Business
Arcadia Biosciences (RKDA) Announces Strong Third Quarter 2022 Financial Results and Business Highlights
-- GoodWheat™ Pasta distribution doubles from Q2 ---- Gross margins improve to 28% ---- Streamlined operations focus on higher-margin brands -- DAVIS, Calif.,
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"-- GoodWheat™ Pasta distribution doubles from Q2 ---- Gross margins improve to 28% ---- Streamlined operations focus on higher-margin brands --\n DAVIS, Calif., Nov. 10, 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 third quarter of 2022.\n\n \n \n \n \n \n \n\n \n\"We've made significant progress this year transitioning Arcadia to a leaner, more focused organization,\" said Stan Jacot, president and CEO of Arcadia Biosciences. \"And we continue to lay the groundwork for long-term growth and profitability as we execute on our three-year strategy, Project Greenfield.\n\"Our GoodWheat™ launch is outperforming expectations, having already reached our year-end goal of 1,000 stores, and acceptance continues to grow. And we've streamlined the business to focus on our higher-margin brands, which included divesting the Saavy Naturals brand and our manufacturing facility. As a result, we've more than doubled our margins quarter-over-quarter in Q3, validating our ability to grow the business while keeping costs under control.\"\nArcadia Biosciences, Inc.\nFinancial Snapshot\n(Unaudited)\n($ in thousands)\nThree Months Ended September 30,\nNine Months EndedSeptember 30,\n2022\n2021\nFavorable /(Unfavorable)\n2022\n2021\nFavorable /(Unfavorable)\n$\n%\n$\n%\nTotal revenues\n1,878\n2,376\n(498)\n(21 %)\n8,956\n4,609\n4,347\n94 %\nTotal operating expenses\n6,458\n11,089\n4,631\n42 %\n21,941\n26,331\n4,390\n17 %\nLoss from operations\n(4,580)\n(8,713)\n4,133\n47 %\n(12,985)\n(21,722)\n8,737\n40 %\nNet loss attributable tocommon stockholders\n(2,867)\n(2,175)\n(692)\n(32 %)\n(11,132)\n(5,378)\n(5,754)\n(107 %)\nMore detailed financial statements are included in the Form 8-K filed today, available in the Investors section of the company's website under SEC Filings.\nRevenuesIn the third quarter of 2022, revenues were $1.9 million, compared to $2.4 million in the third quarter of 2021 – a $498,000 decrease driven primarily by lower body care and GLA revenue, partially offset by GoodWheat pasta sales. Revenues for the first nine months of 2022 were $9.0 million, compared to $4.6 million in the first nine months of 2021. The increase was driven by higher coconut water and body care products, al...