Marrone Bio Innovations Posts Smaller Loss, Revenue Gains
13 May 2016 California biopesticides company Marrone Bio Innovations reported a narrower loss and a 30% jump in first-quarter sales as more growers adopted its products across more crops.
Revenue rose to $2.7 million from $2.1 million in the first quarter of 2015. First quarter 2016 product shipments grew by 79% to $3.9 million from $2.2 million in first quarter of 2015, reflecting higher grower adoption and use of its products on an expanded number of crops, as well as growth from new customers and the addition of Majestene sales.
Dr. Pam Marrone, Chief Executive Officer, commented, “In addition to executing well against increased demand for our products, we have continued to focus on the achievement of a number of important operational objectives. For example, we have initiated our first seed treatment collaboration — a significant MBI milestone — with Groundwork BioAg to create an all-biological pesticidal and biostimulant seed treatment for corn and soybeans. We are also pleased that the U.S. EPA announced funding under the Great Lakes Restoration Initiative to assess new, open water application techniques to control zebra and quagga mussels with Zequanox.”
Dr. Marrone continued, “We have also recently added a number of highly talented and motivated professionals to our sales and technical services team, and we continue to work towards other key operational objectives, including the launch of an improved Grandevo granule formulation, a distribution partnership for Zequanox, the signing of one or more row crop distribution deals, the signing of new distribution agreements in international markets and additions to our intellectual property portfolio.”
The company’s reported net loss for the first quarter of 2016 was $9.3 million, compared to a loss of $11.9 million in the first quarter of 2015. This improvement reflects the positive impact of restructuring activities, as well as growth in revenues and a moderation of certain non-operating expenses associated with its financial restatement, Audit Committee investigation and related matters. Except with respect to ongoing related litigation, MBI does not expect these expenses to continue in the future.
Dr. Marrone concluded, “We are pleased with the continued improvement we saw in our business this quarter. The momentum we built in the market through the later part of last year has continued into 2016.”
Source: Marrone Bio Innovations
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