Davis, California, USA
November 7, 2013
Marrone Bio Innovations, Inc. (Nasdaq:MBII), a provider of bio-based pest management and plant health products, announced today financial results for the third quarter ended September 30, 2013.
Financial Highlights for the Third Quarter of 2013
- Revenues totaled $1.3 million, representing growth of 82%, with growth year to date of 102%. Additional product sales of $770 thousand were delivered to customers with extended payment terms and recorded as deferred revenues.
- Net loss of $6.1 million, compared to net loss of $13.8 million in the third quarter of 2012.
- At September 30, 2013, cash and cash equivalents and short-term investments totaled $53.5 million.
"We made excellent progress in the third quarter expanding adoption and further commercializing our innovative bio-based products into the broader agricultural and water treatment markets," said Pam Marrone, Chief Executive Officer of Marrone Bio Innovations. "We signed MOUs with two new EU distributors and are working to formalize agreements that we believe would provide a solid foundation for international growth, and the positive results for our Regalia® Rx launch in the midwest combined with several other encouraging field trials during the quarter underscores the efficacy and wide-reaching applicability of both our commercial products as well as our pipeline candidates."
Recent Business Highlights
- Signed Memorandums of Understanding (MOU) with two European distributors including DeSangosse in France and CBC/Intrachem in Italy.
- Successfully demonstrated the value of Regalia Rx on corn and soybeans for enhanced plant health and increased yield.
- Demonstrated positive field results for existing and pipeline products against soybean cyst nematodes, corn rootworm and key pests in fruits and vegetables.
- Received California registration for Zequanox and also commenced commercial treatment programs with Ontario Power Generation and Oklahoma Gas & Electric. Also commenced a large-scale demo at Hoover Dam.
"Our third quarter results are consistent with the typical seasonal trends for our third quarter," said Don Glidewell, Chief Financial Officer of Marrone Bio Innovations. "Additionally, our recent IPO has allowed us to begin offering extended payment terms which are typical in the agricultural industry. We sold $770 thousand dollars of products under these terms in the third quarter and will recognize the revenue from these sales during the appropriate future period."
Business Outlook
For the full year 2013 the Company expects net revenues to more than double compared to the full year 2012, including expected deferred revenues.
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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