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March 29, 2017
Marrone Bio Innovations Reports Fourth Quarter and Record Full Year 2016 Results
Revenues Increase 41% in the Fourth Quarter, up 43% for Full Year
Product Shipments Up 102% to $5.2 Million in the Fourth Quarter, up 81% for 2016 to $16.4 Million
Full Year Operating Expenses Reduced by 29.6%
DAVIS, Calif.(BUSINESS WIRE) Marrone Bio Innovations, Inc. (NASDAQ:MBII), a leading provider of effective and environmentally responsible pest management and plant health products, today announced results for the fourth quarter and full year ended December 31, 2016.
Financial and Business Results
The Company grew total GAAP revenues for the fourth quarter of 2016 by 40.6% to $2.7 million as compared to $1.9 million in the fourth quarter of 2015. Product shipments in the fourth quarter of 2016 increased by 102% to $5.2 million from $2.6 million in the fourth quarter of 2015. This represents the highest product shipments of any quarter in the Companys history and reflects significant contributions to growth from each of the Companys commercialized agricultural products. In addition, based on its preliminary review of information regarding product shipments from January 1, 2017 through the date of this release, the Company currently estimates that product shipments for the first quarter of 2017 will exceed the amount of product shipments reported in the fourth quarter of 2016.1
Dr. Pam Marrone, Chief Executive Officer, commented, Fiscal 2016 was a truly pivotal year and we are very excited to have ended the year with the strongest level of shipping activity in our history and to also see that momentum carry into the early part of 2017. We regard this as a clear indication that the demand for our products remains strong despite a generally sluggish overall agricultural market and, given broad-based growth in our product line and a strong launch of our new Majestene bio-nematicide, as evidence that the Marrone brand is gaining strength among growers.
Dr. Marrone continued, We continue to believe that our best path to growth is through a strong portfolio of biological agricultural solutions that address a variety of unmet grower needs for pest management and plant health, both in integrated pest management programs and for organic growers, who have even fewer options. We continue to push for growth from increased penetration of our existing products, through expanded labels as we target new crops, new product launches, new applications such as seed treatments, new customers and strategic partnerships and growth associated with international expansion.
Dr. Marrone concluded, We are excited by the market acceptance of our products, and the continued good evidence from our field trials and grower demos that show an increasingly wider range of clear economic benefits for growers. We believe that we are on the right path to create sustainable value for our customers, our employees, and our shareholders.
The Companys gross margin in the fourth quarter of 2016 was 39.0%, compared to a negligible gross margin in the fourth quarter of 2015. Improving volume and a reduction of unabsorbed manufacturing costs with the scale-up of the Companys Michigan manufacturing facility and a stronger mix of higher margin product all contributed to the increased margin.
The Companys reported net loss for the fourth quarter of 2016 improved to $7.8 million, compared to a loss of $11.0 million in the fourth quarter of 2015. The improvement in the fourth quarter reflects growth in sales, improved product-level and total gross margins, the impact of prior restructuring activities to control costs and the absence of expenses and professional fees associated with the Companys financial restatement and related investigations and litigation.
Revenues for the year ended December 31, 2016 totaled $14.0 million compared to $9.8 million for the prior year. Product shipments, as described above, for the year ended December 31, 2016 increased by 81.1% to $16.4 million, compared to $9.0 million for the full year of 2015. Growth was broad-based with contributions from each of the Companys four major agricultural products: Regalia, Grandevo, Venerate and Majestene.
The following information was filed by Marrone Bio Innovations Inc (MBII) on Friday, March 31, 2017 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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