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Marrone Bio Innovations, Inc. Reports 2015 Fourth Quarter and Full Year Results
Fourth Quarter Revenues Increased 74% to $1.9 million, Driven Primarily by Increased Adoption and Improved Channel Inventories
Increased Deferred Revenue Also Reflects Improved Shipping Activity and Execution Compared to Prior Year
Identifies Range of Specific Operational Objectives
March 30, 2016 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 years period. This growth reflects increased grower adoption of the Companys products, use of the Companys 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 Isagros 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
The following information was filed by Marrone Bio Innovations Inc (MBII) on Wednesday, March 30, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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