MBI sales dropped 19% in Q2 2014

The US biopesticide company Marrone Bio Innovations (MBI) recorded a 19.4% decrease in sales to around $3.6 million in the second quarter of 2014. Product sales dropped by 17.8% to some $3.4 million in this quarter, while licensing rose by 6.3% to $51 thousand. Net loss for the second quarter was $10.4 million compared to $10.2 million in first quarter 2014.

For the half year of 2014, the sales dropped 11.2% to $6.4 million, and product sales also fell by 15.5% to $5.5 million. The net loss was $20.6 million compared to $12.4 million in the first half of 2013.

Ms. Marrone concluded, "We still expect to close the year with considerable momentum for Regalia Rx in row crops, as well as Regalia, Grandevo and Venerate in specialty crops, increases from our new product introductions and finally international expansion. Since the close of the second quarter, it has become evident that the market conditions, particularly in the Southeastern US, will be meaningful. Nonetheless, our fundamental view of our opportunity and of our ability to achieve our potential has not changed."

MBI received $10 million loan guarantee from USDA with Five Star Bank for M3 development funding to expand the plant production capacity in Bangor, Michigan.