Bioceres reports Q4 profit ($4.5M) vs. $4.6M last year

Reports Q4 revenue $104.7M, consensus $107.7M. Mr. Federico Trucco, CEO, commented: “While fiscal year 2023 was challenging due to external conditions, it was one during which we proved the resiliency of our organization, adjusting business plans to ensure we continued to outperform. We grew profitability, as evidenced by a 31% increase in Adjusted EBITDA year-over-year and more impressively on a pro-forma basis, with the legacy business of Marrone Bio Innovations positively impacting EBITDA during the fourth fiscal quarter. We also continued to advance HB4, receiving key regulatory approvals that allowed us to transition into conventional seed channels. Indeed, eight times more multipliers are taking over the inventory ramp-up and go-to-market responsibilities for HB4 wheat – a key step towards meeting our stated fiscal year 2024 guidance. Finally, our agreement with Corteva Seed Applied Technologies for MBI-306 in Europe will allow us to at least double the size of our business in the European region and further validates our position as a leading provider of biological seed care solutions to players such as Syngenta and Albaugh, among others.”