Business
Bioceres Crop Solutions Reports Fiscal Third Quarter 2022 Financial and Operational Results
Key regulatory milestone obtained in China: food & feed approval of HB4 Soy enables commercial launch. Incremental EBITDA projected at $20-25 million for
About this update from Bioceres Crop Solutions Corp.
[{"type":"text","content":"\nKey regulatory milestone obtained in China: food & feed approval of HB4 Soy enables commercial launch. Incremental EBITDA projected at $20-25 million for FY25\n\nHB4 Wheat approved for food & feed in Colombia, Australia and New Zealand\n\nTrigall Genetics reached preliminary understanding to acquire wheat breeding program in Australia\n\n3Q22 Comparable Revenues up 72% to $60.1 million\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 third quarter 2022, ended March 31, 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\nFISCAL THIRD QUARTER & SUBSEQUENT FINANCIAL & BUSINESS HIGHLIGHTS\n\n\nComparable Revenues up 72% to $60.1 million and Comparable Gross Margin at 42.3%, leading to $25.4 million in Comparable Gross Profit. Growth in all product categories of the Crop Protection segment combined with continued momentum in micro-beaded fertilizers sales lead to record-high fiscal third quarter sales.\n\n\n\nLTM Adjusted EBITDA for the Baseline Business, which excludes HB4 pre-launch costs, reached $61.3 million, a 30% increase compared to the previous fiscal year. LTM Adjusted EBITDA relatively flat on a sequential basis as a result of IAS29 accounting adjustments to third quarter reported gross profit and higher third quarter SG&A due to anticipated expenses and unfavorable inflation and FX effects.\n\n\n\nAnnouncement of the merger with Marrone Bio Innovations, Inc. to create a global leader in the development and commercialization of sustainable agricultural solutions. F-4 was filed with the U.S. Securities and Exchange Commission (SEC) on May 9, 2022. The transaction is expected to close in the first quarter of fiscal 2023, after MBI’s Shareholders’ Meeting.\n\n\nFISCAL THIRD QUARTER & SUBSEQUENT HB4 HIGHLIGHTS\n\n\nChina´s Ministry of Agriculture granted food & feed approval for HB4 Soy this past April. The approval was a necessary step for the unrestricted commercial launch of HB4 Soy in Argentina, which had been conditional on Ch...