Marrone Bio Innovations, Inc. (NASDAQ: MBII), an international
leader in providing growers with sustainable bioprotection and
plant health solutions to support global agricultural needs, today
released an update letter to shareholders from Chief Executive
Officer Kevin Helash announcing preliminary financial results for
the fourth quarter and fiscal year ended December 31, 2021.
Dear Shareholders,
As we begin 2022, I’d like to provide you with a brief update on
how we completed 2021, plus a high-level view of the upcoming
season in the Northern Hemisphere. Despite external headwinds
associated with weather and COVID-related market disruptions in the
first half of the year, 2021 ended on a strong note.
I am pleased to report that fourth quarter 2021 revenues are
estimated to reflect growth in the mid-30% range, as compared with
fourth quarter 2020 revenues. For the second half of 2021, revenues
are estimated to have increased 20+% when compared with revenues in
the second half of 2020. On a full year basis, we estimate revenue
growth in the low double-digit to mid-teens range for 2021 as
compared with 2020, in line with our forecast.
We made positive headway on a number of other key financial
metrics in 2021. We expect that annual gross margins for 2021 will
be on track with our target of the upper 50% range, and full-year
operating expenses will be relatively flat when compared with those
in the prior year. Collectively, these results are expected to
contribute to improvements in Adjusted EBITDA and cash from
operations – two key measures of long-term value creation. We
benefited from the continuing support of warrant holders, who
exercised the fifth and final tranche of their warrants in December
to help fulfill our long-term investment needs. Overall, we remain
in a healthy financial position to execute on our strategy. We will
provide further detail on the fourth quarter and the full-year
results, plus the financial outlook for 2022, when we report
earnings in March.
We were encouraged by orders placed in the latter part of the
quarter, an important indicator of our customers’ plans for the
first half of 2022. Our seed treatment solutions were in high
demand, especially in Europe for Takla™ – our newly launched
bio-nutritional product – and in the United States for BIOSt®
Bionematicide – a seed treatment for soybeans and corn. Distributor
orders in the Americas also were particularly strong for our crop
protection products Regalia® Biofungicide, Venerate® XC
Bioinsecticide and Grandevo® WDG Bioinsecticide in specialty
crops, and for Pacesetter®, our recently launched crop health
solution for row crops.
We made major strides in advancing key products in our rich
research and development (R&D) pipeline. As announced
previously, we have submitted MBI-306 – our second-generation
bioinsecticide/bionematicide – for regulatory approval in the
United States. We anticipate this product will deliver peak
potential revenue of approximately $100 million per year, with a
product launch targeted for 2023/2024. Additionally, MBI-206
bionematicide has been submitted to Brazilian regulatory
authorities for approval for use in soil and seed treatments.
We also recently announced our acquisition of exclusive rights
to high-performing strains of a microorganism with a novel mode of
action that we believe will accelerate the advancement of our
bioherbicide, MBI-006. This breakthrough product has the potential
to give growers a new, more sustainable option for controlling
grassy and broadleaf weeds – and is particularly important for
weeds that have developed resistance to conventional herbicides –
with a compelling return on investment versus conventional
products. We believe our suite of alternative solutions to weed
control will allow us to make a competitive entry into the $27
billion global herbicide market.
To close, we are optimistic about the upcoming spring season in
the Northern Hemisphere. The western United States has received
much needed rain and snow, which is positive for our specialty crop
customers. Strong commodity prices in the major row crops have
boosted grower income, and our sustainable, cost-effective options
are highly attractive in this environment. This is true not only in
the United States, but also in Europe and Latin America, where our
work to establish a meaningful presence is poised to deliver in
2022.
I am particularly grateful for the dedication of our employees
as we addressed the numerous challenges of 2021 and emerged well
positioned to deliver long-term future success. On behalf of
everyone at Marrone Bio, our thanks for your continued support of
our company and of our commitment to bringing breakthrough
sustainable agricultural solutions to growers around the world. We
remain confident that, going forward, MBI is well positioned to
outpace our peers in the ag biological industry.
