Marrone bio innovations, inc. reports 2015 fourth quarter and full
year results
Davis, calif.--(business wire)--marrone bio innovations, inc. (the “company”) (nasdaq: mbii), a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets, today announced results for the fourth quarter and full year ended december 31, 2015. fourth quarter results revenues for the fourth quarter of 2015 totaled $1.9 million, compared to $1.1 million in prior year’s period. this growth reflects increased grower adoption of the company’s products, use of the company’s products on an expanded number of crops, new customers and improved levels of channel inventory compared to the prior year. the company also noted that, as compared to september 30, 2015, total net deferred revenues at december 31, 2015 grew by approximately $1.0 million. this net increase in deferred revenues reflects increased shipments to certain customers that are accounted for under the sell-through method of revenue recognition. dr. pam marrone, chief executive officer, commented, “we are pleased to have seen an improvement in our business during the fourth quarter and, with many of the distractions of the past year behind us, we are excited and energized as we begin 2016. we have achieved a number of important operational objectives, including epa approval of an improved formulation for regalia biofungicide, our first commercial sales of majestene bionematicide, the submission of mbi-110 biofungicide to the epa and the expansion of our product portfolio with a distribution agreement for isagro’s biofungicide, bio-tam 2.0.” dr. marrone continued, “as we go forward, we are focused on a number of additional operational objectives in addition to our priority on product sales growth. these include the launch of an improved grandevo granule formulation, a partnership for zequanox, the formation of a partnership for the seed treatment market, the signing of one or more row crop distribution deals, the signing of new distribution agreements in international markets and additions to our intellectual property portfolio.” the company’s reported net loss for the fourth quarter of 2015 was $11.0 million, compared to a loss of $16.2 million in the fourth quarter of 2014. this reflects the positive impact of restructuring activities and increased revenues, offset by certain non-operating expenses associated with its financial restatement, audit committee investigation and related matters. except with respect to ongoing related litigation, the company does not expect these expenses to continue in the future. recent business highlights january 2016 - epa approval of our improved regalia formulation january 2016 - first commercial sales of majestene january 2016 - epa submission of mbi-110 january 2016 - addition of michael benoff to board of directors march 2016 - distribution agreement for bio-tam 2.0 with isagro march 2016 - addition of kathleen merrigan to board of directors march 2016 – allowance of a us patent on regalia formulations as of december 31, 2015, the company had $38.3 million of cash, including $18.4 million of restricted cash, on its balance sheet and approximately $57.8 million in outstanding debt, including debt due to related parties. full year 2015 results revenues for the year ended december 31, 2015 totaled $9.8 million compared to $9.1 million for the prior year. similar to the fourth quarter, this growth reflects increased grower adoption of the company’s products, use of the company’s products on an expanded number of crops and as the year progressed, lower levels of channel inventory compared to the prior year. the company’s reported net loss for the year ended december 31, 2015 was $43.7 million, compared to a loss of $51.7 million in 2014. the company noted that its full year financial performance for both years reflects non-operating expenses and certain non-recurring charges associated with its restatement, audit committee investigation and related matters. conference call and webcast details as previously announced, the company will host a conference call today at 4:30 p.m. et to discuss the results of the quarter, followed by a question and answer session for the investment community. a live webcast of the call can be accessed on the marrone bio innovations investor relations website at investors.marronebio.com. to access the call, dial toll-free 888-481-2877 or 719-325-2315 (international). the participant passcode is 3249756. to listen to a telephonic replay of the conference call, dial toll-free 877-870-5176 or 858-384-5517 (international) and enter passcode 3249756. the replay will be available beginning at 7:30 p.m. et on wednesday, march 30, 2016 and will last through 11:59 p.m. on wednesday, april 6. the webcast will also be available for replay at investors.marronebio.com. about marrone bio innovations smart. natural. solutions. marrone bio innovations, inc. (mbii) aims to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. we have four products for agriculture on the market (regalia, grandevo®, venerate® and majestene®), a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. at marrone bio innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe. for more information, please visit www.marronebio.com. forward looking statements this press release contains forward-looking statements that involve substantial risks and uncertainties. all statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing the company’s views as of any subsequent date. examples of such statements include statements regarding the company’s operational objectives, including product launches, new partnership and distribution agreements and addition to the company's intellectual property portfolio, ongoing litigation and any future expenses related to the company’s financial restatement and audit committee investigation. such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including any difficulty in developing, manufacturing, marketing or selling the company’s products, any failure to maintain and further establish relationships with distributors, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, adverse decisions by regulatory agencies, and the impact of negative publicity and perceptions around the company’s financial restatement. additional information that could lead to material changes in the company’s performance is contained in its filings with the sec. the company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise. marrone bio innovations, inc. consolidated balance sheets (in thousands, except par value) deferred cost of product revenues, including deferred cost of product revenues to related parties of $79 and $333 as of december 31, 2015 and 2014, respectively marrone bio innovations, inc. consolidated statements of operations (in thousands, except par value) december 31, december 31, total other expense, net basic and diluted weighted-average shares outstanding used in computing net loss per common share marrone bio innovations, inc. consolidated statements of cash flows (in thousands) year ended december 31,
