Business
Arcadia Biosciences (RKDA) Announces Strong Third-Quarter Financial Results and Business Highlights
Revenues for quarter up six-fold, year-to-date up four-fold DAVIS, Calif., Nov. 15, 2021 /PRNewswire/ -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a producer
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"Revenues for quarter up six-fold, year-to-date up four-fold\n\n\nDAVIS, Calif., Nov. 15, 2021 /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 2021.\n\n \n \n \n \n \n \n\n \n\"Our third quarter was a continuation of the exciting momentum Arcadia has generated since the beginning of the year, as we again produced strong financial results that further validate our successful transformation into a consumer products company,\" said Matt Plavan, CEO of Arcadia. \"The quarter also was marked by a heightened intensity of focus, building on the significant progress we have made in capacity-building, integration and alignment of resources. \n\"To help ensure the positive trajectory continues, we've been persistent – with our expanded bench of CPG talent in place – in honing our focus, further refining our go-to-market strategies for 2022 and identifying ways to accelerate our path forward,\" he added. \nQ3 and Recent Operating and Business Highlights\nArcadia Expands Distribution of Body Care Products. The company significantly expanded its distribution of body care products compared to the prior year third quarter, which bodes well for continued retail growth. We estimate that distribution for our three body care brands expanded by nearly 80% compared to the prior year, primarily driven by the launch of ProVaultTM in Q1 2021. In addition, a new ProVault site – getprovault.com – went live in October, supported by a digital marketing and advertising campaign. Two remaining product sites are expected to launch by the end of the year, including the rebranded e-commerce sites for Saavy Naturals® (saavynaturals.com) and SoulSpringTM (mysoulspring.com). Arcadia Advances Plans for GoodWheatTM Launch. A full-scale launch of five pasta SKUs supported by a comprehensive, consumer-focused marketing campaign will launch in Q1 of 2022, rather than a soft launch of one SKU in December 2021. As part of this effort, the company has made meaningful progress preparing GoodWheat pasta products for entrée into the consumer retail channel, including developing and testing consumer-preferred packaging. Arcadia Successfully Harvests Hawaiian Hemp Biomass. Arcadia successfully harvested more than ...