Amyris, Inc. AMRS recorded a loss (as reported) of 53 cents per share for first-quarter 2023, compared with a loss of 37 cents in the year-ago quarter.
Barring one-time items, adjusted loss per share was 34 cents per share for the quarter. It was in line with the Zacks Consensus Estimate.
The company registered revenues of $56.1 million for the quarter, down around 3% year over year. It beat the Zacks Consensus Estimate of $53 million. The company saw lower sales in its Consumer and Technology Access units in the quarter.
Amyris, Inc. Price, Consensus and EPS Surprise
Amyris, Inc. price-consensus-eps-surprise-chart | Amyris, Inc. Quote
Revenues from the Consumer segment fell 1% year over year to $34.2 million in the reported quarter. The downside was due to lower revenues from the Biossance brand resulting from reduced marketing and media spend.
The Technology Access segment raked in revenues of around $21.9 million, down around 5% year over year. Ingredients product revenues fell 18% year over year on sustained supply and working capital constraints. R&D collaboration revenues rose in the quarter driven by several new contract research programs.
The company ended the quarter with cash and cash equivalents of roughly $11.2 million, down around 83% sequentially. Long-term debt was $675.9 million at the end of the first quarter, flat sequentially.
The company retained its outlook for 2023 including revenue guidance as disclosed in March 2023. It remains focused on cost efficiency, capital structure and liquidity required to fund the business. AMRS is in the process of a strategic review of all aspects of its cost structure to support its Fit-to-Win initiatives with the goal to drive cost and efficiency improvements.
Amyris’ shares are down 74.6% in a year compared with a 1.2% rise recorded by the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Amyris currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth considering in the basic materials space include Nucor Corporation NUE, PPG Industries, Inc. PPG and Linde plc LIN.
Nucor currently carries a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for NUE’s current-year earnings has been revised 16.5% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nucor beat Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 10.8% on average. NUE’s shares have gained roughly 17% in the past year.
PPG Industries currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for PPG's current-year earnings has been revised 11.2% upward in the past 60 days.
PPG Industries’ earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 6.8%, on average. PPG has gained around 19% in a year.
Linde currently carries a Zacks Rank #2. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 3.8% upward in the past 60 days.
Linde beat Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 5.9% on average. LIN’s shares have gained roughly 17% in the past year.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report