Fourth quarter 44% top line growth
consolidated record full fiscal year revenues, with LTM baseline
adjusted EBITDA1 at $61.9 million
HB4 revenues reported for the first time,
with an increase of 94% compared to HB4 wheat contributed goods
YoY
Bioceres Crop Solutions Corp. (“Bioceres”) (NASDAQ:
BIOX), a fully integrated provider of crop productivity
solutions designed to enable the transition of agriculture towards
carbon neutrality, announced financial results for the fiscal
fourth quarter and fiscal year ended June 30, 2022. Financial
results are expressed in US dollars and are presented in accordance
with International Financial Reporting Standards. All comparisons
in this announcement are year-over-year (“YoY”), unless otherwise
noted.
FINANCIAL & BUSINESS HIGHLIGHTS
- 4Q22 numbers continued strong growth from previous quarters,
with comparable revenues up 44% to $104.1 million. Comparable
revenues for FY22 increased 62% to a record $319.3 million. Metrics
do not include ProFarm numbers, which will be consolidated as of
1Q23.
- HB4 Wheat revenues were $12.4 million, a 94% increase compared
to the year-ago contributed goods number.
- Comparable gross profit for the quarter increased 32% compared
to the year-ago quarter, reaching $41.4 million. Comparable gross
profit for the full fiscal year reached a record of $136.9 million,
up 45% compared to FY21.
- Adjusted EBITDA, excluding HB4 pre-launch costs, reached $61.9
million in FY22, a 24% increase compared to the previous fiscal
year. Adjusted EBITDA number significantly underestimated as a
result of the accounting impact of IAS29.
- HB4 Soy harvest completed in Argentina. Two varieties advanced
for commercial launch with selected multipliers/distributors in the
upcoming season. Seed multiplication in Brazil advancing under HB4
Program approach. Two varieties on track for Brazil launch in
2023/24 season.
- Key feed and food clearances obtained during FY22 including
China´s Ministry of Agriculture approval for HB4 Soy and the U.S.
Food and Drug Administration (FDA) favorable conclusion on HB4
Wheat safety assessment. Other feed and food approvals for HB4
Wheat include Brazil, Colombia, Australia, New Zealand and Nigeria
for HB4 Wheat.
- Completed merger with Marrone Bio Innovations, Inc. (now
ProFarm Group) on July 12, 2022. Integration process well under
way.
MANAGEMENT REVIEW
Mr. Federico Trucco, Bioceres´ Chief Executive Officer,
commented: “We are very proud of the performance delivered by our
teams in the fourth quarter and full fiscal year 2022. This last
quarter was particularly challenging since we are comparing to a
record setting quarter of last year (4Q21) when we grew at close to
40% compared to 4Q20. This is an amazing closing to an amazing
year, not only reflected in our record setting financials but also
in terms of achieving gatekeeping regulatory clearances, namely
feed & food approvals for HB4 Wheat in Brazil and for HB4 Soy
in China. We are for the first time reporting revenues associated
to the HB4 technology, resulting from the one crop where we faced
the most skepticism: HB4 Wheat. This technology is now not only
green-lighted by a growing number of regulators, including the U.S.
FDA, but also increasingly accepted growers, industry participants
and consumers at the end. Today we have more than 20 processors
incorporating HB4 wheat in their products with a similar number
being onboarded in the next few months. We have consumer brands
actively addressing HB4 Wheat merits, and we have successfully
executed the first export operation for HB4 Wheat flour to Brazil.
A post-approval survey in Brazil showed that close to 70% of
consumers had no concerns on GMO wheat, an observation that helped
change the position of key groups that historically rejected
transgenics in the crop. With this we are not saying that the job
is done, it is far from being done. But we are obviously thrilled
to see this progress and very proud of our global leadership in
this front.”
Trucco added, “Furthermore, as we look into FY23 and beyond, we
are invigorated by the opportunities ahead. Right after the
quarters’ end and less than four months since the announcement, we
have successfully merged with and de-listed Marrone Bio
Innovations. Like the Rizobacter integration back in 2016, we
believe this merger will be transformational for us. With our new
colleagues, we are focused on the integration and expansion of our
business and on combining our relative strengths to create a
formidable company with a unique product offering and outstanding
global reach.”
