BioAmber reports record revenues for Q4, year end 2017
March 28, 2018 - Montreal-based BioAmber is reporting its revenue for the fourth quarter 2017 was $5.4 million compared to $631,000 in Q4 2016, an increase of 755 per cent. This increase was driven by higher volumes offset by lower average selling price, the company reports.
BioAmber’s profitability in the fourth quarter showed material gains from Q4, 2016. Gross margins improved from -231 per cent to -20 per cent, while total operating costs were reduced by 17 per cent when excluding the impairment charge and write-off of property and intangible assets.
New applications for BioAmber’s bio-succinic acid continue to grow its customer base and drive its revenue opportunities. The company added another five customers in Q4, 2017, and an additional eight thus far in Q1, 2018, bringing its total customer base to over 80. BioAmber is now exporting to 17 countries from its Sarnia, Ont., plant.
BioAmber Sarnia was approved as a participant in the Ontario Cap and Trade Program. The company foresees the allowances gained through participation in this program as having a positive impact on its profitability as it ramps up to full capacity.
Read the full investor release here.