Montreal, Canada — BioAmber had sales of bio-succinic acid of $14.9 m in 2107, up 81% compared with 2016, but lower prices offset the increase in volume, the company said.
The company recorded an operating loss of $102 m for 2017 compared to a loss of $28 m in 2016.
Although the company’s sales increased, the cost of goods sold increased dramatically. They rose from $ 14 m in 2016 to $ 22 m in 2017. This was a function of increased volumes offset by lower production costs.
The company also spent $1.2m in 2017 on severance costs for senior executives and on stock options. The company also suffered with foreign exchange rates in 2017.
Despite these headwinds, new CEO Rick Eno said, his firm had delivered on the growth potential foreseen in the bio-succinic acid market. ‘We have broadened our application pattern and diversified our customer mix. Our profitability is improving,’ he said.