 against $6,572,000 a year ago. Loss before income taxes was $7,854,000 against $6,719,000 a year ago. Net loss attributable to shareholders of the company was $7,050,000 or $0.16 per basic share against $6,158,000 or $0.21 per basic share a year ago. Net cash used in operating activities was $24,537,000 against $33,101,000 a year ago. Acquisition of property and equipment and intangible asset, net of disposals was $722,000 against $540,000 a year ago. Adjusted net loss attributable to shareholders of the company was $9.4 million, or a loss of $0.21 per share, compared to $7.4 million, or a loss of $0.26 per share, for the three months ended September 30, 2016.
For the nine months, the company reported revenues increased by 25% to $9.5 million from $7.6 million last year.
For the fourth quarter, the company expects sales in fourth quarter are robust, and that The company expects that fourth quarter will be strong.
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.
BioAmber Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter Ended September 30, 2017; Provides Sales Guidance for the Fourth Quarter of 2017