Amyris Inc (NASDAQ:AMRS) posted a growth of 100% YoY to $30 million in revenues in Q2 2020.
Amyris raised funds of $200 million through a private placement in Q2 2020. It also lowered debt by 40% to $121 since the beginning of 2020. President of Amyris, John Melo, said its business and customers demonstrated strong resilience at this difficult juncture. While maintaining the growth in revenues, the company gave priority to the health and safety of its employees, suppliers, and customers.
Melo said ongoing coronavirus crises cast an impact on its business. COVID-19 pandemic mainly affected third party production. The decline in revenues because of store closure is offset by consumers’ preference to purchase online. Its consumer brands reported robust sales in Q2 2020.
Executes strategic pacts
Amyris is confident of doubling the revenues posted in Q2 2020 in the second half of this year. The company successfully executed scientific and commercial strategic pacts with AB Mauri for Purecane.
Amyris signed an accord with Infectious Disease Research Institute (IDRI) on July 27, 2020, for developing the RNA Vaccine platform. The fermentation platform technology of Amyris will be integrated with the expertise of IDRI in combating infectious diseases.
The RNA vaccine platform of IDRI will offer significant benefits compared to other RNA vaccines under development. The scalable adjuvant of Amyris will further solidify it. Adjuvant plays a vital role in enhancing the effectiveness of a vaccine. They are sourced from non-scalable, and non-sustainable Shark derived squalene. Amyris will use its fermentation technology to replace Shark’s squalene with economical squalene derived from sugarcane.
Corey Casper, CEO of IDRI, said its RNC vaccine technology platform is integrated with the adjuvant of Amyris to provide a highly efficient vaccine for the coronavirus treatment.
Amyris achieved significant progress in the capital structure. It also strengthened operational economies relating to the growth of younger brands and new ingredients.
Consequent to the strategies initiated at the beginning of 2020, Amyris reported significant growth for its Pipette brand compared to Q1 2020. The company also achieved production efficiencies for personal and beauty care products. It expects to complete the construction of plant-based in Brazil and operationalize in Q4 2021.