Mr. Enrique Lopez Lecube, Bioceres´ Chief Financial Officer,
noted, “We continued our outstanding performance during the fourth
quarter, closing out our tremendous fiscal year on a high note. We
delivered annual top-line growth of 62% with our initial HB4
revenues of $12.4 million. We also executed a transformational
merger with Marrone Bio Innovations, that significantly enriches
our portfolio of biological products, diversifies our revenue
sources, and broadens our sources of growth. Throughout the year,
we benefited from positive tailwinds that accelerated adoption of
our technologies and achieved multiple milestones on the regulatory
front. We also faced some headwinds that affected our logistics and
manufacturing costs, but overall, we were able to successfully
weather supply chain disruptions and unfavorable macro dynamics. As
we move into the new fiscal year, we are focused on solidifying and
growing from this new revenue base with the financial and strategic
resources to deliver greater value to our shareholders.”
KEY FINANCIAL METRICS
(In millions of US dollars, unless where otherwise stated)
Table 1: 4Q22 Key Financial Metrics
4Q22
Comparable % Change Revenue by Segment
4Q21
4Q22
Comparable1
As Reported
Crop Protection
42.9
49.7
16%
5%
Seed and Integrated Products
6.8
21.5
215%
118%
Crop Nutrition
22.7
32.9
45%
37%
Total Revenue
72.4
104.1
44%
29%
Gross Profit
31.4
41.4
32%
12%
Gross Margin
43.40%
39.80%
(366 bps)
(526 bps)
As Reported % Change Adjusted EBITDA
16.6
14.6
-12%
HB4 pre-launch costs
0.8
3.2
286%
Baseline Business Adjusted EBITDA
17.4
17.7
2%
1. Comparable excludes the impact of IAS29 as discussed in more
detail on page 13.
4Q22 – Summary: Comparable revenues in 4Q22 rose 44% from
those in 4Q21, reaching $104.1 million, a company record for any
quarter. The increased comparable revenues were mainly driven by
the company’s first revenues for HB4 Wheat, greater adoption of
Bioceres’ micro-beaded fertilizers in Brazil and Argentina, as well
as growth in third-party crop protection products. Comparable gross
profit increased 32%, although gross margins were somewhat lower
reflecting a product mix in the quarter weighted to crop protection
products. The 4Q22 Adjusted EBITDA excluding pre-launch costs was
2% higher, at $17.7 million. In preparation for commercialization,
HB4 pre-launch costs increased as expected, to $3.2 million in
4Q22, compared to $0.8 million YoY.
Table 2: Full Fiscal Year 2022 Key Financial Metrics
Comparable % Change Revenue by Segment
FY21 FY22 Comparable1 As Reported
Crop Protection
107.6
166.4
55%
53%
Seed and Integrated Products
31
48.9
58%
47%
Crop Nutrition
58.8
103.9
77%
80%
Total Revenue
197.4
319.3
62%
60%
Gross Profit
94.2
136.9
45%
39%
Gross Margin
47.70%
42.90%
(484 bps)
(560 bps)
As Reported % Change Adjusted EBITDA
48.3
51.5
7%
HB4 pre-launch costs
1.6
10.3
563%
Baseline Business Adjusted EBITDA
49.9
61.9
24%
1. Comparable excludes the impact of IAS29 as discussed in more
detail on page 13.
FY22 - Summary: Comparable revenues in FY22 of $319.3
million were also a record for the company, and for each product
segment, increasing overall by 62%. Sales benefited from the
strategic efforts to broaden geographic reach and deepen market
penetration, with greater grower adoption of inoculants,
micro-beaded fertilizers, and third-party products. First-time
revenues of $12.4 million for HB4 Wheat also contributed to FY22
top line growth. Comparable gross profit grew by 45% to $136.9
million, although gross margins declined by 484 basis points as a
function of product mix. Adjusted EBITDA and Baseline Business
Adjusted EBITDA, increased by 7% and 24% respectively, as a result
of both sales and gross profit increases.
