Amyris Inc (NASDAQ: AMRS) is having a strong start in the trading session today, and for good reason. The company announced that it has exceeded its debt reduction goal in a big way. As a result, investor excitement ensued, leading to gains in the value of the stock. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:23), AMRS is trading at $0.30 per share after a gain of $0.01 per share (4.22%) thus far today.
AMRS Gains On Debt Reduction
As mentioned above, Amyris is off to a relatively strong day in the market today after announcing that it has exceeded its debt reduction goal. On May 8th, the company announced that it intended to reduce debt by around $75 million. Well, here we are, couple of weeks later, and the company has already exceeded that goal. In fact, AMRS said it has already retired $86 million in debt. In a statement, John Melo, CEO and President at AMRS, had the following to offer:
“We are pleased to have already exceeded our previously stated goal of reducing our debt by approximately $75 million and to have done so in such a short time… We continue to lead the industry in revenue growth and product sales and are very pleased with the continued expansion of collaborations that provide us with a strong and sustainable product pipeline and commercial execution that we expect will continue delivering very strong product revenue. Our continued operational performance combined with strong cash position and much improved balance sheet enable us to deliver on our growth plan.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on AMRS. In particular, we’re interested in following the company’s continued debt reduction work as well as work on collaborations that we believe will lead to more profitable products ahead. We’ll continue to follow the story closely and bring the news to you as it breaks!
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