Solazyme posts wider net loss in Q2 2013

Aug 8, 2013 - US algae oils company Solazyme Inc (NASDAQ:SZYM) yesterday said its net loss had widened to USD 25.8 million (EUR 19m) in the second quarter of 2013 from USD 19.2 million a year earlier as revenues fell.

On a non-GAAP basis the company lost USD 17.4 million, compared to USD 16.3 million in April-June 2012. In spite of the inferior performance, chief financial officer Tyler Painter said that the company's second-quarter results "keep us on track to achieve our full year objectives".

Operating loss in the three months expanded to USD 20.7 million from USD 19.9 million, whereas total costs and operating expenses shrank to USD 31.8 million from USD 33.4 million.

The company booked a second-quarter revenue of USD 11.2 million, marking a decrease from USD 13.5 million a year back. Product revenues contributed USD 4.9 million, up 21% on the year, and development revenues with commercial partners rose by 33% to USD 6.2 million. Still, these improvements were offset by a decline in government funded revenues, the firm explained.

Solazyme closed the first half of 2013 with a net loss of USD 52.4 million, expanding from USD 36 million in 2012. Revenues fell to USD 17.9 million from USD 27.1 million.

(USD 1.0 = EUR 0.750)

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