For a full version of Bioceres fourth quarter & full-year
2022 earnings release, click here.
FOURTH QUARTER & FULL-FISCAL YEAR 2022 EARNINGS
CONFERENCE CALL
Management will host a conference call and question-and-answer
session, which will be accompanied by a presentation available
during the webcast or accessed via the investor relations section
of the company’s website.
To access the call, please use the following information:
Date:
Thursday, September 8, 2022
Time:
8:30 a.m. EST, 5:30 a.m. PST
Toll Free dial-in number:
1-844-200-6205
Toll/International dial-in number:
1-929-526-1599
Conference ID:
112267
Webcast:
Click here
Please dial in 5-10 minutes prior to the start time to register
and join.
The conference call will be broadcast live and available for
replay here and via the investor relations section of the company’s
website here.
A replay of the call will be available through September 13,
2022, following the conference.
Toll Free Replay Number:
1-866-813-9403
International Replay Number:
+44 204 525 0658
Replay ID:
676507
1 Baseline adjusted EBITDA excludes HB4 pre-launch costs
About Bioceres Crop Solutions
Corp.
Bioceres Crop Solutions Corp. (NASDAQ: BIOX) is a fully
integrated provider of crop productivity technologies designed to
enable the transition of agriculture towards carbon neutrality. To
do this, Bioceres’ solutions create economic incentives for farmers
and other stakeholders to adopt environmentally friendlier
production practices. The Company has a unique biotech platform
with high-impact, patented technologies for seeds and microbial
ag-inputs, as well as next generation Crop Nutrition and Protection
solutions. Through its HB4® program, the Company is bringing
digital solutions to support growers’ decisions and provide
end-to-end traceability for production outputs. For more
information, visit here.
Forward-Looking Statements
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “outlook,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward-looking statements include estimated financial data and,
among others, statements related to the expected or potential
impact of the novel coronavirus (COVID-19) pandemic, and the
related responses by governments, clients and the Company, on our
business, financial condition, liquidity position and results of
operations, and any such forward-looking statements, whether
concerning the COVID-19 pandemic or otherwise, involve risks,
assumptions and uncertainties. These forward-looking statements
include, but are not limited to, whether (i) the health and safety
measures implemented to safeguard employees and assure business
continuity will be successful, (ii) the uncertainty related to
COVID-19 in the farming community will be short lived, and (iii) we
will be able to coordinate efforts to ramp up inventories. Such
forward-looking statements are based on management’s reasonable
current assumptions, expectations, plans and forecasts regarding
the Company’s current or future results and future business and
economic conditions more generally. Such forward-looking statements
involve risks, uncertainties and other factors, which may cause the
actual results, levels of activity, performance or achievement of
the Company to be materially different from any future results
expressed or implied by such forward-looking statements, and there
can be no assurance that actual results will not differ materially
from management’s expectations or could affect the Company’s
ability to achieve its strategic goals, including the uncertainties
relating to the impact of COVID-19 on the Company’s business,
operations, liquidity and financial results and the other factors
that are described in the sections entitled “Risk Factors” in the
Company's Securities and Exchange Commission filings updated from
time to time. The preceding list is not intended to be an
exhaustive list of all of our forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements as predictions of future events. All forward-looking
statements contained in this release are qualified in their
entirety by this cautionary statement. Forward-looking statements
speak only as of the date they are or were made, and the Company
does not intend to update or otherwise revise the forward-looking
statements to reflect events or circumstances after the date of
this release or to reflect the occurrence of unanticipated events,
except as required by law.
