Bioceres Crop Solutions, a leading provider of productivity solutions aimed at regenerating agricultural ecosystems and enhancing crop resilience to climate change, has released its financial results for the fiscal fourth quarter and full year ending June 30, 2024. The results are expressed in U.S. dollars and conform to International Financial Reporting Standards (IFRS). Unless otherwise indicated, comparisons are year-over-year (YoY).
Financial & Business Highlights
In FY24, Bioceres achieved total revenues of $464.8 million, reflecting an 11% growth despite challenging market conditions in certain regions. This growth was primarily driven by increased sales of HB4, adjuvants, and biostimulants. Operating profit for the year stood at $44.8 million, while GAAP net income was $6.2 million. Adjusted EBITDA for FY24 reached $81.4 million, maintaining last year’s level despite lower contributions from Syngenta’s upfront payment.
During the fourth quarter (4Q24), revenues totaled $124.0 million, marking an 18% increase, largely due to strong HB4 sales. The company reported an operating profit of $9.5 million, with a GAAP net loss of $2.1 million, showing improvements of 86% and 25%, respectively. Adjusted EBITDA for 4Q24 was $19.9 million, nearly double the previous year’s figure.
Key milestones included the approval of HB4 wheat for cultivation in the United States, the world’s fourth-largest wheat producer and the largest in the Americas. The U.S. joins Argentina, Brazil, and Paraguay in permitting the cultivation of HB4 wheat.
Management Insights
Federico Trucco, CEO of Bioceres, stated: “In FY24, we solidified Bioceres’ financial performance, achieving record-high revenue and adjusted EBITDA levels despite another challenging year for the agricultural sector. This success was driven by strong sales and a significant boost in adjusted EBITDA in the final quarter, with HB4 contributing to nearly half of the increased profitability. We are increasingly optimistic about the potential of our innovative technologies.”
He highlighted key achievements, such as patent protection for the company’s UHC biological nitrogen fixation solution and regulatory approval for a bio-insecticide platform in Brazil. Trucco emphasized that the recent approval of HB4 wheat in the U.S. will enhance Bioceres’ expansion into new markets, potentially doubling the opportunities in Latin America and Australia.
Looking forward, Trucco affirmed the company’s focus on scaling its unique technology portfolio while working closely with farmers and stakeholders to refine its market strategies.
CFO Enrique Lopez Lecube added: “Our FY24 financial results underscore the resilience of our business and the value of a diversified, evolving portfolio. We achieved profitability growth in the fourth quarter despite facing challenges in certain product lines, particularly fertilizers. For the full year, we maintained adjusted EBITDA above the $81 million mark, with cost control measures contributing to our steady performance.”
4Q24 Summary
Fourth-quarter revenues reached $124.0 million, an 18% YoY increase, led by HB4 sales in the southern hemisphere’s winter wheat season. Gross profit rose 18% to $47.4 million, driven by HB4 sales and margin growth in Crop Protection. Operating profit was $9.5 million, while GAAP net loss improved by 86% to $2.1 million. Adjusted EBITDA nearly doubled to $19.9 million.
FY24 Summary
Total revenues for FY24 reached $464.8 million, up 11% from the previous year, with growth driven by improved weather conditions in the southern hemisphere and strong sales of HB4, adjuvants, and biostimulants. European biostimulant sales also contributed. Gross profit remained flat, reflecting a lower accrual of Syngenta’s upfront payment. GAAP net income was $6.2 million, and adjusted EBITDA stood at $81.4 million, remaining stable from last year. Careful cost management and improved joint venture results ensured continued profitability.
