Business
Bioceres Crop Solutions Reports Fiscal First Quarter 2023 Financial and Operational Results
Revenues increased 71% compared to 1Q22 pro forma numbers 1Q23 Adjusted EBITDA nearly doubled YoY, reaching $73 million on an LTM basis after excluding HB4
About this update from Bioceres Crop Solutions Corp.
[{"type":"text","content":"\nRevenues increased 71% compared to 1Q22 pro forma numbers\n\n1Q23 Adjusted EBITDA nearly doubled YoY, reaching $73 million on an LTM basis after excluding HB4 pre-launch costs\n\nAnnounced agreement with Syngenta Seedcare supporting inoculant growth internationally\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, announced financial results for the fiscal first quarter ended September 30, 2022. 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 otherwise noted.\n\nFINANCIAL & BUSINESS HIGHLIGHTS\n\n\nTotal revenues in 1Q23 were $127.1 million, a 71% increase with respect to the comparable pro forma numbers for the first quarter of last year, which are inclusive of historical revenues from Pro Farm. Top line growth was driven by continued outstanding performance in micro-beaded fertilizers, as well as inoculants, adjuvants and third-party products.\n\n\nGross profit for the quarter increased 52% year over year compared to 1Q22 pro forma numbers, reaching $51.4 million, with all three product segments contributing to gross profit growth.\n\n\nAdjusted EBITDA for the quarter was $24.5 million, nearly doubling last year’s quarterly result, reflecting strong top line and gross profit growth.\n\n\nThe company announced an agreement with Syngenta Seedcare for the development and commercialization of certain biological seed treatments. The partnership will drive global expansion, sustain double digit growth in the category, and provide a baseline of minimum profit sharing over the life of the agreement. Additionally, an upfront payment of $50 million was received in early October 2022.\n\n\nHB4 Wheat harvest and Soy planting are beginning in Latin America, a season characterized by a very severe drought. HB4 Soy hectares more than double year ago seed multiplication level, for early season plantings. Two soybean varieties are being scaled in Brazil for an upcoming launch in this territory.\n\n\nMerger with Pro Farm triggers adoption of the U.S. dollar as the functional currency in main operational subsidia...