Business
Arcadia Biosciences Announces First-Quarter 2020 Financial Results and Business Highlights
-- First Quarter Revenue Up Year over Year -- -- Provides Update on COVID-19 Impact and Reiterates 2020 Revenue Guidance of $10 Million -- -- Management to
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"-- First Quarter Revenue Up Year over Year --\n -- Provides Update on COVID-19 Impact and Reiterates 2020 Revenue Guidance of $10 Million --\n -- Management to Host Conference Call Today at 4:30 pm Eastern Time --\n\n\nDAVIS, Calif., May 13, 2020 /PRNewswire/ -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today released its financial and business results for the first quarter of 2020.\n\n \n \n \n \n \n \n\n \n\"This is an extraordinary moment in time for all of us,\" said Matt Plavan, Arcadia's president and chief executive officer. \"Our priorities throughout this challenging time remain the same: to maintain the health and safety of our people and to maintain business continuity and advance our business objectives without significant interruption. I'm happy to say that we've been successful in accomplishing these goals.\n\"Despite some headwinds generated by COVID-19, we are pleased with the robust quarter of strategic partnerships and acquisitions in the hemp space, including grower-facing partners like Grow West® and Buttonwillow Warehouse Company, as well as CPG-facing customers like Vivion Specialties, Inc.™ (VSI). \n\"Today's hemp supply chain is still evolving and clearly will need advances to reach its full commercial potential,\" said Plavan. \"We believe we can be an attractive partner to companies throughout that supply chain. In addition to our organic growth strategies, we are now poised to accelerate shareholder value creation through acquisitive and strategic growth opportunities in the processing, manufacturing and brand segments of the hemp value chain to create a leading, vertically-integrated platform focused on the highest technology, quality and transparency in hemp and hemp products. \n\"To help us navigate this emerging market, Arcadia has reached into the sector and is working with strategic advisors, including Corner Capital Group (CCG), who has been an early investor in technology and healthcare industries including TILT Holdings and Mile High Labs,\" Plavan added.\nQ1 2020 Operating and Business Highlights \nMore Than $3 Million in Seed Purchase Commitments for GoodHemp™. Within two months post launch of the GoodHemp seed catalog, Arcadia secured more than $3 million in initial seed purch...