Transcript
Q2 2013 Presentation
July 31, 2013
www.metabolix.com
@MetabolixInc
© 2013 Metabolix 2
Safe Harbor Statement*
Our presentation includes, and our response to various questions may
include, forward-looking statements about the Company’s future plans
and objectives. Any such statements are subject to risks and
uncertainties that could cause the actual results and the
implementation of the Company’s plans and operations to vary
materially. These risks are discussed in the Company’s filings with the
S.E.C., including, without limitation, our Form 10-K filed March 28,
2013.
*Under the Private Securities Litigation Reform Act of 1995
© 2013 Metabolix 3
Growth Strategy Key Drivers
Targeting advanced materials market through PHA technology
Building portfolio of biopolymer products: film, performance additives and functional biodegradation segments
Developing customer relationships in advance of commercial production
Working to establish a robust supply chain based on 10KTPA of PHA capacity
Producing highly differentiated biobased chemicals and a biorefinery system with crops through proprietary PHA technology
Creating commercial opportunities and competitive barriers through extensive IP position
© 2013 Metabolix 4
Q2 Progress – Samsung Collaboration
Collaboration Agreement with Samsung Fine Chemicals
Goal of expanding the global market for biodegradable polymers
Products designed to deliver best performance and value to targeted customer applications
All products developed will complement the product portfolios of each company
Extension of work that commenced in early 2012
Samsung MBLX
Products PBAT
PBS
Wide
Range
of PHAs
Region Asia
Australia
New Zealand
N.A.
E.U.
© 2013 Metabolix 5
Film/Bags: Building demand for Mvera B5008 compostable film
Performance Additives: Published white paper in Plastics Technology,
expanding data set and developing customer relationships in PVC
Functional Biodegradation: Delivering tailored solutions into water
treatment applications and developing latex product with partners
Q2 Progress – Biopolymers
Biopolymers
© 2013 Metabolix 6
Q2 Progress – Biobased Chemicals and Crops
Biobased Chemicals
Producing renewable-based chemicals for applications that typically relied on fossil fuels
Achieving our technical and commercial milestones in C4 and C3
Increasing interest in C3 (bioacrylic) technology
Acrylic consumers demanding biocontent
Crops
Working on several grants
Research targets multi-gene expression and plant transformation
MIT Technology Review published article highlighting our process for making PHB in switchgrass
Article available on our website
© 2013 Metabolix 7
Q2 Progress – Intellectual Property
Biopolymers
Four patents
granted / allowed;
advanced
processing of
Mirel biopolymer
resin to enhance
performance
attributes
Crops
Granted a U.S.
patent covering
production of PHB
in switchgrass
Granted / Allowed Six Patents in Q2
Patent allowed as
first in a family
covering engineered
systems to produce
biomass to convert
into C5 chemicals
© 2013 Metabolix 8
Operations Update Strengthening the Supply Chain
Near-term plan to utilize PHA biopolymers from 10KTPA plant
Focused clearly on 3 sites for commercial manufacturing of PHA
Restructuring of Antibióticos underway with prior management removed and new ownership emerging
Actively evaluating two sites for U.S.-based manufacturing facility
Product and market development
Potential for approximately $100MM revenue stream
Combining performance PHAs with PBAT, PBS, PLA and starches for high-value applications
© 2013 Metabolix 9
Cash Usage In Millions
*Numbers subject to rounding.
Q2
2013
Q1
2013
Q2
2012
First Half
2013
First Half
2012
Cash Used in
Operating Activities
$5.8 $ 8.5 $5.9 $14.3 $18.1
One-Time Uses
• Inventory Purchase $0.0 $ 0.0 $0.0 $0.0 $3.0
• Restructuring
Expenses $0.0 $ 0.0 $0.0 $0.0 $0.9
Normalized Cash
Usage (adjusted for
one-time uses)
$5.8 $ 8.5 $5.9 $14.3 $14.2
Other Cash Usage $0.2 $0.1 $0.2 $0.3 $0.4
Ending Cash &
Investment Balance $31.7 $ 37.7 $59.9 $31.7 $59.9
© 2013 Metabolix 10
Product Sales Revenue In Millions
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
First Half
2013
First Half
2012
Orders Shipped and
billed $0.0 $0.4 $0.7 $0.9 $0.7 $0.4 $1.1 $0.4
Deferred at period end1 0.0 0.0 (0.6) (0.8) (0.7) (0.3) (0.3) 0.0
Current quarter
shipments recognized $0.0 $0.4
$0.1 $0.1 $0.0 $0.1 $0.8 $0.4
Deferred orders
recognized 0.0 0.0 0.0 0.6 0.8 0.7 0.8 0.0
Total Product
Revenue
Recognized
$0.0 $0.4 $0.1 $0.7 $0.8 $0.8 $1.6 $0.4
1 The Company’s product revenue recognition policy is to defer recognition of
product revenue until the later of sixty days or receipt of customer payment.
*Numbers subject to rounding.
© 2013 Metabolix 11
Financial Results In Millions (except per share amounts)
Q2
2013
Q2
2012
First Half
2013
First Half
2012
Revenue $1.7 $0.9 $3.6 $40.2
Cost of Product
Revenues
$1.2 $0.4 $1.8 $0.5
R&D Expense $4.9 $5.0 $9.8 $11.1
SG&A Expense $3.4 $3.4 $6.7 $7.8
Net Income
(Loss)
Per share
($7.9)
($0.23)
($7.9)
($0.23)
($14.6)
($0.43)
$20.9
$0.61
*Numbers subject to rounding.
Q2 2013 Presentation
July 31, 2013
www.metabolix.com
@MetabolixInc
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