Bioceres Crop Solutions Corp. (NASDAQ: BIOX) recently released its financial results for the fiscal third quarter ending on March 31, 2024. The company reported total revenues of $84.0 million for the quarter, a decrease from $93.6 million in the same period last year. This decline was primarily due to a reduction in the accrual of the compensatory payment from Syngenta, amounting to $15.7 million compared to $32.9 million in the prior year’s third quarter.
Despite these figures, Bioceres achieved an operating profit of $13.2 million, with GAAP net income reaching $9.8 million. Adjusted EBITDA for the quarter was $21.1 million, down from $35.8 million a year ago. This decrease was largely driven by the lower compensatory payment accrual, although it was partially offset by improved operational performance.
A significant milestone was achieved in Brazil with the regulatory clearance unlocking bio-insecticidal/bio-nematicidal solutions, expanding Bioceres’ biologicals portfolio within this region. Additionally, the company’s HB4 Soy varieties demonstrated satisfactory performance in Brazil, showing an average yield improvement of 7% compared to non-HB4 varieties.
Mr. Federico Trucco, Bioceres’ Chief Executive Officer, expressed satisfaction with the third quarter results, despite delayed sales in certain segments which are expected to be realized in the fourth quarter. He highlighted positive developments in Brazil, anticipating future growth milestones. Mr. Enrique Lopez Lecube, the company’s Chief Financial Officer, acknowledged challenges in comparison to the previous year’s third quarter, emphasizing efforts to offset the differences through business growth in other areas.
Looking ahead, Bioceres remains confident in the appeal of its value propositions and the capacity of its teams to achieve double-digit growth, despite prevailing industry challenges. With normalized market conditions expected in the upcoming fiscal quarter, the company aims to deliver on its annual goals of sustained growth.
