DAVIS, Calif., Aug. 14, 2017 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (“MBI” or the “Company”) (NASDAQ:MBII), a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets, has provided its financial results for the second quarter ended June 30, 2017.
Financial Highlights
- GAAP revenues grew 38% to $10.6 million in the first half of 2017, compared to $7.7 million in first half of 2016. GAAP revenues increased 28% to $6.5 million in the second quarter of 2017, compared to $5.0 million in the second quarter of 2016.
- Product shipments1 grew 51% to $12.1 million in the first half of 2017, compared to $8.1 million in the first half of 2016. Product shipments increased 36% to $5.7 million in the second quarter 2017, compared to $4.2 million in the same year-ago quarter.
- Gross margin increased to 41.3% in the first half of 2017, compared to 30.2% in the first half of 2016. Gross margin increased to 38.8% in the second quarter of 2017, compared to 38.2% in the same quarter year-ago.
1 see notes at the end of this release for additional information related to non-GAAP financial measures.
Management Commentary
“We’ve continued our steadfast progress in the first half and second quarter of 2017, and despite unfavorable weather that we believe reduced the number of expected sprays in some of our key markets—based upon historical practices and use patterns by growers—we grew second quarter shipments by over 36% to $5.7 million,” said Dr. Pam Marrone, CEO of MBI. “This growth is particularly impressive given the agricultural business for our competitors was down more than 15%, on average, in the second quarter of 2017. We continue to enjoy growth above industry average due to our portfolio approach to product development and marketing, which focuses on addressing unmet market needs and promotes significant opportunities for each of our products.
“We have also continued our highly-targeted R&D focus on near-term and existing products, which is paying off significantly. A few recent highlights of our ongoing manufacturing improvement efforts in R&D include a 4x improvement in Grandevo® fermentation and an estimated 40% reduction to downstream processing costs, as well as increasing the production of Majestene®’s main nematicidal component, all of which are being implemented as quickly as is feasible to improve product margins. It is these sorts of breakthroughs that stand as a testament to our innovation, and when combined with increasing sales and continuously improving in-house manufacturing capabilities, we expect to drive margin improvements in a meaningful way over the long-term.”
Dr. Marrone concluded: “Our brands are achieving recognition in the market place—both in U.S. and international markets—which has translated to increased sales as we market our solutions to address the unmet pest and disease challenges of our customers.”
