Marrone Bio Innovations Reports Third Quarter 2016 Results
Marrone Bio Innovations, Inc. (NASDAQ:MBII), a leading provider of effective and environmentally responsible pest management and plant health products, today announced results for the third quarter ended September 30, 2016.
Marrone Bio Innovations, Inc. (NASDAQ:MBII), a leading provider of effective and environmentally responsible pest management and plant health products, today announced results for the third quarter ended September 30, 2016. The Company grew total GAAP revenues for the third quarter of 2016 by 46.8% to $3.6 million as compared to $2.5 million in the third quarter of 2015. Product shipments in the third quarter of 2016, historically the Company's seasonally smallest shipping quarter, increased by 72.2% to $3.1 million from $1.8 million in the third quarter of 2015. This growth reflects continued increases in grower adoption of the Company's products, the increased use of the Company's products on an expanding number of crops and pests, new customers and additional geographic regions. For the nine months ended September 30, 2016, year over year GAAP revenue grew by 43.9% to $11.4 million and product shipments increased by 72.7% to $11.2 million. 1 Dr. Pam Marrone, Chief Executive Officer, commented, "We are excited to report our fourth consecutive quarter of strong results. We have continued to generate growth through existing products, new product introductions, and new partnerships." Dr. Marrone continued, "We are confident that our business strategies and culture are properly aligned with some fundamental and basic market trends. Our scientific approach to new product development has allowed us to consistently and timely deliver effective products that address unmet market needs." The Company's reported net loss for the third quarter of 2016 improved to $7.2 million, compared to a loss of $9.8 million in the third quarter of 2015. This improvement reflects higher gross profit and ongoing expense control. The Company's gross margin in the third quarter of 2016 was 31.4%, compared to 5.5% in the third quarter of 2015. The Company used $5.1 million in cash during the period. Dr. Marrone concluded, "We continued to gain momentum, with continued growth and margin improvement through our focus and discipline on our three buckets: already commercialized products, new pipeline products, and expansion of our international business. The market trends for continued global adoption and mainstreaming of biologicals are in our favor. We are excited about our future and believe we are well-positioned to deliver real value to our shareholders, our industry, and our global community of customers."