Year-to-Date Product-Related Revenues Increase More Than 45% Over
Prior Year SAN DIEGO, Aug. 2 /PRNewswire-FirstCall/ -- Diversa
Corporation (NASDAQ:DVSA) today reported financial results for the
quarter and six months ended June 30, 2006. Revenues for the
quarter and six months ended June 30, 2006 were $10.6 million and
$20.1 million, respectively, compared to $14.2 million and $27.0
million for the same periods in 2005. The net loss for the quarter
and six months ended June 30, 2006, including restructuring charges
of $10.8 million recorded during the six months ended June 30,
2006, was $7.8 million, or $0.17 per share, and $29.2 million or
$0.64 per share, respectively. The net loss for the quarter and six
months ended June 30, 2005 was $11.0 million, or $0.25 per share,
and $23.0 million, or $0.52 per share, respectively. At June 30,
2006, the Company had cash, cash equivalents, and short-term
investments totaling $59.3 million. Product-related revenue for the
quarter and six months ended June 30, 2006 increased 35% and 46%
compared to the same periods in 2005. The increase in
product-related revenue was primarily due to increased sales of
Phyzyme(TM) XP enzyme. Total revenues decreased as a result of the
Company's de-emphasis of certain grants and collaborations that are
not core to the Company's current focus, including pharmaceutical
collaborations, in favor of greater emphasis on sales of products.
Revenues have historically fluctuated from period to period and
likely will continue to fluctuate in the future based upon the
timing and composition of funding under existing and future
collaboration agreements and grants, the expected increase in
product sales based upon new product introductions, and regulatory
approval timelines. Valley "Ultra-Thin"(TM) enzyme, a new product
designed to make ethanol production from corn starch more
efficient, received its final U.S. regulatory approval at the end
of February and is currently being tested in a number of ethanol
plant trials. While the pace of ethanol plant trials by the
Company's U.S. distributor for this product has been slower than
anticipated, additional trials have been scheduled for the second
half of 2006. Due to the Company's limited commercial experience
with Valley "Ultra-Thin"(TM) enzyme, the Company has elected to
defer revenue recognition on its year-to-date sales of this product
made to the Company's U.S. distributor. However, based on the
trials to date and feedback received from the ethanol plants, the
Company remains confident in the efficacy of this product. At the
same time, several of the other enzyme products in the Company's
portfolio have exceeded the Company's internal sales targets year
to date. In January 2006, the Company announced a restructuring
designed to focus the Company's resources on products that have the
greatest near-term opportunities. As part of this restructuring,
the Company reduced its workforce, exited certain programs, and
consolidated its facilities. During the six months ended June 30,
2006, the Company recorded net restructuring charges of $10.8
million, which consisted primarily of employee separation and
facilities consolidation costs. Primarily as a result of this
strategic reorganization, the company reduced its operating
expenses for the quarter ended June 30, 2006 by approximately $6.7
million as compared to the second quarter of 2005. During the
quarter and six months ended June 30, 2006, in accordance with
recent accounting requirements, the Company recognized $1.4 million
and $2.7 million in non-cash expense for the value of stock-based
awards issued to employees. Edward T. Shonsey, Diversa's Chief
Executive Officer, stated, "Since the beginning of the year, we
have been concentrating on expanding the penetration of our
marketed products, progressing key development-stage product
candidates in our portfolio, especially those focused on
alternative fuel applications, and meeting milestones within our
internal and partnered programs. Our accomplishments year-to-date
include: * Expanding the launch of our Valley "Ultra-Thin"(TM)
enzyme for ethanol production upon receipt of final FDA approval in
late February; * Continued progress in our programs for production
of ethanol from biomass, some of which was discussed at the recent
World Congress on Industrial Biotechnology in Toronto, specifically
relative to the issue of enzymatic conversion of hemicellulose,
which is critical for an ultimately economical lignocellulosic
biomass to ethanol process; * Increased adoption of our
Luminase(TM) enzymes for pulp bleaching; and * Successfully making
U.S. regulatory filings with both the FDA and EPA for approval to
market our Purifine(TM) enzyme for enhanced processing of both
edible oils and biodiesel fuels." "During the past six months, we
have emphasized innovation and strengthening of our product
pipeline and streamlining and reducing costs. We must now improve
and expand our commercial orientation and resources to effectively
establish our key products in the marketplace. We are confident we
will do so," continued Mr. Shonsey. Updated 2006 Financial Guidance
The Company expects 2006 total revenue to be between $48 and $52
million, with product-related revenue of $15 to $18 million. The
Company expects its net loss for the full year to be between $39
and $42 million as compared to $89.7 million in 2005. The expected
net loss for 2006 includes $10.8 million in restructuring charges
and $5.4 million in non-cash share-based compensation expense. The
net loss in 2005 included $45.7 million in non-cash impairment
charges and $0.9 million in non-cash share-based compensation
expense. The Company expects to use approximately $20 million in
cash in 2006, which includes the cash component of certain
restructuring-related expenses as well as the Company's continued
investment in manufacturing facilities necessary to meet
anticipated demand for its products. Accordingly, the Company
expects to end 2006 with approximately $45 million of cash, cash
equivalents and short-term investments. Conference Call Information
Diversa will host a conference call with live Internet broadcast on
Thursday, August 3, 2006, at 1:30 p.m. EDT. The call will provide a
review of accomplishments and financial results for the first half
of the year and financial guidance. This call is being webcast by
Thomson/CCBN and can be accessed during the conference call and for
a limited period of time following the call at
http://ir.diversa.com/phoenix.zhtml?c=81345&p=irol-
EventDetails&EventId=1349374. The webcast is also being
distributed through the Thomson StreetEvents Network. Individual
investors can listen to the call at http://www.earnings.com/,
Thomson's individual investor portal, powered by StreetEvents.
