Marine Bio (MBII) Reports In-Line Q2 EPS, Enters Microbial Product Development Pact with Albaugh

August 9, 2016 4:46 PM EDT
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Marine Bio (NASDAQ: MBII) reported Q2 EPS of ($0.28), in-line with the analyst estimate of ($0.28). Revenue for the quarter came in at $5 million versus the consensus estimate of $4.61 million.

Albaugh, LLC and Marrone Bio Innovations, Inc. (MBI) announced the companies have signed an exclusive agreement to develop and market one of MBI’s microbial products, a proprietary microbial biopesticide with insecticidal and nematicidal properties, for seed treatment applications.

Dr. Pam Marrone, Founder and Chief Executive Officer of Marrone Bio Innovations, commented, “We are pleased to add Albaugh to our growing network of strategic partners. The combination of their state-of-the-art seed treatment technology and expertise and our proprietary microbial technology is expected to yield new, innovative solutions for growers. We are very excited about the potential to commercialize new, globally-relevant seed treatment applications. We are confident, given MBI’s three years of field research that demonstrates efficacy against a broad spectrum of pests, we will quickly reveal the value of this important partnership.”

Albaugh Seed Treatment technology is developing a robust portfolio for the seed treatment market. “This agreement strengthens our commitment to address customer’s needs and expand our product offers and concepts,” says Chris Zita, Director of Seed Treatments, North America. “Our goal is to provide seed treatment technology that is driven by innovation, performance and value and this agreement is a great example of our focus and drive to delivery on that strategy.”

“This strategic partnership is the first step to helping us deliver novel solutions to the seed treatment industry,” stated Albaugh’s Director of Global Proprietary Projects Chad Shelton. “Delivering a new biopesticide seed treatment with combined activity as an insecticide and nematicide that delivers value to the growers will be the first exciting result of this collaboration.”

The agreement covers all crops for seed treatment in the United States and Canada.

For earnings history and earnings-related data on Marine Bio (MBII) click here.

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