Montreal, Canada — BioAmber’s sales of bio-succinic acid fell 11% to $3.3 m in the second quarter of 2017, compared with the 2016 quarter, as falling volumes offset rising prices.
The company recorded an operating loss of $ 8.6 m for the quarter compared to a loss of $6.5 m in the same period in 2016.
Although the company‘s sales increased, the cost of goods sold increased dramatically from $ 5 m in the third quarter of 2016 to $ 6 m in the third quarter of 2017.
Despite these headwinds, new CEO Richard Eno said, ‘I am excited to join BioAmber at this stage of development. Our technology is proven, we have identified numerous opportunities to drive down our variable cost, and our customer base and application pattern continues to expand.’
Eno joined the company in September 2017, after his predecessor, Fabrice Orecchioni, stepped down. Eno was previously CEO at Metabolix, was a senior partner at Roland Berger, and started his career at Chevron
General and administrative costs increased by $600,000 in the quarter to $1.2m as the company paid for legal and recruiting fees associated with Eno’s hire, said the firm.
This was balanced by a fall of $600,000 in research and development costs as less effort was needed to support the Sarnia facility. BioAmber spent $1.2m in the third quarter of 2017, compared with $1.8m in the 2016 quarter.