In India, Amyris’s preliminary unaudited financial results for the third quarter demonstrates strong revenue growth with a Q3 2019 GAAP revenue of $35.0 million, up 144% over GAAP revenue of $14.3 million for Q3 2018. Their Q3 2019 GAAP revenue of – Year to date GAAP revenue of $112.0 million, up 137% over $47.2 million for the prior year period. And their product revenue of $19.7 million is more than double Q3 of 2018.
“We are pleased with our Q3 results,” said John Melo, President and CEO of Amyris. “We are continuing to double our product revenue year over year and we are on track to exceed our $150 million in revenue guidance for 2019. While capital constraints proved challenging, we were able to carefully manage the business to deliver on significant demand across most of our core products. These capital constraints should be lessened as a result of having achieved SEC filing and Nasdaq compliance, resolving our CVI Heights debt, expanding our gross margin, and continuing the revenue growth of our business over the coming quarters.”
Continued Melo, “Our Biossance brand is redefining consumer expectations for high performing, clean and sustainable skin care. Purecane sweetener and Pipette baby care are experiencing excellent early engagement with consumers and the early consumer product ratings for both of these new brands are outstanding. These brands provide clean, sustainable and highly effective products with ingredients produced by Amyris. Products such as these that deliver the best performance in their respective categories is where we excel and where we are capturing a market leadership position. Our fourth quarter has started strong and we are on track for a great finish to 2019.
“Our cannabinoids development program is advancing at a much better rate than we expected, and we will have product available for sampling and early formulation development early in 2020. We remain confident in our ability to commercially launch these cannabinoids in 2020, assuming regulatory conditions have been met. Upon commercial scale, this program should generate significant product revenue as well as royalties to Amyris.”