Bioceres Crop Solutions, a leading provider of productivity solutions aimed at regenerating agricultural ecosystems and enhancing crop resilience to climate change, has announced its financial results for the fiscal fourth quarter and full fiscal year ended June 30, 2024. All figures are presented in U.S. dollars and follow International Financial Reporting Standards. Year-over-year (YoY) comparisons are included unless otherwise noted.
Key Financial and Business Results:
- FY24 Revenue: Total revenue reached $464.8 million, reflecting an 11% growth despite challenges in some regions. Growth was primarily driven by increased sales of HB4 products, adjuvants, and biostimulants. Operating profit stood at $44.8 million, with a GAAP net income of $6.2 million. Adjusted EBITDA was stable at $81.4 million, as business growth offset the lower accrual of Syngenta’s upfront payment.
- 4Q24 Revenue: Revenue for the fourth quarter was $124.0 million, up 18% from the prior year, fueled by strong HB4 sales. Operating profit was $9.5 million, while GAAP net loss narrowed to $2.1 million, representing an 86% and 25% improvement, respectively. Adjusted EBITDA for the quarter nearly doubled to $19.9 million.
- HB4 Wheat Approval: The U.S. became the fourth country to approve the cultivation of HB4 wheat, joining Argentina, Brazil, and Paraguay. This milestone allows Bioceres to further expand its presence in the Americas, an essential wheat-producing region.
Management Insights:
CEO Federico Trucco highlighted that FY24 marked record-high revenues and adjusted EBITDA, despite ongoing challenges in the agricultural sector. He emphasized the importance of HB4 sales, which contributed significantly to the company’s improved performance in the final quarter. Trucco also expressed optimism about the company’s innovative technologies, including the recently approved HB4 wheat in the U.S. and advancements in biological nitrogen fixation and bio-insecticides in Brazil.
CFO Enrique Lopez Lecube underscored the company’s resilience and ability to maintain profitability amidst challenging market conditions, particularly in fertilizers. He noted that Bioceres achieved both top-line growth and maintained its adjusted EBITDA above $81 million, thanks to disciplined cost management and a diversified portfolio.
4Q24 Summary:
- Revenue increased by 18%, led by HB4 sales during the southern hemisphere’s winter wheat season.
- Gross profit grew by 18%, with improvements in Seed and Integrated Products and Crop Protection margins.
- Adjusted EBITDA nearly doubled to $19.9 million, driven by operational leverage and stronger gross profit.
FY24 Summary:
- Revenue grew by 11%, largely due to more favorable weather in the southern hemisphere and strong performance in HB4, adjuvants, and crop protection.
- Biostimulants in Europe also contributed to the annual growth.
- While gross profit remained stable, the company successfully managed costs, resulting in a steady adjusted EBITDA of $81.4 million.
