Marrone bio innovations reports second quarter 2014 financial results
Davis, calif.--(business wire)--marrone bio innovations, inc. (nasdaq:mbii), a provider of bio-based pest management and plant health products, today announced financial results for the second quarter ended june 30, 2014. financial highlights for the second quarter of 2014 revenues for the second quarter totaled $3.6 million, compared to $4.5 million in the second quarter of 2013. as in the first quarter of 2014, this comparison primarily reflects the ongoing impact of adverse weather across the company’s growing regions, partially offset by increased adoption rates for all of its products, including venerate, which began shipments and sold out all available inventory in the second quarter. net loss for the second quarter was $10.4 million compared to $10.2 million in first quarter 2014. pam marrone, chief executive officer of marrone bio innovations stated, “we believe our momentum will build in the second half as our bio-based agricultural products, capable of both supplementing and substituting for many traditional solutions, demonstrate excellent value due to their combination of effectiveness, environmental friendliness and wide application. additionally, we have now focused our development efforts on a suite of our best opportunities to ensure we maximize our return on investment and, at the same time, deepen our leadership position in this developing and disruptive category.” as a result of the impact of bad weather on the year and the late tuesday resignation of its coo, the company is unable to give annual guidance at this time, but may be able to provide annual guidance at a later date. 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.” recent business highlights inaugurated the m3 production facility; completed construction of phase 1c; now operating three 20,000 liter fermentation tanks; m3 now producing regalia, grandevo and zequanox. received $10 million loan guarantee from usda with five star bank for m3 development funding. completed extensive pipeline review and prioritized a select group of development products with a combined addressable market of approximately $40 billion. received epa approval for open-water environment use of zequanox molluscicide. signed multi-year collaboration with evogene, an israeli plant biotechnology company, for joint discovery and commercialization of products with novel modes of biological action for insect control. reached agreement with dsm food specialties to exchange microorganisms from respective libraries to advance research in respective areas of interest, food ingredients and crop protection/health. entered into collaborative agreement with valagro for biostimulant development and acceleration of international market penetration. compelling results from field studies on effectiveness of regalia on european wheat crops and for cotton crop enhancement. secured two patents for grandevo, covering a key insecticidal compound and root treatment for corn rootworm, a problematic and widespread corn pest. brazil anvisa published favorable registration decision for regalia maxx, now to be finalized by mapa. received colombia registration for regalia, triggering milestone payment from fmc. uk data assessment report completed with recommendation to register regalia in europe, trigging milestone payment from syngenta. began regulatory approval process for grandevo in europe and brazil; began product trials. began european trials for mbi-110 on grape downy mildew, with favorable results. jim boyd, chief financial officer, commented, “we enjoy a strong balance sheet, reinforced by approximately $40 million in proceeds from our recent secondary offering. as we go forward, we will deploy capital in a disciplined manner to accelerate growth. we believe we are well positioned financially as well as strategically and with regard to our operating capabilities.” conference call information pamela marrone, the company’s president & ceo, and james boyd, cfo, 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 877-303-6220 or 760-298-5095 (international). the participant passcode is 76402268. to listen to a telephonic replay of the conference call, dial toll-free 855-859-2056 or 404-537-3406 (international) and enter passcode 76402268. the replay will be available beginning at 7:30 p.m. et on thursday, august 7, 2014 and will last through 11:59 p.m. on saturday, august 9. the webcast will also be available for replay the following 90 days of the conference call. about marrone bio innovations marrone bio innovations, inc. (nasdaq: mbii) is a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental, and water treatment markets. our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. we have 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 the statements contained in this press release that are not purely historical are forward-looking statements within the meaning of section 21e of the securities exchange act of 1934, as amended. forward-looking statements in this press release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements relating to leveraging our platform to penetrate new markets and the results from the field trials and anticipated sales of our products. because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements, including the timing of and costs associated with the launch of products, the difficulty in predicting the timing or outcome of product research and development efforts and regulatory approvals. additional relevant information concerning risks can be found in the form 10-k that the company filed with the securities and exchange commission on march 25, 2014. marrone bio innovations, inc. condensed consolidated balance sheets (in thousands, except par value) marrone bio innovations, inc. condensed consolidated statements of operations (in thousands, except per share amounts) (unaudited) june 30, june 30, marrone bio innovations, inc. condensed consolidated statements of cash flows (in thousands) (unaudited) $ (20,631 ) $ (12,388 ) (2,987 ) (49 ) (804 ) (835 ) (2,056 ) (350 ) (1,633 ) (628 ) (743 ) (799 ) (96 ) (333 ) (66 ) (16,335 ) (14,409 ) (9,425 ) (1,338 ) (49 ) (1,338 ) (137 ) (9,303 ) (4,687 ) (219 ) (98 ) (4,885 ) (5,769 )
