Despite the fact that total revenues of $13.0 million were down $1.4 million compared to last year, Verenium Corporation executives were happy with the 2010 first quarter financial report released yesterday.
“I’m very pleased with the successful first quarter and start to 2010 Verenium had with both its biofuels and specialty enzymes business units,” said Carlos A. Riva, President and Chief Executive Officer of Verenium. “Of note, the $5.0 million in gross margin generated from enzyme sales for the quarter is a record for us and is an indication of the strength in that business.”
Product gross margin dollars increased to $5.0 million, compared to $4.8 million for the same period in the prior year, “due primarily to an increase in the royalty on Phyzyme profits received from Danisco, combined with an increase in sales of higher margin enzyme products.”
Verenium recently announced an additional $4.9 million award from the U.S. Department of Energy (DOE) to fund activities at the Company’s demonstration-scale facility in Jennings, Louisiana and extended the joint development program established in August 2008 with partner BP.