MBI sales up 104% in 2013

Date:03-12-2014

The US biopesticide company Marrone Bio Innovations (MBI) recorded a 106.2% big increase in sales to around $6 million in the fourth quarter of 2013. Product sales rose by 70.5% to some $5 million in this quarter. For the full year of 2013, the sales achieved a 103.7% significant growth to $14.5 million, and product sales also improved by 86.8% to $12.7 million.“We continued to broaden our sales into high value specialty crops, launched into row crops in North America and also extended our commercial reach across the globe.” said MBI's chief executive officer, Dr Pam Marrone.

MBI's sales results($ 000)
Q4 ended Dec 31	Q4 2013	Q4 2012	% change	Full Year 2013	Full Year 2012	% change
Revenues	5,967	2,894	+106.2	14,543	7,140	+103.7
Products	4,983	2,922	+70.5	12,657	6,777	+86.8
Licensing	49	49	0	193	179	+7.8
Related party	935	(77)	-	1,693	184	+820.1
Gross profit	1,501	626	+139.8	3,807	2,807	+35.6
Net profit (loss)	(9,991)	(17,096)	-	(28,489)	(38,794)	-

The recent business highlights of MBI include passing the 1 million acres-treated milestone for biopesticide products in the United States; achieving substantial build-out including installation of 2 twenty cubic meter fermenters and production commenced at wholly-owned manufacturing facility in Michigan; receiving US EPA registration for Venerate™ insecticide;submitting pipeline product MBI-302, a biological nematicide, to the US EPA for registration;signing Letters of Intent (LOI) with Koppert Biological Systems for distribution of MBI insecticides in covered cropsworldwide(excluding the United States, Canada and France) and with Nufarm for distribution for insecticides and fungicides in Australia and New Zealand; receiving international registration for Regalia MAXX in El Salvador, Guatemala and Honduras through distribution partner FMC; receiving encouraging efficacy data on pipeline products - three nematicides, an antitranspirant, a new fungicide, two herbicides, a biofumigant and several plant health candidates; advancing six pipeline candidates successfully through toxicology; expanding patent portfolio with notice of allowances and issuance of patents on their major products.

For the full year 2014, MBI expects net revenues to continue to at least double compared to the full year 2013. MBI also expects to gain new registrations for Regalia in Brazil and submit two more active ingredients to the US EPA. The company also expects to launch at least 1-2 new products in addition to its upcoming insecticide Venerate.