Davis, California, USA
March 6, 2014
- Full year 2013 revenue more than doubles to $14.5 million
- Produced Grandevo and Regalia at Michigan facility
- Company on pace to release two new products in 2014
Marrone Bio Innovations, Inc. (Nasdaq:MBII), a provider of bio-based pest management and plant health products, announced today financial results for the fourth quarter and full year ended December 31, 2013.
Financial Highlights for the Fourth Quarter of 2013
Revenues for the fourth quarter 2013 totaled $6 million, representing growth of 106%. Revenue for the full year 2013 totaled $14.5 million, representing growth of 104%
Net loss of $10 million, compared to net loss of $17.1 million in the fourth quarter of 2012
"Our robust fourth quarter results capped a transformative year for Marrone Bio Innovations," said Pam Marrone, Chief Executive Officer of Marrone Bio Innovations. "I am extremely pleased with the progress we have achieved in 2013. We continued to broaden our sales into high value specialty crops, launched into row crops in North America and also extended our commercial reach across the globe. Our commercial success in the fourth quarter as well as our numerous scientific and operational milestones in 2013 underscore our confidence that we will continue to lead the shift to biologically-based alternatives for pest management and plant health."
Recent Business Highlights
- Passed the 1 million acres-treated milestone for biopesticide products in the United States
- Achieved substantial build-out including installation of 2 twenty cubic meter fermenters and production commenced at wholly-owned manufacturing facility in Michigan
- Received EPA registration for Venerate™ insecticide. Demonstrated positive field results for upcoming 2014 product Venerate including strong efficacy against a wide variety of insects in high value specialty crops such as citrus, stonefruit and strawberries
- Submitted pipeline product MBI-302, a biological nematicide, to the EPA for registration
- Signed Letters of Intent (LOI) with Koppert Biological Systems for distribution of MBI insecticides in covered crops worldwide, excluding the United States, Canada and France, and with Nufarm for distribution for insecticides and fungicides in Australia and New Zealand
- Received international registration for Regalia MAXX in El Salvador, Guatemala and Honduras through distribution partner FMC. These countries add to existing registrations in Mexico and Panama.
- Received encouraging efficacy data on pipeline products - three nematicides, an antitranspirant, a new fungicide, two herbicides, a biofumigant and several plant health candidates
- Advanced six pipeline candidates successfully through toxicology
- Expanded patent portfolio with notice of allowances and issuance of patents on our major products
"We continue to see healthy demand for our innovative and effective products," commented Chief Operating Officer Hector Absi. "The strong sales in the fourth quarter, as well as our new distribution agreements and the milestones we achieved at our Michigan plant make us optimistic for our prospects as we look out to 2014 and beyond."
Commenting on his recent appointment to the position of Chief Financial Officer, Jim Boyd said, "I am excited about joining a dynamic and industry-changing company like Marrone Bio Innovations. The opportunity to leverage the Company's pipeline of new products in the high growth biopesticide market is very exciting and I look forward to helping build MBI into the industry leader."
Business Outlook
For the full year 2014 the Company expects net revenues to continue to at least double compared to the full year 2013. MBI also expects to gain new registrations for Regalia in Brazil and submit two more active ingredients to the EPA. The company also expects to launch at least 1-2 new products in addition to its upcoming insecticide Venerate.
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