Arcadia Biosciences (RKDA) Tops Q1 EPS by 83c, Revenues Miss; Reiterates FY20 Revenue Guidance Above Consensus

Arcadia Biosciences (NASDAQ: RKDA) reported Q1 EPS of $0.29, $0.83 better than the analyst estimate of ($0.54). Revenue for the quarter came in at $309 thousand versus the consensus estimate of $800 thousand.

"This is an extraordinary moment in time for all of us," said Matt Plavan, Arcadia's president and chief executive officer. "Our priorities throughout this challenging time remain the same: to maintain the health and safety of our people and to maintain business continuity and advance our business objectives without significant interruption. I'm happy to say that we've been successful in accomplishing these goals.

"Despite some headwinds generated by COVID-19, we are pleased with the robust quarter of strategic partnerships and acquisitions in the hemp space, including grower-facing partners like Grow West® and Buttonwillow Warehouse Company, as well as CPG-facing customers like Vivion Specialties, Inc.™ (VSI).

"Today's hemp supply chain is still evolving and clearly will need advances to reach its full commercial potential," said Plavan. "We believe we can be an attractive partner to companies throughout that supply chain. In addition to our organic growth strategies, we are now poised to accelerate shareholder value creation through acquisitive and strategic growth opportunities in the processing, manufacturing and brand segments of the hemp value chain to create a leading, vertically-integrated platform focused on the highest technology, quality and transparency in hemp and hemp products.

"To help us navigate this emerging market, Arcadia has reached into the sector and is working with strategic advisors, including Corner Capital Group (CCG), who has been an early investor in technology and healthcare industries including TILT Holdings and Mile High Labs," Plavan added.

GUIDANCE:

Arcadia Biosciences sees FY2020 revenue of $10 million, versus the consensus of $9.7 million.

For earnings history and earnings-related data on Arcadia Biosciences (RKDA) click here.

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