San Diego-based biotechnology company Verenium Corp. showed a decrease in 2012 in its overall profit from the year previous, citing the acquisition of some of its assets as a reason sales decreased.
Verenium reported about $17 million in profit for 2012 – about $4.5 million less than its profit in 2011. The company reported 2012 total revenue of about $57 million, down from about $61 million in 2011.
In March 2012, Verenium sold about $37 million in assets to Netherlands-based DSM Food Specialties BV, which it said is a key reason why the company’s profit margin decreased year-over-year.
“2012 was a productive year for us as we continued to make progress operationally while at the same time creating a more solid financial structure from which to grow the business and create shareholder value,” Verenium President and CEO James Levine said, in a statement.
The company said its total operating expenses increased by about $3.5 million, due to growing research and development investment and costs related to Verenium’s new headquarters.
At market close on March 28, shares for the publicly traded company were $2.58 on the Nasdaq.
-SDBJ Staff Report