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Bioceres Crop Solutions Reports Fiscal Fourth Quarter and Full Year 2023 Financial and Operational Results
FY23 revenues up 25% and Adjusted EBITDA at $81.1 million ROSARIO, Argentina--(BUSINESS WIRE)-- Bioceres Crop Solutions Corp. (Bioceres) (NASDAQ: BIOX), a
About this update from Bioceres Crop Solutions Corp.
[{"type":"text","content":"\nFY23 revenues up 25% and Adjusted EBITDA at $81.1 million\n\n\n ROSARIO, Argentina--(BUSINESS WIRE)--\nBioceres Crop Solutions Corp. (Bioceres) (NASDAQ: BIOX), a leader in the development and commercialization of productivity solutions designed to regenerate agricultural ecosystems while making crops more resilient to climate change, announced financial results for the fiscal fourth quarter and fiscal year ended June 30, 2023. 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\n\nFINANCIAL & BUSINESS HIGHLIGHTS\n\n\n\nFiscal year results reflect continued growth in both revenues and Adjusted EBITDA, amidst a challenging external context. FY23 revenues were $419.8 million, a 25% year-over-year increase, and a 12% increase compared to the pro forma figures, which include historical revenues from Pro Farm. LTM Adjusted EBITDA reached $81.1 million, a 31% year-over-year increase compared to $61.9 million in Baseline Business EBITDA during FY22, and 80% growth compared to the reported pro forma metric, which includes negative profitability from Pro Farm and inventory ramp-up costs during FY22.\n\n\n\n\nRevenues in 4Q23 were $104.7 million, almost flat when compared to the year-ago reported number, and a 9% decrease compared with 4Q22 pro forma revenues. Quarterly sales were affected by a delayed transition into wetter El Niño weather in Argentina and industry-wide headwinds in the U.S. and Brazilian markets. Adjusted EBITDA was $10.4 million for the quarter.\n\n\n\n\nPro Farm business achieved positive EBITDA contribution for the quarter and the full fiscal year, achieving the stated goal for the twelve months post-merger.\n\n\n\n\nHB4 Wheat revenues were $15.8 million, a 28% increase compared to the prior year number. Number of on-boarded multipliers/distributors up 8X, positioning commercial network to meet stated FY24 guidance.\n\n\n\n\nAgreement with Moolec Science to supply up to 20,000 tons of HB4 soy grain enables increased-value recognition of sustainability-linked soy inventories.\n\n\n\n\nEU partnership with Corteva expanded to MBI-306 bioinsecticidal platform in seed treatments. Upon product registration in Europe, Corteva will be the exclusive distributor...