Institutional investors can access the call via Thomson
StreetEvents (http://www.streetevents.com/), a password-protected
event management site. About Diversa Since 1994, San Diego-based
Diversa Corporation has pioneered the development of
high-performance specialty enzymes. The Company possesses the
world's broadest array of enzymes derived from bio-diverse
environments as well as patented DirectEvolution(R) technologies.
Diversa customizes enzymes for manufacturers within the alternative
fuel, industrial, and health and nutrition markets to enable higher
throughput, lower costs, and improved environmental outcomes. For
more information, please visit http://www.diversa.com/.
Forward-Looking Statements Statements in this press release that
are not strictly historical are "forward-looking" and involve a
high degree of risk and uncertainty. These include statements
related to fluctuations in revenues and the factors that could
cause revenues to fluctuate, statements related to the Company's
expectations regarding an increase in product sales based upon new
product introductions, revenue expectations for its Valley
"Ultra-Thin"(TM) enzyme, and the Company's ability to improve and
expand its commercial orientation and resources, statements related
to the Company's financial guidance, and the expected beneficial
characteristics of enzymes developed by the Company, all of which
are prospective. Such statements are only predictions, and actual
events or results may differ materially from those projected in
such forward-looking statements. Factors that could cause or
contribute to differences include, but are not limited to, risks
involved with the Company's new and uncertain technologies, risks
associated with the Company's dependence on patents and proprietary
rights, risks associated with the Company's protection and
enforcement of its patents and proprietary rights, the Company's
dependence on existing collaborations and its ability to achieve
milestones under existing and future collaboration agreements, the
ability of the Company and its collaborators to commercialize
products using the Company's technologies (including by obtaining
any required regulatory approvals), the development or availability
of competitive products or technologies, customer adoption of the
Company's products, and the future ability of the Company to enter
into and/or maintain collaboration and joint venture agreements.
These factors and others are more fully described in the Company's
filings with the Securities and Exchange Commission, including, but
not limited to, the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2006. These forward-looking statements
speak only as of the date hereof. The Company expressly disclaims
any intent or obligation to update these forward-looking
statements. Note: Phyzyme is a trademark of Danisco Animal
Nutrition. Valley "Ultra-Thin" is a trademark of Valley Research,
inc. Luminase is a trademark of Diversa Corporation. Contacts:
Martin Sabarsky Corporate Development (858) 526-5166 Alan Edwards
Townsend Inc. for Diversa (858) 457-4888 Selected Financial
Information Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts) Three Months
Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005
Revenues: Collaborative $6,625 $8,953 $12,949 $18,206 Grant 632
2,755 1,283 4,778 Product-related 3,341 2,477 5,876 4,030 Total
revenues 10,598 14,185 20,108 27,014 Operating expenses: Cost of
product-related revenue 2,820 3,086 5,002 4,778 Research and
development 12,453 18,308 26,514 37,858 Selling, general and
administrative 3,679 3,351 7,550 6,414 Amortization of intangible
assets -- 651 -- 1,301 Restructuring expenses (266) -- 10,757 --
Total costs and expenses 18,686 25,396 49,823 50,351 Loss from
operations (8,088) (11,211) (29,715) (23,337) Interest and other
income, net 316 234 542 374 Net loss $(7,772) $(10,977) $(29,173)
$(22,963) Basic and diluted net loss per share $(0.17) $(0.25)
$(0.64) $(0.52) Weighted average shares used in computing basic and
diluted net loss per share 46,370 43,988 45,895 43,912 Condensed
Consolidated Balance Sheet (in thousands) June 30, December 31,
2006 2005 (unaudited) Cash, cash equivalents and short-term
investments $59,331 $65,428 Accounts receivable 7,155 9,012 Other
current assets 5,216 4,996 Property and equipment, net 15,565
18,245 Other assets 280 388 Total assets $87,547 $98,069 Current
liabilities, excluding deferred revenue $17,734 $18,148 Deferred
revenue, current portion 10,129 7,535 Long-term liabilities 11,887
7,582 Stockholders' equity 47,797 64,804 Total liabilities and
stockholders' equity $87,547 $98,069 DATASOURCE: Diversa
Corporation CONTACT: Martin Sabarsky Corporate Development of
Diversa Corporation, +1-858-526-5166, ; or Alan Edwards of Townsend
Inc., +1-858-457-4888, , for Diversa Web site:
http://www.diversa.com/
Copyright
Diversa (NASDAQ:DVSA)
過去 株価チャート
から 5 2024 まで 6 2024
Diversa (NASDAQ:DVSA)
過去 株価チャート
から 6 2023 まで 6 2024