Key Takeaways
- Bioceres Crop Solutions Corp. announces FY23 financial results, with revenues of $419.8 million, a 25% YoY increase.
- Adjusted EBITDA reached $81.1 million, marking a 31% YoY increase.
- The company received key regulatory approvals for HB4 wheat, with revenues for the product increasing by 28% compared to the prior year.
- The company maintained strong performance despite external challenges like weather conditions and industry headwinds.
- Partnerships with Moolec Science and Corteva aim to expand the business and increase value recognition.
Bioceres Crop Solutions Corp. (NASDAQ: BIOX), a leading player in agricultural productivity solutions, has announced its financial results for the fiscal year ending June 30, 2023. Despite facing external challenges, the company reported a 25% year-over-year (YoY) increase in revenues, amounting to $419.8 million, and a 31% YoY increase in Adjusted EBITDA, which reached $81.1 million.
Financial Highlights
The fiscal year results reflect a strong performance, with revenues for 4Q23 reported at $104.7 million. Although this figure is almost flat compared to the year-ago number, it represents a 9% decrease compared to 4Q22 pro forma revenues. The company attributed this to delayed transitions into wetter El Niño weather in Argentina and industry-wide challenges in the U.S. and Brazilian markets.
Bioceres also contributed positively EBITDA from its Pro Farm business for the quarter and the full fiscal year. HB4 Wheat revenues stood at $15.8 million, a 28% increase compared to the prior year, positioning the company well for fiscal year 2024.
Management Review
Federico Trucco, Bioceres’ CEO, commented on the company’s resilience amidst challenging conditions, stating that they adjusted business plans to continue outperforming. Enrique Lopez Lecube, Bioceres’ CFO, emphasized the company’s successful revenue diversification strategy, which allowed them to build upon their 2022 momentum.
Strategic Partnerships
Bioceres expanded its partnership with Corteva to include the MBI-306 bioinsecticidal platform in seed treatments. Upon product registration in Europe, Corteva will become the exclusive distributor. The company also entered into an agreement with Moolec Science to supply up to 20,000 tons of HB4 soy grain, aiming to increase the value recognition of sustainability-linked soy inventories.
Photo by Bence Balla-Schottner on Unsplash
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