Bioceres Crop Solutions announces strong Q1 2024 financials
Bioceres Crop Solutions Corp. (NASDAQ: BIOX) reported its financial and operational results for the first quarter ending September 30, 2023. The Argentina-based company, renowned for its focus on regenerating agricultural ecosystems and enhancing crop resilience to climate change, announced significant achievements, including a groundbreaking patent and robust financial performance.
Key financial highlights for the first quarter of fiscal 2024 (1Q24) include revenues of $116.6 million and adjusted EBITDA of $16.3 million. These figures represent a substantial year-over-year growth, driven by recovery from a post-drought period at the beginning of the Argentine summer crop season and continued expansion in global markets.
The company’s HB4 wheat harvest in Latin America, particularly in Argentina, showed promising preliminary results despite challenging drought conditions. The soybean planting season began under more favorable circumstances, with improved soil moisture conditions. Bioceres’ Generation HB4 Program has expanded significantly, now covering 150% more acreage than the previous season, with a sixfold increase in Brazil.
A notable achievement for Bioceres this quarter was the U.S. Patent award for its UHC technology. This innovation represents a new standard in biological nitrogen fixation, enabling chemical substitution and fostering new seed-applied innovations. This technology complements Bioceres’ portfolio of seed treatment solutions, including biofungicides, bioinsecticides/nematicides, and biostimulants, enhancing seed capacity for new innovations or incremental nutrient loads.
Additionally, Bioceres completed the construction of a new state-of-the-art adjuvant production plant in Londrina, Brazil. This strategic move aims to expand the company’s footprint in the high-growth Brazilian market.
CEO Federico Trucco highlighted the company’s record-setting performance in the first quarter of fiscal 2023, nearly doubling revenues compared to the previous year. Trucco emphasized the company’s resilience in mitigating the impacts of a historic drought in Latin America and expressed optimism for accelerated momentum in subsequent quarters.
CFO Enrique Lopez Lecube commented on the recovery of adjuvant sales, growth in the UBP biostimulants platform, and expansion of the bioprotection portfolio. He noted the potential for significant business growth in Argentina and the expanding opportunities for biological products in markets like the EU, US, and Brazil.
Bioceres’ first quarter of fiscal 2024 showcases the company’s resilience and strategic agility in responding to market challenges and opportunities, underscoring its commitment to innovation and global expansion in the agricultural sector.