Bioceres Crop Solutions Corp. today reported financial results for the fourth quarter and fiscal year ended June 30, 2024. The company reported total revenue of $464,8 million in fiscal 2024, up 11% year-over-year. The main drivers of this result were sales of HB4, adjuvants and biostimulants. Operating income for the period was $44,8 million and adjusted net income (EBITDA) was $81,4 million, remaining flat compared to the prior year.
In the fourth quarter of 2024, Bioceres reported revenues of $124,0 million, up 18% year-over-year, led by increased sales of HB4. Operating income for the quarter was $9,5 million, while GAAP net loss was $2,1 million, a significant improvement from the prior year. Adjusted EBITDA for the quarter nearly doubled year-over-year to $19,9 million.
The company highlighted the approval of HB4 wheat for cultivation in the United States, making the country the fourth in the world to allow production of the grain, after Argentina, Brazil and Paraguay.
Bioceres CEO Federico Trucco said that despite the difficulties facing agriculture in 2024, the company managed to consolidate its financial performance, achieving record levels of revenue and adjusted EBITDA.
He highlighted that sales growth, especially of HB4, contributed to the near doubling of profitability in the fourth quarter. Trucco also mentioned the expectation of expansion in the market for technologies applied to seeds, with the recent approval of a biological nitrogen fixation solution and a bioinsecticide platform in Brazil.
He also said that the approval of HB4 wheat in the United States was an important step, opening new opportunities in a significant market, which could double Bioceres’ potential in Latin America and Australia. The company will remain focused on launching and expanding its portfolio of innovative technologies, while adjusting its market strategies and engagement with farmers.
Bioceres CFO Enrique Lopez Lecube highlighted the resilience of the company’s business and the importance of maintaining a diversified technology portfolio. In Q2024 81, the company recorded a significant increase in profitability, despite challenges faced by some products, such as fertilizers, which impacted overall performance at the end of the year. However, Bioceres managed to maintain annual adjusted EBITDA above the $XNUMX million mark, despite the challenges faced by the global agricultural sector.
The financial results for fiscal year 2024 showed continued revenue growth, driven by normalizing weather conditions in the southern hemisphere and increased sales of HB4, adjuvants and crop protection products. In Europe, sales of biostimulants also contributed to the revenue growth. Gross profit remained stable compared to the previous year, while deliberate cost management allowed Bioceres to maintain profitability despite a challenging industry environment.
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