Solazyme reports first quarter 2012 results

The renewable oil and bioproducts company, Solazyme, reported total revenues of US$13.6 million for the first quarter which ended March 31, 2012, compared with US$7.7 million in the first quarter of last year. Commenting on the company’s stellar performance, Jonathan Wolfson, CEO of Solazyme said, “We’ve just wrapped up a great quarter in which we’ve made progress ramping our production capacity, partnering with industry leaders to commercialize our products, and tailoring new valuable triglyceride oils.” Solazyme’s Chief Financial Officer, Tyler Painter, said that the company has a strong balance sheet, with some US$219 million in cash, cash equivalents and marketable securities. Painter highlighted the fact that the company’s partnerships continue to advance, and that Solazyme is well positioned to continue commercializing its technology. (May 7, 2012)