All the best,
Kevin Helash Chief Executive Officer
The anticipated results discussed in this press release are
based on management’s preliminary, unaudited analysis of financial
results for the three months and year ended December 31, 2021. As
of the date of this press release, the company has not completed
its financial statement reporting process for the three months and
year ended December 31, 2021, and the company’s independent
registered accounting firm has not audited the preliminary
financial data discussed in this press release. During the course
of the company’s quarter- and year-end closing procedures and
review process, the company may identify items that would require
it to make adjustments, which may be material to the information
presented above. As a result, the estimates above constitute
forward-looking information and are subject to risks and
uncertainties, including possible adjustments to preliminary
operating results. The company expects to report complete fourth
quarter and full year 2021 financial results in March 2022.
BIOSt is a registered trademark of Albaugh LLC.
About Marrone Bio
Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII) is a
growth-oriented agricultural company leading the movement to
environmentally sustainable farming practices through the
discovery, development and sale of innovative biological products
for crop protection, crop health and crop nutrition. Our portfolio
of 18 products helps customers operate more sustainably while
increasing their return on investment. The company’s commercial
products are sold globally and supported by a robust portfolio of
more than 500 issued and pending patents. Our end markets include
row crops; fruits and vegetables; trees, nuts and vines; and
greenhouse production. Marrone Bio’s research and development
program uses proprietary technologies to isolate and screen
naturally occurring microorganisms and plant extracts to create
new, environmentally sound solutions in agriculture.
Learn more about Marrone Bio Innovations at www.marronebio.com.
We also use our investor relations website,
https://investors.marronebio.com, as well as our corporate Twitter
account, @Marronebio, as means of disclosing material non-public
information, and encourage our investors and others to monitor and
review the information we make public in these locations. Follow us
on social media: Twitter, LinkedIn and Instagram.
Marrone Bio Innovations Forward Looking
Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in
this press release regarding strategy, product development, future
operations and plans, including assumptions underlying such
statements, are forward-looking statements, and should not be
relied upon as representing the company’s views as of any
subsequent date. Examples of such statements include estimates and
expectations of management with respect to the company’s fourth
quarter and full year 2021 financial results; financial guidance
and other statements regarding the company’s expected future
revenue growth, margins, operating expenses, and other financial
results; statements regarding anticipated regulatory approvals for,
demand for, adoption of, benefits of, adoption of and revenues from
the company’s products; and statements regarding anticipated market
trends, including with respect to weather, commodity prices and
addressable market sizes. Such forward-looking statements are based
on information available to the company as of the date of this
release and involve a number of risks and uncertainties, some
beyond the company’s control, that could cause actual results to
differ materially from those anticipated by these forward-looking
statements, including changes resulting from the company’s
finalization of its financial statements for and as of the period
and year ended December 31, 2021, information or new changes in
facts or circumstances that may occur prior to the filing of the
company’s Annual Report on Form 10-K for the year ended December
31, 2021 that are required to be included in such report, the
recent uncertainty in the global economy and industry-specific
economy caused by the COVID-19 pandemic, consumer, regulatory,
weather and other factors affecting demand for the company’s
products, any difficulty in expanding the company’s sales and
marketing infrastructure or marketing the company’s products in
global markets, competition in the market for pest management
products, lack of understanding of bio-based pest management
products by customers and growers, adverse actions by distributors,
manufacturers, regulatory agencies and other relevant third
parties. Additional information that could lead to material changes
in the company’s performance is contained in its filings with the
Securities and Exchange Commission. The company is under no
obligation to, and expressly disclaims any responsibility to,
update or alter forward-looking statements contained in this
release, whether as a result of new information, future events or
otherwise.
Marrone Bio Innovations Contact:Clyde
MontevirgenVice President of Business Development & Investor
RelationsTelephone: 530-750-2800info@marronebio.com
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