BioAmber Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
March 16, 2017 at 04:01 pm EDT
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BioAmber Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, product sales were approximately $631,000.
For the year, the company reported product sales of $8,272,000 against $2,172,000 a year ago. The 281% increase relative to the previous year was driven by an increase in the quantity of bio-succinic acid sold from Sarnia operations. Operating loss was $29,630,000 against $38,528,000 a year ago. Loss before income taxes was $28,345,000 against $41,175,000 a year ago. Net loss attributable to the company’s shareholders was $22,478,000 against $37,226,000 a year ago. Net cash used in operating activities was $37,616,000 against $32,199,000 a year ago. Acquisition of property and equipment and intangible asset, net of disposals was $668,000 against $64,390,000 a year ago. Adjusted net loss attributable to company shareholders of $30,766,000, or $1.07 per share compared to $38,047,000 or $1.55 per share 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.