Business
Bioceres Crop Solutions Corp. Reports Fiscal Second Quarter 2020 Financial Results
ROSARIO, Argentina--(BUSINESS WIRE)-- Bioceres Crop Solutions Corp. (“Bioceres”) (NYSE American: BIOX), a fully integrated provider of crop productivity
About this update from Bioceres Crop Solutions Corp.
[{"type":"text","content":" ROSARIO, Argentina--(BUSINESS WIRE)--\nBioceres Crop Solutions Corp. (“Bioceres”) (NYSE American: BIOX), a fully integrated provider of crop productivity solutions, announced today its unaudited consolidated financial results for fiscal second quarter 2020 and the six-month period ended December 31, 2019. Financial Results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards.\n\n\n2Q20 Financial and Business Highlights\n\n\n\nComparable Revenues up 6% YoY, with volume growth across key product lines despite macroeconomic and weather headwinds in Argentina. Continued expansion of adjuvants, seed treatment packs and inoculants into Brazil and Uruguay, alongside a successful salesforce restructuring in Paraguay, supported sales performance for the quarter. Micro-beaded fertilizers’ ramp-up continued to deliver sales growth as well.\n\n\nAdjusted EBITDA up 4% YoY, achieving $21.1 million for the quarter with a margin expansion of 103 basis points to 33.5%.\n\n\n395 hectares (976 acres) of EcoWheat were harvested during the quarter. Yield benefits across different environments ranged from 8.0% (in highest-yielding fields) to 22.1%, compared to commercial controls. Weather conditions were particularly conducive to highlighting HB4® technology’s full potential. Seed inventory in place for planting of projected 12,000 hectares (29,760 acres) in 4Q20.\n\n\n2,905 hectares (7,178 acres) of EcoSoy were planted in Argentina to ramp-up seed inventories. Seed produced expected to enable planting of up to approximately 90,000 hectares during next summer’s crop season in the southern hemisphere, moving the Company closer to broad commercialization.\n\n\nExecution of strategic agreements with Okaratech Ltd enabled beta-launch of digital platform to track and support activities in EcoFields.\n\n\nSubsequent to quarter end, Bioceres entered into a commercialization agreement for Rizobacter-branded biologicals with Brett Young, a distributor with a solid footprint in Western Canada and the US Northern Plains. This is expected to accelerate the Company’s penetration in the northern hemisphere.\n\n\n\nCommenting on the Company’s results, Mr. Federico Trucco, Chief Executive Officer of Bioceres, said, “From a big picture perspective, the most important milestone for the quarter was the validati...