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Origin Agritech Issues 2022 Guidance of 300% Revenue Growth
BEIJING, Feb. 7, 2022 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology company, announced today that
About this update from Origin Agritech Limited
[{"type":"text","content":"BEIJING, Feb. 7, 2022 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the \"Company\" or \"Origin\"), an agriculture technology company, announced today that it expects revenues to grow in excess of 300%, to over 150 million RMB, and expects to turn a profit for fiscal 2022. The expected revenue growth is driven by both growth in its existing hybrid seed business and the addition of a new revenue stream of selling nutritionally enhanced crops to feedstock companies.\nDue to increased pre-orders, Origin is already sold out of its hybrid seeds for this year's planting season. The company is increasing its production capabilities for the next planting season as it expects this trend in demand to continue as climate change continues to pose increasingly significant challenges to farmers.\nAdditionally, Origin expects its partnership with BaoDao Feed Ltd to provide sizable revenue growth. Its nutritionally enhanced corn varieties are able to eliminate the need for costly additives and are estimated to double the gross margins for the feedstock companies. Origin is currently in discussions for similar partnerships with other feedstock producers with the goal of creating bespoke crops for each customer, which Origin plans to achieve through its GMO and CRISPR technologies. \nAbout Origin Agritech Limited\nOrigin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech's phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company's website at: www.originagritech.com. The company also maintains a twitter account for updating investors on company and industry developments, which is @origin_agritech.\nForward-Looking Statements\nThis communication contains \"forward-looking statements\" as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-...