Bioceres releases results for fiscal year 2022/23

According to the company, its adjusted EBITDA for the last 12 months reached US$81,1 million, an increase of 31%

11.09.2023 | 18:35 (UTC -3)
Paula Savanti, Cultivar edition

Bioceres Crop Solutions Corp. announced financial results for the fiscal fourth quarter and fiscal year ending June 30, 2023. Fiscal 2023 revenues were $419,8 million, an increase of 25% year over year and an increase of 12% compared to pro forma numbers, which include Pro Farm's historical revenues.

Trailing 12-month adjusted EBITDA reached $81,1 million, a 31% year-over-year increase compared to $61,9 million in base business EBITDA during FY22, and growth of 80 % compared to the reported pro forma metric, which includes negative Pro Farm profitability and inventory growth. increase costs during FY22.

Revenues in 4Q23 were US$104,7 million, almost flat when compared to the number reported in the previous year, and a 9% reduction compared to pro forma revenues in 4Q22. Quarterly sales were affected by a delayed transition to wetter El Niño weather in Argentina and industry-wide headwinds in the U.S. and Brazilian markets. Adjusted EBITDA was US$10,4 million in the quarter.

The Pro Farm business made a positive contribution to EBITDA in the quarter and the entire fiscal year, reaching the stated target for the twelve months post-merger.

Revenues from HB4 wheat were $15,8 million, a 28% increase compared to the previous year's number. The number of integrated multipliers/distributors has increased 8x, positioning the commercial network to meet stated guidance for fiscal year 2024.

The agreement with Moolec Science to supply up to 20.000 tonnes of HB4 soybeans allows for the recognition of greater value from soybean stocks linked to sustainability.

The EU's partnership with Corteva has expanded to the MBI-306 bioinsecticide platform in seed treatment. Following product registration in Europe, Corteva will be the exclusive distributor through the Corteva sales team and alongside Pioneer brand seed products.

Federico Trucco (pictured above), CEO of Bioceres, commented: “While fiscal 2023 was challenging due to external conditions, it was one during which we proved the resilience of our organization by adjusting business plans to ensure we continued to have superior performance. We increased profitability, as evidenced by a 31% increase in Adjusted EBITDA year over year and more impressively on a pro forma basis, with the legacy Marrone Bio Innovations business positively impacting EBITDA during the fiscal fourth quarter.”

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