BioAmber Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
May 09, 2017 at 04:24 pm EDT
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BioAmber Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, product sales were $2,123,000 against $1,458,000 a year ago. Operating loss was $10,627,000 against $8,508,000 a year ago. Loss before income taxes was $1,366,000 against $12,530,000 a year ago. Net loss was $1,378,000 against $12,536,000 a year ago. Net income attributable to BioAmber Inc. shareholders was $106,000 against loss of $10,946,000 a year ago. Net income per share attributable to BioAmber Inc. shareholders – basic was $0.003 against loss of $0.39 a year ago. Net cash used in operating activities was $10,612,000 against $20,284,000 a year ago. Acquisition of property and equipment and intangible asset, net of disposals was $255,000 against $26,000 a year ago. Adjusted net loss attributable to BioAmber Inc. shareholders was $10,464,000 against $8,112,000 a year ago. Adjusted net loss per share attributable to BioAmber Inc. shareholders – basic was $0.31 against $0.29 a year ago.
BioAmber Inc. (BioAmber), formerly DNP Green Technology, Inc., is an industrial biotechnology company, which produces sustainable chemicals. The Company's technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstocks into sustainable chemicals that are replacements for petroleum-derived chemicals, which are used in a range of everyday products, including plastics, food additives and personal care products. Its geographical segments include Europe and North America. Its product pipeline includes the derivatives of bio-succinic acid, such as 1,4 Butanediol (1,4 BDO) and tetrahydrofuran (THF), and succinic acid-based polyesters, and C6 building block chemicals, such as adipic acid, caprolactam and hexamethylenediamine (HMDA). Its products are used in various applications, including polyurethanes, resins and coatings, de-icing and coolant solutions, fine chemicals, lubricants, carpets, engineering plastics and artificial leather products.