Davis, California, USA
September 12, 2013
Marrone Bio Innovations, Inc. (Nasdaq:MBII), a provider of bio-based pest management and plant health products, announced today financial results for the second quarter ended June 30, 2013.
Financial Highlights for the Second Quarter of 2013
- •Revenues totaled $4.5 million, an almost 200% increase over the second quarter of 2012.
- •Net loss of $1.6 million, compared to net loss of $3.9 million in the second quarter of 2012.
- •At June 30, 2013, cash and cash equivalents totaled $4.2 million. The Company subsequently received $56 million in net proceeds in connection with its initial public offering, which closed on August 7, 2013. The impact of the initial public offering is not included in the Company's financial results for the period ended June 30, 2013.
"We are pleased with our second quarter results and the recent completion of our IPO," said Pam Marrone, Chief Executive Officer of Marrone Bio Innovations. "During the quarter we saw ongoing robust demand for our environmentally responsible, bio-based products. Going forward, the demonstration of our pipeline products' efficacy in the field, newly received patents and recent additions to our team position us favorably for continued growth in 2013 and beyond. With our proprietary discovery process and rapid development platform, we believe we are well positioned to add to our broad pipeline of innovative bio-based solutions."
Recent Business Highlights
- •Completed an initial public offering of 5,462,500 shares of common stock at a public offering price of $12 per share.
- •Received U.S. Patents for two bioherbicide active ingredients.
- •Added key new staff members including Chief Science Officer Dr. Alison Stewart and Chief Patent Counsel Dr. Yuko Soneoka.
- •Received EPA approval to allow Grandevo to be sprayed when bees are actively flying.
- •Signed lease for larger headquarters facility in Davis, CA to accommodate future growth.
- •Four pipeline product candidates showed positive field trial results.
Commenting on the Company's financial results, Don Glidewell, Chief Financial Officer of Marrone Bio Innovations, added, "Our revenue growth in the second quarter underscores the increased demand for our products among our growing customer base. We will continue to seek to leverage our platform and products to penetrate new markets, segments and geographies."
Business Outlook
For the full year 2013, the Company expects revenues to approximately double compared to the full year 2012.
Full release
Marrone Bio Innovations, Inc. (Nasdaq:MBII) is a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental, and water treatment markets. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe. For more information, please visit www.marronebio.com.
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