Bioceres Crop Solutions Corp. (BIOX) Reports Q3 Revenues Beat

Bioceres Crop Solutions Corp. (NASDAQ: BIOX) reported Q3 EPS of $. Revenue for the quarter came in at $36.22 million versus the consensus estimate of $27.42 million.

Mr. Federico Trucco, Bioceres Chairman & Chief Executive Officer, commented: “The positive performance of HB4 wheat varieties observed during the last crop cycle, as reported in our second quarter’s earnings call, has created excellent pre-season momentum, with contracts already in place for over 60,000 hectares, our baseline target prior to Brazil import approval. We are also progressing with HB4 soy harvest, which is currently at 60%. Resulting seed inventories for both crops should put us in a good place for a meaningful launch once China and Brazil approve HB4 in soy and wheat, respectively.”

“As we progress in developing and scaling locally adapted HB4 seeds, as well as on the regulatory front, we are also moving forward with two additional aspects aimed at maximizing this opportunity. We have onboarded close to half of HB4 Program growers via our Generation HB4 digital platform, fully automating the commercial interaction, credit scoring, contract execution and input logistics. On the downstream front, we have validated HB4’s sustainability framework and entered a first agreement with a consumer brand, Havanna, for HB4 wheat-derived products. The direct interaction with consumers leveraging on the farm-to-fork traceability of the HB4 Program and associated environmental metrics, represents a tangible example of how technology may be used towards re-building agriculture’s social license while keeping food affordable.”

Mr. Enrique Lopez Lecube, Chief Financial Officer of Bioceres, said: “On the financial front, the third quarter of 2021 experienced top-line revenue growth of 35% as our crop nutrition segment was the main growth catalyst driven by micro-beaded fertilizers sales. The combination of this and operating leverage enabled the Company to deliver improved adjusted EBITDA and margin expansion during the third quarter of fiscal 2021, positioning our financial profile into the LTM double digit growth trajectory.”

“In summary, I believe Bioceres is firing on all cylinders as we now have financial flexibility to execute our HB4 Program, our cost of capital has been reduced, and our financial performance is building while exploiting leverage in our model. We look forward to sharing more on our developing story at upcoming investor conferences in the coming months,” concluded Lopez Lecube.

For earnings history and earnings-related data on Bioceres Crop Solutions Corp. (BIOX) click here.

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