METABOLIX, INC. (MBLX, Financial) filed Quarterly Report for the period ended 2009-06-30.
Metabolix Inc. is developing and commercializing environmentally sustainable and totally biodegradable Natural Plastic as a clean alternative to petroleum-based plastics. The Company is taking a systems approach from gene to end product to integrate sophisticated biotechnology with current industrial practice to produce plastics fuels and chemicals from renewable resources. In addition to its microbial fermentation platform for production of Natural Plastic Metabolix is also developing a proprietary platform technology for co-producing in non-food plant crops such as switchgrass Natural Plastic and biomass for biofuels such as ethanol and for chemical products. METABOLIX, INC. has a market cap of $252.8 million; its shares were traded at around $11 with and P/S ratio of 162.5.
Total revenue was $348 and $401 for the three months ended June 30, 2009 and 2008, respectively. During the three months ended June 30, 2009 we recognized $24 of research and development revenue compared to $11 for the respective period in 2008. Research and development revenue is derived from research and development services and delivery of sample product produced from research and development services. Grant revenue decreased during the three months ended June 30, 2009 to $283 from $355 during the three months ended June 30, 2008, primarily as a result of the completion of the Strategic Environmental Research Development Program grant that ended in February 2009.
Research and development expenses were $6,323 and $6,008 for the three months ended June 30, 2009 and 2008, respectively. The increase of $315 was primarily due to the addition of new employees and related benefit expenses partially offset by a reduction in pre-commercial manufacturing costs. Employee and benefit related costs were $2,911 for the three months ended June 30, 2009 compared to $2,215 for the respective period in 2008. The increase of $696 in payroll and benefits was primarily the result of hiring personnel needed to support our pre-commercial manufacturing process and microbial and plant research programs. Pre-commercial manufacturing expenses decreased to $1,103 compared to $1,701 for the three months ended June 30, 2009 and 2008, respectively. The decrease of $601 was primarily due to improvements in our production process made during the last year as we continue to focus our attention on reducing production costs, moving certain manufacturing processes in house and improving the quality of our pre-commercial manufacturing material.
Selling, general, and administrative expenses were $3,938 and $4,048 for the three months ended June 30, 2009 and 2008, respectively. The decrease of $110 was primarily due to travel related expenses. Travel related expenses decreased to $119 from $205 for the three months ended June 30, 2009 compared to the respective period in 2008.
Other income (net) was $241 and $730 for the three months ended June 30, 2009 and 2008, respectively. Other income (net) during both periods consisted of investment income. The decrease of $489 was primarily due to a market decline in investment yields during the period, our decision to convert a majority of our investment portfolio to lower risk/lower yield U.S. Federal Treasury Notes and government -backed Federal Agency Notes and a decrease in average cash and short-term investments held during the comparative three month periods.
Total revenue was $609 and $805 for the six months ended June 30, 2009 and 2008, respectively. During the six months ended June 30, 2009 we recognized $30 of research and development revenue compared to $79 for the respective period in 2008. Research and development revenue is derived from research and development services and delivery of sample product produced from research and development services. Grant revenue decreased during the six months ended June 30, 2009 to $513 from $656 during the six months ended June 30, 2008, primarily as a result of the completion of the Strategic Environmental Research Development Program grant that ended in February 2009.
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Metabolix Inc. is developing and commercializing environmentally sustainable and totally biodegradable Natural Plastic as a clean alternative to petroleum-based plastics. The Company is taking a systems approach from gene to end product to integrate sophisticated biotechnology with current industrial practice to produce plastics fuels and chemicals from renewable resources. In addition to its microbial fermentation platform for production of Natural Plastic Metabolix is also developing a proprietary platform technology for co-producing in non-food plant crops such as switchgrass Natural Plastic and biomass for biofuels such as ethanol and for chemical products. METABOLIX, INC. has a market cap of $252.8 million; its shares were traded at around $11 with and P/S ratio of 162.5.
Highlight of Business Operations:
In the first quarter of 2009, due to an extended construction period and revised estimated completion date of the Commercial Manufacturing Facility, we determined we would extend the period of use of our pre-commercial manufacturing plant by six months from June 2009 to December 2009. In connection with this, the useful lives of the leasehold improvements connected to the pre-commercial manufacturing plant were increased by six months. This change in accounting estimate was adopted prospectively from January 1, 2009. The effect of the change in accounting estimate on the financial statements for the three and six months ended June 30, 2009 is a decrease in loss from operations and net loss of $ 354 and $708, respectively. Loss per share decreased by $0.02 and $0.03 for the three and six months ended June 30, 2009.Total revenue was $348 and $401 for the three months ended June 30, 2009 and 2008, respectively. During the three months ended June 30, 2009 we recognized $24 of research and development revenue compared to $11 for the respective period in 2008. Research and development revenue is derived from research and development services and delivery of sample product produced from research and development services. Grant revenue decreased during the three months ended June 30, 2009 to $283 from $355 during the three months ended June 30, 2008, primarily as a result of the completion of the Strategic Environmental Research Development Program grant that ended in February 2009.
Research and development expenses were $6,323 and $6,008 for the three months ended June 30, 2009 and 2008, respectively. The increase of $315 was primarily due to the addition of new employees and related benefit expenses partially offset by a reduction in pre-commercial manufacturing costs. Employee and benefit related costs were $2,911 for the three months ended June 30, 2009 compared to $2,215 for the respective period in 2008. The increase of $696 in payroll and benefits was primarily the result of hiring personnel needed to support our pre-commercial manufacturing process and microbial and plant research programs. Pre-commercial manufacturing expenses decreased to $1,103 compared to $1,701 for the three months ended June 30, 2009 and 2008, respectively. The decrease of $601 was primarily due to improvements in our production process made during the last year as we continue to focus our attention on reducing production costs, moving certain manufacturing processes in house and improving the quality of our pre-commercial manufacturing material.
Selling, general, and administrative expenses were $3,938 and $4,048 for the three months ended June 30, 2009 and 2008, respectively. The decrease of $110 was primarily due to travel related expenses. Travel related expenses decreased to $119 from $205 for the three months ended June 30, 2009 compared to the respective period in 2008.
Other income (net) was $241 and $730 for the three months ended June 30, 2009 and 2008, respectively. Other income (net) during both periods consisted of investment income. The decrease of $489 was primarily due to a market decline in investment yields during the period, our decision to convert a majority of our investment portfolio to lower risk/lower yield U.S. Federal Treasury Notes and government -backed Federal Agency Notes and a decrease in average cash and short-term investments held during the comparative three month periods.
Total revenue was $609 and $805 for the six months ended June 30, 2009 and 2008, respectively. During the six months ended June 30, 2009 we recognized $30 of research and development revenue compared to $79 for the respective period in 2008. Research and development revenue is derived from research and development services and delivery of sample product produced from research and development services. Grant revenue decreased during the six months ended June 30, 2009 to $513 from $656 during the six months ended June 30, 2008, primarily as a result of the completion of the Strategic Environmental Research Development Program grant that ended in February 2009.
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