Metabolix, Inc. (NASDAQ:MBLX) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Metabolix, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.2 in the quarter versus EPS of $0.84 in the year-earlier quarter.
Revenue: Decreased 95.07% to $1.94 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Metabolix, Inc. reported adjusted EPS loss of $0.2 per share. By that measure, the company beat the mean analyst estimate of $-0.22. It beat the average revenue estimate of $1.43 million.
Quoting Management: “We made significant progress in each of our businesses during the first quarter,” said Richard P. Eno, President and Chief Executive Officer. “In biopolymers, we continued to expand our customer base, demonstrating the commercial appeal of our products. We are seeing increased interest in long-term customer agreements. In April, we secured our first annual contract for sales of MveraTM B5008, the next-generation certified compostable film grade product we launched in the fourth quarter of 2012. This contract is another sign that the launch is on track, as we build our biopolymer markets ahead of manufacturing capacity.
“We strengthened our previous relationship with Tianjin GreenBio Materials (“TGBM”), a leading PHA supplier located in China, by entering into an additional arrangement enabling TGBM to purchase and use our PHA biopolymer resins,” Mr. Eno added. “As we work to build commercial-scale supply sources for our PHA products, we continue to monitor the situation at Antibióticos in Spain. The current Antibióticos ownership has not delivered upon our demonstration project, or on the necessary financial restructuring, that would allow the site and its talented staff to perform at its full potential. We believe the site is appealing to numerous other parties and hope clarity of the path forward can be realized quickly.
“Metabolix also continues to drive innovation in the biopolymer market,” said Mr. Eno. “Last month, we presented new data further validating the benefits our biobased polymeric modifiers bring by improving the mechanical, performance and environmental characteristics of the commercially significant polymers polylactic acid (NYSE:PLA) and polyvinyl chloride (PVC). We believe these results showcase the broad commercial applicability of our technology platform.
“In our biobased chemicals and crop platforms, we continue to achieve our internal technical milestones and have partnership discussions ongoing,” said Mr. Eno.
Key Stats (on next page)…