Business
Arcadia Biosciences (RKDA) Announces Fourth-Quarter and Full-Year 2022 Financial Results and Business Highlights
-- Total revenues increased 47% compared to prior year -- -- Total operating expenses declined 32% year-over-year -- -- GoodWheat™ pasta in over 1200 stores
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"\n-- Total revenues increased 47% compared to prior year --\n\n-- Total operating expenses declined 32% year-over-year --\n\n-- GoodWheat™ pasta in over 1200 stores within 7 months of launch --\n\n DAVIS, Calif.--(BUSINESS WIRE)--\nArcadia 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 fourth quarter and full year of 2022.\n\n“Arcadia has made tremendous progress over the last year,” said Stan Jacot, president and CEO. “We’ve streamlined the business by exiting less profitable brands, and we’re focused on the most compelling opportunities that will build long-term value for our shareholders.\n\n“As a result, we’ve increased sales and gross margins while lowering our operating expenses and cash burn,” said Jacot. “For the full year 2022, our revenues increased 47% compared to 2021, our reported gross margins were positive for the first time in the company’s history, and our cash used in operations declined by nearly 50%.”\n\n“Most importantly, we’ve laid out a long-term strategy for the future success of the company with Project Greenfield, our 3-year plan to unlock the company’s potential and create a path to profitability,” Jacot added. “Building on the successful launch of GoodWheat, we’re focused on launching or acquiring new categories, building distribution, and supporting our retail customers and partners.”\n\n2022 Key Operating and Business Highlights\n\n\nArcadia Successfully Launches GoodWheat™ Pasta. Arcadia launched its non-GMO GoodWheat pasta both in retail and online in Q2 of 2022. Made with just one simple ingredient – Arcadia’s superior wheat grain, carefully cultivated over 16 years – GoodWheat pasta has four times the fiber of regular pasta and nine grams of protein per serving. The initial launch included five of the best-selling pasta varieties – penne, spaghetti, fettuccine, elbow and rotini – and within 7 months of launch, GoodWheat pasta was in more than 1,200 stores nationwide, outperforming expectations.\n\n\n\nStrategic Plan for Long-Term Growth and Profitability. In Q2, Arcadia introduced Project Greenfield, a 3-year plan that aligns the company’s resources around solid, achievable goals to drive shareholder value, including GoodWheat’s retail expansion, driving growth of core b...