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BioAmber Reports Second Quarter 2015 Financial ResultsMONTREAL, Aug. 4, 2015 /PRNewswire/ - BioAmber Inc. (NYSE: BIOA), a leader in renewable materials today announced its financial results for the quarter ending June 30, 2015. Highlights included:
"Completing construction was a major milestone for the Company," said Jean-Francois Huc, BioAmber's Chief Executive Officer. "Commissioning is progressing well and we expect to be in commercial operation this quarter. We are seeing an acceleration of bio-succinic acid's use in polyurethanes, paints and coatings, with a growing number of customer product launches coinciding with our Sarnia plant coming into production" he added. Sarnia Highlights
Other Business Highlights
Financial Highlights
Second Quarter 2015 Financial Results Revenues for the quarter ended June 30, 2015 decreased to $342,000 from $415,000 for the same period in 2014. The decrease was primarily due to a reduction in average selling price partially offset by an increase in volume sold. Gross loss in the quarter ended June 30, 2015 decreased to $410,000 from $1.8 million for the same period in 2014. This was driven primarily by a $1.3 million reduction in the inventory reserves taken this quarter compared to the same period last year. Research and development expenses for the quarter ended June 30, 2015 increased to $5.0 million from $4.3 million for the same period in 2014. The increase was primarily due to an increase in non-recurring expenses related to the commissioning and start-up of the Sarnia plant. This was partially offset by stock-option compensation expenses related to stock option cancellations in the second quarter of 2014, which did not occur in 2015. Sales and marketing expenses for the quarter ended June 30, 2015 decreased to $1.1 million from $1.7 million for the same period in 2014. This was driven by stock-option compensation expenses related to stock option cancellations in the second quarter of 2014, which did not occur in 2015. General and administrative expenses for the quarter ended June 30, 2015 remained stable at $3.0 million compared to $2.9 million for the same period last year. Other operating expenses increased $1.8 million for the quarter ended June 30, 2015 as compared to the same period in 2014. The Company disclosed in May 2015 that it had terminated its license agreement with DuPont following its decision to pursue BDO commercialization with technology it licensed from JM Davey. As a result, the Company recorded a non-cash write down of the intangible asset in the amount of $1.1 million. In addition the Company had $200,000 foreign exchange loss for the quarter ended June 30, 2015 as compared to a $400,000 gain for the same period in 2014. Financial charges were stable at $3.8 million compared to $3.9 million for the same period last year. The Company recorded a net loss attributable to BioAmber Inc. shareholders of $14.0 million, or a loss of $0.58 per share for the quarter ended June 30, 2015, compared to a net loss of $14.0 million, or a loss of $0.75 per share, for the same period in 2014. The Adjusted Net Loss Attributable to BioAmber Inc. Shareholders for the quarter ended June 30, 2015 was $9.5 million, or a loss of $0.39 per share, compared to an Adjusted Net Loss Attributable to BioAmber Inc. Shareholders of $7.5 million, or a loss of $0.40 per share, for the same period in 2014. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a non-GAAP financial metric that excludes, for the quarter ended June 30, 2015, the impact of the change in fair value of the warrants issued in connection with the IPO, the non-cash inventory reserve expense and the intangible asset impairment related to the termination of a technology license. The Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a non-GAAP financial metric that excludes, for the quarter ended June 30, 2014, the impact of the change in fair value of the warrants issued in connection with the IPO, the non-cash inventory reserve expense and the non-cash expense resulting from the cancellation of certain employee stock options. Please refer to Annex A: "Non-GAAP Financial Information—Adjusted Net Loss Attributable to BioAmber Inc. Shareholders" for more information regarding this non-GAAP financial metric. Webcast and Conference Call Information BioAmber will discuss these results on a live audio webcast, which will be available on the Internet to investors, members of the news media and the general public at 4:30 p.m. Eastern Time on August 4, 2015. To access the webcast of the conference call, go to the company's website, www.bio-amber.com. Audio of the teleconference is also available by dialing: North American callers: +1 (888) 390-0546 International callers: (416) 764-8688 Teleconference replays will be available through August 11, 2015: International: 416-764-8677 Passcode: 431208 # A replay of the webcast will also be available approximately two hours after the conclusion of the live webcast on BioAmber's website, for a period of 30 days. About BioAmber BioAmber (NYSE: BIOA) is a renewable materials company. Its innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products. For more information visit www.bio-amber.com Forward-Looking Statements This press release contains forward-looking statements, including statements related to the projected capital costs of the Sarnia facility, the commissioning and start up schedule, the beginning of our commercial operations and future sales for our Bio-SA facility including sales to Bayer MaterialScience and Flokser. All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond BioAmber's control. BioAmber's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC including, the "Risk Factors" section of BioAmber's most recent Annual Report on Form 10-K.
ANNEX A: Non-GAAP Financial Information Adjusted Net Loss Attributable to BioAmber Inc. Shareholders The Adjusted Net Loss Attributable to BioAmber Inc. Shareholders for quarter ended June 30, 2015 was $9.5 million, or a loss of $0.39 per share, compared to an Adjusted Net Loss Attributable to BioAmber Inc. Shareholders of $7.5 million, or a loss of $0.40 per share, for the same period in 2014. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a non-GAAP financial metric that excludes, for the quarter ended June 30, 2015, the impact of the change in fair value of the warrants issued in connection with the IPO, the non-cash inventory reserve expense and the intangible asset impairment related to DuPont technology. The Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a non-GAAP financial metric that excludes, for the quarter ended June 30, 2014, the impact of the change in fair value of the warrants issued in connection with the IPO, the non-cash inventory reserve expense and the non-cash expense resulting from the cancellation of certain employee stock options. BioAmber presents Adjusted Net Loss Attributable to BioAmber Inc. Shareholders as a supplemental measure of BioAmber's performance. The above items are excluded from BioAmber's Adjusted Net Loss Attributable to BioAmber Inc. Shareholders because these items are non-cash in nature, or because the amount and timing of these items are either unpredictable or not driven by current operating results and renders comparisons with prior periods and competitors less meaningful. BioAmber believes Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a useful measure for analysts and investors to evaluate BioAmber's future ongoing performance as this measure allows for a more meaningful comparison of BioAmber's projected cash earnings and performance with its historical results from prior periods and to the results of its competitors. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders corresponds more closely to the cash operating income generated from BioAmber's business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of BioAmber's business. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders has certain limitations in that it does not take into account the impact of certain expenses to BioAmber's consolidated statements of operations. In evaluating Adjusted Net Loss Attributable to BioAmber Inc. Shareholders, you should be aware that in the future BioAmber may incur expenses similar to the adjustments in this presentation. BioAmber's presentation of Adjusted Net Loss Attributable to BioAmber Inc. Shareholders should not be construed as an inference that BioAmber's future results will be unaffected by unusual or non-recurring items. Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is not a measurement of BioAmber's financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP.
SOURCE BioAmber Inc. 
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