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Metabolix 2Q13 Earnings
- 2. © 2013 Metabolix2
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
- 3. © 2013 Metabolix3
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
- 4. © 2013 Metabolix4
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.
- 5. © 2013 Metabolix5
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
- 6. © 2013 Metabolix6
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
- 7. © 2013 Metabolix7
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
- 8. © 2013 Metabolix8
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
- 9. © 2013 Metabolix9
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
- 10. © 2013 Metabolix10
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.
- 11. © 2013 Metabolix11
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.