Verenium, a company engaged in the development and commercialization of high-performance industrial enzyme solutions for biofuels, animal health and nutrition and more, yesterday announced its key 2010 accomplishments, as well as its goals and financial guidance for 2011.
One of the most significant achievements of 2010 is the company’s successful transition into a new market.
“2010 has been a significant year of transition for Verenium as we moved from being biofuels oriented to being focused on building the next leading industrial enzymes company,” Carlos Riva, CEO at Verenium stated in the press release. “We believe we are now well positioned – both operationally and financially — to execute on our business plan and to achieve our goals.”
The company also diversified its revenue base through new product lines and extended its marketing relationships with key partners with global sales forces, among other accomplishments.
On the financial front, in 2010 Verenium successfully raised $98.3 million and reduced its operating losses through the sale of assets to BP; repurchased $21 million of convertible notes, extinguishing all remaining 8 percent notes; and said it is on track to achieve revenue and gross margin targets for 2010.
Verenium also provided financial guidance and corporate goals for 2011, forecasting revenue between $55 million – $60 million; product gross margin between $21 million and $24 million; research and development in the range of $14 million and $16 million; and selling, general and administrative expenses between $19 million and $21 million.
The company said it expects to spend up to $10 million to build out a new San Diego, Calif., facility over the next two years and that it is seeking additional opportunities to spreading capital expenditure over a longer period of time.
“The guidance we are providing today lays out the solid growth in both revenue and gross margin that we believe we can generate from our commercial portfolio now that we have the ability to make the investments required for its development. Further, we are managing both R&D and SG&A expenses to a level that we believe is more sustainable for the Company moving forward,” James Levine, CFO at Verenium stated. “Importantly, taken together, we believe these steps demonstrate our focus on advancing our pipeline products to commercial status and achieving profitability.”
As far as corporate goals for 2011, the company laid out several desired goals, including a solid focus on growing and diversifying its product revenue base; advancing its manufacturing within the first six months; complete two new partnerships to advance product development; and advancing two product pipeline candidates into regulatory phase.
“The corporate goals we have set for 2011 represent advances in all areas of our business, including commercial product sales, manufacturing and pipeline,” Janet Roemer, chief operating officer at Verenium stated. “As we end 2010, we are well positioned to achieve these goals.”
For more information visit www.verenium.com
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