Plant-based food, nutrition and specialty ingredients company TerraVia has confirmed its previously announced financial guidance for the fourth quarter and full year ended December 31, 2016.

Plant-based food, nutrition and specialty ingredients company TerraVia has confirmed its previously announced financial guidance for the fourth quarter and full year ended December 31, 2016. Full-year 2016 non-GAAP revenue from the unconsolidated SB Oils joint venture (excluding related party revenue) is expected to increase in excess of three times year-over-year. GAAP revenue in the 2016 fourth quarter is expected to meet prior guidance of reported revenue comparable to the 2016 third quarter.

"Our preliminary results reflect that 2016 was a successful first year in our transition to a food, nutrition and specialty ingredients company under the TerraVia banner," said Apu Mody, who was appointed CEO of TerraVia in August 2016. "During the fourth quarter, we focused sharply on implementing our simplified strategy to accelerate commercialization of our algae-based products and ingredients, while also taking steps to optimize our capital structure to support and drive our growth plans. We look forward to sharing more about our plans on our year-end conference call."