SAN DIEGO, Oct. 15 /PRNewswire/ -- Diversa Corporation (Nasdaq: DVSA - news) today reported revenues of $9.1 million for the quarter ended September 30, 2001, a 62% increase over third quarter 2000 revenues, and $26.0 million for the nine months ended September 30, 2001, a 70% increase over revenues for the same period in 2000. The net loss was $3.9 million, or $0.11 per share, in the third quarter of 2001, compared to a net loss of $1.4 million, or $0.04 per share, in the third quarter of 2000. The net loss for the nine months ended September 30, 2001 was $8.2 million, or $0.23 per share, compared to $8.0 million, or $0.24 per share on a pro forma basis, for the same period in 2000.
The revenue increases for the quarter and year-to-date result from additional research funding received under the Company's strategic collaboration agreements. The two most significant components of third quarter and year-to-date revenues are related to Zymetrics, Inc., the Company's agricultural products joint venture with Syngenta Seeds AG, and Innovase LLC, the Company's 50/50 industrial enzyme joint venture with The Dow Chemical Company.
Total operating expenses for the quarter and year-to-date, respectively, were $14.4 million and $41.5 million, compared to $10.2 million and $30.7 million for the same periods in 2000. Excluding non-cash, stock-based compensation charges, operating expenses increased by $5.2 million and $17.8 million for the quarter and year-to-date, respectively, compared to the same periods in 2000. These increases were primarily attributable to higher research and development expenses associated with the Company's expanded collaborations and the continued investment in several key internal programs and technologies. Additionally, selling, general and administrative expenses increased due to the expansion of business development and marketing efforts as well as increased costs associated with being a public company.
Interest and other income, net for the quarter and year-to-date, respectively, were $1.4 million and $7.3 million, compared to $3.4 million and $7.9 million for the same periods in 2000. The quarter and year-to-date decreases were primarily due to lower interest income as a result of declining interest rates as well as an increase in the net loss of Innovase LLC, which is accounted for using the equity method.
At September 30, 2001, the Company had cash, cash equivalents, short-term investments and receivables totaling $205.7 million, compared to $211.8 million at December 31, 2000.
``We are pleased to report this significant revenue achievement of $26 million for the first nine months and reaffirm our revenue guidance of $35 million for 2001,'' stated Karin Eastham, Senior Vice President, Finance and Chief Financial Officer. ``We expect a loss for the year of $16 million, a substantial improvement over our earlier guidance.''
Diversa Corporation is a global leader in developing and applying proprietary technologies to discover and evolve novel genes and gene pathways from diverse sources. The Company is utilizing its fully integrated approach to develop novel enzymes and other biologically active compounds, such as orally active drugs, produced by these genes and gene pathways. The Company's proprietary evolution technologies facilitate the optimization of genes to enable product solutions for the pharmaceutical, agricultural, chemical processing, and industrial markets. Within these broad markets, the Company is targeting key multi-billion dollar market segments where it believes its technologies and products will create high value and competitive advantages for strategic partners and customers. The Company's strategic partners are market leaders and include Aventis Animal Nutrition S.A., Celera Genomics, The Dow Chemical Company, GlaxoSmithKline plc, Invitrogen Corporation, and Syngenta Biotechnology, Inc. The Company has also formed joint ventures with The Dow Chemical Company (named Innovase LLC) and with Syngenta Seeds AG (named Zymetrics, Inc.). Additional information is available at Diversa's website: www.diversa.com... |
