AgroPages-MBI sales up 2% in Q1 2014-Agricultural news

The US biopesticide company Marrone Bio Innovations (MBI) recorded a 2.2% increase in sales to around $2.8 million in the first quarter of 2014. Product sales decreased by 11.6% to some $ 2.1 million in this quarter, while related party revenues grew by some 110% to $309,000. Licensing revenues dropped by 6.3% to $45,000. The result is in line with the company's expectations against the headwinds of severe weather in all growing regions, the company notes.

MBI's sales results($ 000)
Q1 ended Mar 31	Q1 2014	Q1 2013	% change
Revenues	2,790	2,730	+2.2
Products	2,097	2,373	-11.6
Licensing	45	48	-6.3
Related party	648	309	109.7
Gross profit	1,138	935	+21.7
Net profit (loss)	(10,246)	(10,749)	-

MBI recorded a 21.7% rise in gross profit to around $1.1 million. The company registered a net loss of $10.2 million versus a loss of $10.7 million in the first quarter of 2013.

For the full year 2014 the Company continues to expect net revenues to at least double compared to the full year 2013. The company also expects to launch at least 1-2 new products in addition to its insecticide Venerate.