Davis, California, USA
November 14, 2016
- Fourth Consecutive Quarter of Strong Year-over-Year Growth
- Third Quarter Revenues up 47%; Third Quarter Product Shipments up 72%
Marrone Bio Innovations, Inc. (NASDAQ:MBII), a leading provider of effective and environmentally responsible pest management and plant health products, today announced results for the third quarter ended September 30, 2016.
The Company grew total GAAP revenues for the third quarter of 2016 by 46.8% to $3.6 million as compared to $2.5 million in the third quarter of 2015. Product shipments in the third quarter of 2016, historically the Company's seasonally smallest shipping quarter, increased by 72.2% to $3.1 million from $1.8 million in the third quarter of 2015. This growth reflects continued increases in grower adoption of the Company's products, the increased use of the Company's products on an expanding number of crops and pests, new customers and additional geographic regions. For the nine months ended September 30, 2016, year over year GAAP revenue grew by 43.9% to $11.4 million and product shipments increased by 72.7% to $11.2 million.1
Dr. Pam Marrone, Chief Executive Officer, commented, "We are excited to report our fourth consecutive quarter of strong results. We have continued to generate growth through existing products, new product introductions, and new partnerships."
Dr. Marrone continued, "We are confident that our business strategies and culture are properly aligned with some fundamental and basic market trends. Our scientific approach to new product development has allowed us to consistently and timely deliver effective products that address unmet market needs."
The Company's reported net loss for the third quarter of 2016 improved to $7.2 million, compared to a loss of $9.8 million in the third quarter of 2015. This improvement reflects higher gross profit and ongoing expense control. The Company's gross margin in the third quarter of 2016 was 31.4%, compared to 5.5% in the third quarter of 2015. The Company used $5.1 million in cash during the period.
Dr. Marrone concluded, "We continued to gain momentum, with continued growth and margin improvement through our focus and discipline on our three buckets: already commercialized products, new pipeline products, and expansion of our international business. The market trends for continued global adoption and mainstreaming of biologicals are in our favor. We are excited about our future and believe we are well-positioned to deliver real value to our shareholders, our industry, and our global community of customers."
1 See notes at the end of this release for additional information related to non-GAAP financial measures.
Recent Business Highlights
- Launched New Granule Formulation of Grandevo
- Received Registration for Grandevo and Venerate Bioinsecticides in Mexico
- Signed Exclusive Seed Treatment Agreement with Albaugh, LLC
- Hired New Manager for Latin America Business
- Venerate XC New Label Approved in California
- Majestene Awarded Best New Biopesticide by Agrow
- USPTO Issued Patent Allowance for Use of Venerate Against Corn Rootworm
Recent Field Trial Highlights
- Biostacked seed treatments increased corn yields in Iowa by 20-50 bushels/acre (11-27%)
- Regalia increased California rice yields by 1000 pounds per acre (+12%)
- Regalia showed increased tomato yields by 10-15% in soils infested with Fusarium wilt
- Venerate continued to show control of corn rootworm (third year in a row)
- Majestene was effective against nematodes on soybeans in Brazil
- Grandevo continued to show performance for spotted wing Drosophila on soft fruits
- Venerate performed as well as two chemicals against walnut husk fly
http://investors.marronebio.com/releasedetail.cfm?ReleaseID=999349
Topics
Species