Unaudited Consolidated Statement of
Comprehensive Income
(Figures in US dollars)
Three-monthperiod ended06/30/2022 Three-monthperiod
ended06/30/2021 Fiscal year ended06/30/2022 Fiscal
year ended06/30/2021 Total revenue
105,749,320
82,211,113
334,800,936
209,526,177
Cost of sales
-69,299,211
-49,553,410
-208,338,098
-118,641,803
Gross profit
36,450,109
32,657,703
126,462,838
90,884,374
% Gross profit
34%
40%
38%
43%
Operating expenses
-26,799,025
-18,112,187
-84,482,306
-53,219,556
Share of profit of JV
429,285
-214,499
1,144,418
997,429
Other income or expenses, net
-39,356
-624,808
-3,195,056
-279,359
Operating profit
10,041,013
13,706,209
39,929,894
38,382,888
Finance result
-7,768,098
-4,212,002
-25,953,635
-27,852,340
Profit before income tax
2,272,915
9,494,207
13,976,259
10,530,548
Income tax
-6,952,138
-8,119,007
-18,028,709
-14,351,170
Profit / (Loss) for the period
-4,679,223
1,375,200
-4,052,450
-3,820,622
Other comprehensive profit / (loss)
9,181,967
7,344,254
35,172,250
10,051,318
Total comprehensive Profit / (Loss)
4,502,744
8,719,454
31,119,800
6,230,696
Profit / (loss) for the period attributable to:
Equity holders of the parent
-5,146,706
633,686
-7,332,197
-6,870,163
Non-controlling interests
467,483
741,514
3,279,747
3,049,541
-4,679,223
1,375,200
-4,052,450
-3,820,622
Total comprehensive profit / (loss) attributable to:
Equity holders of the parent
2,327,191
6,838,210
22,013,125
1,559,264
Non-controlling interests
2,175,553
1,881,244
9,106,675
4,671,432
4,502,744
8,719,454
31,119,800
6,230,696
Unaudited Consolidated Statement of
Financial Position
(Figures in US dollars)
ASSETS
06/30/2022
06/30/2021
CURRENT ASSETS
Cash and cash equivalents
33,404,416
36,046,113
Other financial assets
4,668,728
11,161,398
Trade receivables
111,327,322
88,784,172
Other receivables
19,557,901
11,153,705
Income and minimum presumed income taxes recoverable
1,647,398
990,881
Inventories
126,125,724
61,037,551
Biological assets
49,523
2,315,838
Total current assets
296,781,012
211,489,658
NON-CURRENT ASSETS
Other financial assets
619,841
1,097,462
Trade receivables
200,412
135,739
Other receivables
2,165,718
2,543,142
Income and minimum presumed income taxes recoverable
44,412
12,589
Deferred tax assets
4,333,451
3,278,370
Investments in joint ventures and associates
38,554,092
30,657,173
Property, plant and equipment
49,823,879
47,954,596
Intangible assets
76,956,604
67,342,362
Goodwill
36,723,978
28,751,206
Right-of-use leased asset
12,144,026
1,327,660
Total non-current assets
221,566,413
183,100,299
Total assets
518,347,425
394,589,957
LIABILITIES
06/30/2022
06/30/2021
CURRENT LIABILITIES
Trade and other payables
117,674,880
72,091,408
Borrowings
78,588,637
76,785,857
Employee benefits and social security
7,624,175
4,680,078
Deferred revenue and advances from customers
5,757,553
6,277,313
Income tax payable
7,538,764
7,452,891
Lease liabilities
1,412,904
750,308
Total current liabilities
218,596,913
168,037,855
NON-CURRENT LIABILITIES
Borrowings
74,177,169
47,988,468
Government grants
-
784
Investments in joint ventures and associates
717,948
1,278,250
Deferred tax liabilities
29,102,169
25,699,495
Provisions
603,022
449,847
Consideration for acquisitions
13,373,022
11,790,533
Convertible notes
12,559,071
48,664,012
Lease liability
10,338,380
390,409
Total non-current liabilities
140,870,781
136,261,798
Total liabilities
359,467,694
304,299,653
EQUITY
Equity attributable to owners of the parent
127,225,994
67,743,242
Non-controlling interests
31,653,737
22,547,062
Total equity
158,879,731
90,290,304
Total equity and liabilities
518,347,425
394,589,957
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220908005445/en/
Bioceres Crop Solutions Paula Savanti Head of Investor Relations
investorrelations@biocerescrops.com
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