Business
Bioceres Crop Solutions Reports Fiscal First Quarter 2022 Financial and Operational Results
1Q22 comparable revenues up 54% YoY, and LTM Adjusted EBITDA reached $50.2m HB4 inventory ramp-up advancing as projected – no additional information
About this update from Bioceres Crop Solutions Corp.
[{"type":"text","content":"\n1Q22 comparable revenues up 54% YoY, and LTM Adjusted EBITDA reached $50.2m\n\nHB4 inventory ramp-up advancing as projected – no additional information requested by Brazilian or Chinese regulatory authorities\n\n ROSARIO, Argentina--(BUSINESS WIRE)--\nBioceres Crop Solutions Corp. (“Bioceres”) (NASDAQ: BIOX), a fully integrated provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, has reported financial results for the first quarter 2022, ended September 30, 2021. 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\nFISCAL FIRST QUARTER FINANCIAL & BUSINESS HIGHLIGHTS\n\n\nTotal Comparable Revenues increased 54% to $64.8 million. Top line growth comes from the solid momentum built throughout the last three quarters, with revenue growth accelerating up from +35-40% level in first half of the calendar year. Growth driven primarily by new commercial strategies in Crop Nutrition and Protection segments, new products, and generally positive sector dynamics in Latin America.\n\n\n\nLTM Adjusted EBITDA reached $50.2 million, confirming upward trend compared to the year-ago metric. Baseline business supports HB4 roll-out with LTM Adjusted EBITDA fully accounting for $3.4 million in pre-operational expenses related to HB4 Program.\n\n\n\nMomentum in micro-beaded fertilizer sales continues for the third consecutive quarter, with Crop Nutrition segment accounting for 44% of the growth observed for the period, with installed capacity reaching 48%, up 60% YoY.\n\n\n\nCrop Protection segment benefits from full effects of sales-force/channel re-organization, with this segment explaining close to 55% of the growth for the quarter.\n\n\n\nHB4 inventory ramp-up processes moving forward as discussed in previous Earnings Reports, with early season HB4 Soy planting completed and late season plantings, which represent the majority of the targeted hectares, to be initiated in the coming days. HB4 Wheat harvest already began and currently is at about 10% progress. On the regulatory front, no additional information was requested by Chinese regulators and Brazil’s CTNBio regarding HB4 Soy and HB4 Wheat, respectively.\n\n\n\nE...