JUPITER, FL – Dyadic International saw its revenue surge 52 percent in 2012 as it regained profitability.
The biotechnology and industrial enzyme company (Pink Sheets: DYAI) posted net income of $1.3 million on revenue of $15.6 million in 2012. That’s up from a net loss of $4.7 million on revenue of $10.3 million in 2011.
The biggest increase was in license fee revenue as Dyadic received $5.5 million in royalties and facility fees in 2012 from Abengoa New Technologies, which is exploring the biofuel production potential of Dyadic’s C1 platform. This fungus-based biotechnology enables the rapid and efficient production of enzymes, according to Dyadic.
Dyadic’s sales of industrial enzymes were up 6 percent.
“We executed our strategy very effectively in 2012, resulting in our first yearly profit since 2009,” Dyadic President and CEO Mark Emalfarb stated in a news release. “Because our C1 platform creates real value in diverse applications such as animal health and nutrition, food, biofuels and biopharmaceuticals, we believe our efforts to identify new collaborations and sales will bear fruit in the months and years ahead.”
The company also received $525,000 in August after settling its lawsuit against two law firms that formerly represented the company.
Shares of Dyadic closed at $1.85 on Thursday. The 52-week high was $2.25 on Jan. 16. The 52-week low was 77 cents on April 12.