Calyxt achieves 2020 soybean contracted acreage goal of 100K acres

Based in Roseville, Minnesota, the company develops healthier specialty food ingredients and food crops using gene-editing technology

Calyxt Inc (NASDAQ:CLXT), a plant-based technology company, said Friday it has achieved its 2020 contracted acreage target of 100,000 soybean acres with US farmers.

The achievement of 100,000 contracted acres for 2020 represents 178% growth over Calyxt’s 36,000 planted acres in 2019, surpassing the company’s stated goal of doubling its soybean acreage annually.

“We continue to strengthen Calyxt’s position as a leader in high oleic soybeans,” said Vince Restucci, vice president of agronomy services, in a statement.

“We are not only diversifying revenue options for American growers, but also providing our customers with an improved soybean oil product, driving opportunities for healthier everyday consumer choices,” Restucci added.

CEO Jim Blome said achieving 100,000 contracted acres will support market demand for Calyxt’s high oleic soybean oil, which now includes expanded distribution through another top US foodservice distributor and use in prominent restaurants on the East Coast.

“We also received our first purchase order from a world-class customer that operates in all four of our premium oil target markets: foodservice, food ingredients, animal nutrition, and industrial,” Blome said.

“I look forward to an exciting 2020 and sharing more details about the year ahead on our upcoming year-end earnings call in March.”

Based in Roseville, Minnesota, the consumer-centric food- and the agriculture-focused company develops healthier specialty food ingredients and food crops using gene-editing technology.

Calyxt’s stock recently traded 2.6% higher to $6.20 a share in New York.