Business
Arcadia Biosciences (RKDA) Announces First Quarter 2022 Financial Results
– Sales increased 48% from Q4 2021 – – First retail orders of GoodWheat™ pasta shipped – – HB4® soybeans approved in China, $2M milestone anticipated – DAVIS,
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"– Sales increased 48% from Q4 2021 –\n– First retail orders of GoodWheat™ pasta shipped –\n– HB4® soybeans approved in China, $2M milestone anticipated –\nDAVIS, Calif., May 12, 2022 /PRNewswire/ -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, today released its financial and business results for the first quarter of 2022.\n\n \n \n \n \n \n \n\n \n\"Arcadia is starting to see the fruits of all its labor over the last year as we transitioned to a CPG-driven company and right-sized the organization,\" said Stan Jacot, president and CEO of Arcadia Biosciences. \"Sales have increased 48% compared to last quarter, with a more agile organization and the lowest infrastructure costs since 2019. And our Q1 year-over-year sales have increased nearly 300%, due to the acquisition of Arcadia Wellness brands Zola® coconut water, ProVault™ CBD-infused sports performance formulas, and SoulSpring™ and Saavy Naturals® bath and body care products.\n\"In addition, we shipped our first orders of GoodWheat™ pasta to retail customers, and our e-commerce launch through Amazon is on track for early June,\" Jacot added. \"Our non-GMO GoodWheat pasta is made with just one simple ingredient – our superior wheat grain – with four times the fiber of regular pasta and nine grams of protein per serving. Our initial launch includes five of the best-selling pasta varieties: penne, spaghetti, fettuccine, elbow and rotini.\"\nRecently, Arcadia's former joint venture partner Bioceres (Nasdaq: BIOX) announced that China's Ministry of Agriculture has publicly communicated its decision to approve soybeans produced using Bioceres' HB4® technology for import and use as food and feed. Once finalized, this will trigger four quarterly milestone payments to Arcadia totaling $2 million. Arcadia will also receive 6% royalties on future Bioceres HB4 net revenue, up to $10 million.\nArcadia Biosciences, Inc.\nFinancial Snapshot\n(Unaudited)\n($ in thousands)\nThree Months Ended March 31,\n2022\n2021\nFavorable / (Unfavorable)\n$\n%\nTotal Revenues\n3,220\n828\n2,392\n289%\nTotal Operating Expenses\n7,843\n6,154\n(1,689)\n(27%)\n(Loss) From Operations\n(4,623)\n(5,326)\n703\n13%\nNet (Loss) Income Attributable to Common Stockholders\n(4,488)\n2,058\n(6,546)\n(318%)\n \nMore detailed financial stateme...