What happened
Synthetic-biology company Amyris (AMRS -46.43%) had an absolutely awful day on the stock exchange Wednesday, due to an earnings report that fell well short of expectations. Investors mercilessly punished the company, driving its share price down a vertigo-inducing 41%.
So what
After market hours on Tuesday, Amyris divulged its third-quarter results. These revealed that the company earned just over $71 million in "core" (i.e., total) revenue, which bettered the year-ago quarter by 49%. That was fueled by record take in the consumer area, which nearly doubled to almost $47 million. Alas, the total fell far short of the average analyst estimate of just under $112 million.
On the bottom line, the situation was worse. The company's GAAP net loss deepened considerably, to more than $161 million ($0.50 per share) against third quarter 2021's less than $33 million deficit.
Amyris develops and manufactures sustainable ingredients used to make consumer products. That has garnered interest from clients and investors, but the company's target markets are suffering now.
"Industrywide prestige and luxury consumers continued to show resilience in the face of a slowing global economy as did key beauty categories such as clean beauty where Amyris has leading consumer brands," the company wrote in its earnings release.
Now what
In that release, Amyris proffered only the barest of guidance. On the back of consumer revenue that's anticipated to grow at present rates, the company is forecasting that core revenue will top $100 million. As with the trailing figures, that's significantly below the current analyst estimate -- in this case, $137 million.
