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Bioceres Crop Solutions Corp. Reports Fiscal Third Quarter 2020 Financial Results
ROSARIO, Argentina--(BUSINESS WIRE)-- Bioceres Crop Solutions Corp. (“Bioceres” or the “Company”) (NYSE American: BIOX), a fully-integrated provider of crop
About this update from Bioceres Crop Solutions Corp.
[{"type":"text","content":" ROSARIO, Argentina--(BUSINESS WIRE)--\nBioceres Crop Solutions Corp. (“Bioceres” or the “Company”) (NYSE American: BIOX), a fully-integrated provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, announced today its unaudited consolidated financial results for fiscal third quarter 2020 and the fiscal nine-month period ended March 31, 2020. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards. All comparisons in this announcement are year-over-year (“YoY”), unless noted otherwise.\n\n\nFiscal 3Q20 Financial and Business Highlights\n\n\n\nComparable Revenues up 9%, with growth across key product lines in strategic markets and despite growers’ hesitation to make pre-season purchases due to a temporary period of uncertainty related to the early stages of the COVID-19 pandemic. Revenue growth was mainly driven by further penetration of crop protection markets in Brazil, Paraguay and Uruguay, strong sales of seed treatment packs in Europe, as well as a continued recovery in Argentina.\n\n\nBioceres raised over $50 million of capital during the quarter through a private placement of a convertible promissory note due 2023 for $42.5 million and a public bond issuance by Rizobacter, the Company’s main operating subsidiary, for $7.6 million. The proceeds are equivalent to a significant portion of the short-term financial debt of the Company, implying a material strengthening of Bioceres’ balance sheet and cash positions, which reflect improved YoY financial results in the third quarter. The capital raised also provides the financial robustness required to support working capital needs in the coming quarters for the deployment of HB4® technology during the wheat and soybean crops seasons in the Southern Cone.\n\n\nIn preparation for the commercial launch of HB4® drought-tolerant soybean varieties, the product was showcased at Expoagro 2020, attended by more than 100,000 South American growers. At the pavilion of Verdeca, the Company’s JV dedicated to this technology, the number of early adopters that registered for the next cycle of seed multiplication exceeded by nearly ten-fold the maximum acreage potentially available. Based on current demand levels and the harvesting of HB4 inventories underway, Bioce...