Business
Bioceres Crop Solutions Reports Fiscal Third Quarter 2023 Financial and Operational Results
Revenues increased 33% compared with 3Q22 pro forma numbers LTM adjusted EBITDA reached $85.3 million Brazil HB4 initiatives advancing favorably on the back
About this update from Bioceres Crop Solutions Corp.
[{"type":"text","content":"\nRevenues increased 33% compared with 3Q22 pro forma numbers\n\n\nLTM adjusted EBITDA reached $85.3 million\n\n\nBrazil HB4 initiatives advancing favorably on the back of full regulatory approval for wheat and positive soy performance with groundbreaking farmers\n\n\nPublished 2022 Sustainability Report “Each Step We Take”\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 third quarter ended March 31, 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\nTotal revenues were $93.6 million in 3Q23, a 33% increase compared to the pro forma numbers for the third quarter of last year, which are inclusive of historical revenues from Pro Farm. Topline growth was primarily driven by revenues in the Crop Nutrition segment, resulting from the initial proceeds generated by the strategic partnership with Syngenta, which more than offset the negative impact of the extended drought in Argentina.\n\n\n\nAdjusted EBITDA was $35.8 million, mainly benefited by proceeds from the Syngenta agreement that were recognized in the quarter. On an LTM basis, adjusted EBITDA was $85.3 million.\n\n\n\nBrazil’s National Biosafety Commission concluded the safety evaluation of HB4 Wheat, providing full approval for commercialization and cultivation in the country. Partnerships with EMBRAPA and OR Sementes in place to introgress HB4 trait into varieties adapted to Brazil, with focus on the Cerrados region.\n\n\n\nHB4 Soy program in Brazil moving forward, with initial varieties performing favorably under diverse conditions. Seed inventory ramp-up on track to reach 10,000 hectares in 23/24 season.\n\n\n\nInaugural 2022 Sustainability Report published, documenting our journey in developing and commercializing technologies that address two major challenges confronting global agriculture: climate change and biodiversity preservation.\n\n\n\nMANAGEMENT REVIEW\n\n\nMr. Federico Trucco, Biocer...