Dyadic releases 2012 financial results

By Erin Voegele | March 15, 2013

Dyadic International Inc. has released financial results for 2012, announcing the company was profitable for the full 2012 fiscal year. “Our total revenue grew by 52 percent, which was a result of increases in all three segments of our business,” said Mark A. Emalfarb, Dyadic’s president and CEO in a call to discuss the results. “The financial high point of the year was clearly the expansion of Dyadic’s non-exclusive license agreement with Abengoa Bioenergy.”

During the year, Dyadic’s license fee revenue increased by 441 percent, while its research and development revenue increased by 25 percent and its product-related revenue increased by 6 percent. Gross profit increased 121 percent in 2012 and total expenses decreased 18 percent. The company posted $1.6 million in income from operations. In 2011, Dyadic reported a $4.2 million loss. Net income for 2012 was $1.3 million, compared to a net loss of $4.7 million the year prior.

During the call, Emalfarb discussed the licensing agreement formed with Abengoa Bioenergy in 2012, which gives the company non-exclusive worldwide rights to use Dyadic’s C1 platform technology to development manufacture and sell enzymes and revile biomass into sugars for the production of fuels, chemicals and power. According to Emalfarb, Abengoa’s 25 MMgy facility under development in Hugoton, Kan., is expected to utilize the C1 technology. “We believe that the opening of Abengoa Hugoton facility will be the first to what we expect would be many royalty-generating opportunities in the coming years as their partners approach commercialization,” he continued.

Emalfarb also noted that Dyadic believes moving forward, some of the main applications for its industrial enzyme technology will not only be in the health and nutrition sector, but in the food, fossil fuels and biobased chemical industries.