Business
Bioceres Crop Solutions Reports Fiscal Fourth Quarter and Full-Year 2022 Financial and Operational Results
Fourth quarter 44% top line growth consolidated record full fiscal year revenues, with LTM baseline adjusted EBITDA1 at $61.9 million HB4 revenues reported
About this update from Bioceres Crop Solutions Corp.
[{"type":"text","content":"\nFourth quarter 44% top line growth consolidated record full fiscal year revenues, with LTM baseline adjusted EBITDA1 at $61.9 million\n\nHB4 revenues reported for the first time, with an increase of 94% compared to HB4 wheat contributed goods YoY\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 fourth quarter and fiscal year ended June 30, 2022. Financial results are expressed in US 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\n4Q22 numbers continued strong growth from previous quarters, with comparable revenues up 44% to $104.1 million. Comparable revenues for FY22 increased 62% to a record $319.3 million. Metrics do not include ProFarm numbers, which will be consolidated as of 1Q23.\n\n\nHB4 Wheat revenues were $12.4 million, a 94% increase compared to the year-ago contributed goods number.\n\n\nComparable gross profit for the quarter increased 32% compared to the year-ago quarter, reaching $41.4 million. Comparable gross profit for the full fiscal year reached a record of $136.9 million, up 45% compared to FY21.\n\n\nAdjusted EBITDA, excluding HB4 pre-launch costs, reached $61.9 million in FY22, a 24% increase compared to the previous fiscal year. Adjusted EBITDA number significantly underestimated as a result of the accounting impact of IAS29.\n\n\nHB4 Soy harvest completed in Argentina. Two varieties advanced for commercial launch with selected multipliers/distributors in the upcoming season. Seed multiplication in Brazil advancing under HB4 Program approach. Two varieties on track for Brazil launch in 2023/24 season.\n\n\nKey feed and food clearances obtained during FY22 including China´s Ministry of Agriculture approval for HB4 Soy and the U.S. Food and Drug Administration (FDA) favorable conclusion on HB4 Wheat safety assessment. Other feed and food approvals for HB4 Wheat include Brazil, Colombia, Australia, New Zealand and Nigeria for HB4 Wheat.\n\n\nCompleted merger with Marrone Bio Innovations, Inc. (now ProFarm Group)...