Amyris slumps after Q3 miss, convertible debt deal launch

Amyris

09/11/2021 12:23

** Amyris Inc  AMRS.O  shares down >25% premarket after
biotech firm's qtrly report missed estimates and it said supply
chain challenges impacting near-term performance
    ** Co posts Q3 rev of ~$48 mln, up 40% yr/yr, but shy of
consensus view of ~$64 mln, per Refinitiv IBES data  urn:newsml:reuters.com:*:nPn4wc6T7a
    ** Q3 adj loss/sh of 27 cents misses Wall Street estimate by
12 cents    
    ** "Worldwide supply chain disruptions combined with late
quarter launches of the new brands resulted in
lower-than-expected revenue" - CEO John Melo
    ** Co now expects FY 2021 rev of $330-$370 mln, doubling
full year 2020
    ** Alongside report, AMRS said offering privately $400 mln
5-yr convertible bonds  urn:newsml:reuters.com:*:nPnc0FbJDa
    ** Co to use portion of net proceeds to pay cost of capped
call transactions, remainder to repay debt and for general
corporate purposes, including potential acquisitions of
products, technologies or businesses
    ** Early Mon, AMRS announced JV with ImmunityBio Inc
 IBRX.O  to develop a COVID-19 vaccine using mRNA technology
licensed from the Infectious Disease Research Institute
 urn:newsml:reuters.com:*:nL4N2RZ362
    ** AMRS shares on Mon fell ~8% to $12.98 for market value of
~$4 bln, per Refinitiv data. YTD, stock up 110%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))