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Concentration of Business Risk
 12 Months Ended
Dec. 31, 2012
Concentration of Business Risk [Abstract]  
Concentration of Business Risk

9.    Concentration of Business Risk

A relatively small number of customers and collaboration partners historically have accounted for a significant percentage of the Company’s revenue. Revenue from the Company’s largest customer, DuPont, represented 54%, 49% and 63% of total revenue for the years ended December 31, 2012, 2011 and 2010. Revenue from the Company’s second largest customer, DSM, represented 15% of total revenue for the year ended December 31, 2012. Accounts receivable from these two customers comprised approximately 75% of accounts receivable at December 31, 2012 and 78% at December 31, 2011.

Revenue by geographic area was as follows (in thousands):

 

                         
    Year Ended December 31,  
    2012     2011     2010  

North America

   $ 18,395     $ 18,971     $ 11,275  

Europe

     30,418       29,851       32,376  

South America

     7,224       11,300       7,287  

Asia

     1,134       1,145       1,135  
   

 

 

    

 

 

    

 

 

  
    $ 57,171     $ 61,267     $ 52,073  
   

 

 

    

 

 

    

 

 

  

The Company manufactures and sells enzymes primarily within four main product lines. Revenues from animal health and nutrition product line primarily includes the Phyzyme® XP phytase enzyme and from time to time toll manufacturing of other products in this market, Revenues from the grain processing product line includes Fuelzyme® alpha-amylase, Veretase ® alpha-amylase, Xylathin™ xylanase and DELTAZYM ® GA L-E5 gluco-amylase enzymes. Revenues from all other product lines primarily include Luminase ® PB-100 xlaynase and Pyrolase® cellulase.

 

The following table sets forth product revenues by individual product line (in thousands):

 

                                                 
    Years Ended December 31,  
    2012     % of
Total		     2011     % of
Total		     2010     % of
Total		  

Product revenues:

                                                

Animal health and nutrition

   $ 30,849       64 %    $ 33,850       60 %    $ 32,588       65 % 

Grain processing

     10,865       22 %      15,953       28 %      13,439       27 % 

Oilseed processing (1)

     579       1 %      5,352       10 %      3,322       6 % 

All other products

     1,062       2 %      840       2 %      1,002       2 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total product revenue

   $ 43,355       89 %    $ 55,995       100 %    $ 50,351       100 % 

Contract manufacturing (1)

     5,547       11 %      0       0 %      0       0 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total product and contract manufacturing revenue

   $ 48,902       100 %    $ 55,995       100 %    $ 50,351       100 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) The Company continues to provide manufacturing services for the products sold and licensed to DSM. All revenue after the agreement date (March 23, 2012) is classified as contract manufacturing revenue within the Company’s product line item on the consolidated statements of comprehensive income. All historical amounts related to Purifine and Veretase will continue to be shown as oilseed processing and grain processing product revenue, respectively.

The Company manufactures most of its enzyme products through a manufacturing facility in Mexico City, owned by Fermic. The carrying value of property and equipment held at Fermic reported on the Company’s consolidated balance sheets totaled approximately $1.5 million and $1.1 million at December 31, 2012 and at December 31, 2011.