• Sun. Nov 29th, 2020

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Next to current market affairs: Marrone Bio Innovations, Inc. (NASDAQ: MBII)

On 13 May 2020, Marrone Bio Innovations, Inc. (MBII) changed 11.83% to recent value of $1.04. The stock transacted 730392 shares during most recent day however it has an average volume of 236.86K shares. It spotted trading -45.83% off 52-week high price. On the other end, the stock has been noted 70.46% away from the low price over the last 52-weeks.

Marrone Bio Innovations, Inc. (MBII) has provided its financial results for the fourth quarter and full year ended December 31, 2019.

Fourth Quarter 2019 Financial Summary

Fourth quarter 2019 revenues increased 17 percent to $6.7M, driven primarily by increased sales of the Company’s Regalia biofungicide and Majestene/Zelto nematicide, as well as the Company’s recently purchased Pro Farm bionutrient products.  Sales of seed treatments continued to be strong, including revenues in Europe from the Company’s Pro Farm products.
Gross margins improved by 530 basis points in the fourth quarter of 2019 to 55.8 percent with gross profits of $3.7M, as the company logged its fifth consecutive quarter of achieving gross margins above 50 percent.
Operating expenses were $11.9M in the fourth quarter of 2019, and included $1.1M in specific transaction-related, legal settlement and acquisition-related expenses. The remaining increase was Because of planned investments to drive commercial growth and accelerate research and development (R&D) programs, as well as incremental operating expenses from newly purchased businesses and products.
Net loss in the fourth quarter of 2019 was $10.1M, as contrast with a net loss of $5.6M in the fourth quarter of 2018. The increase in net loss was a result of higher operating expenses, primarily attributed to $0.8M in acquisition and litigation-related expenses, as well as a $1.3M non-cash charge related to the estimated fair value of a warrant exercise made under the Company’s new financing facility. Adjusted to exclude acquisition related expenses as well as the non-cash charge associated with the Company’s new warrant facility, net loss from continuing operations reduced by $2.0M.
Adjusted EBITDA, a non-GAAP financial measure, was a $5.6M loss in the fourth quarter of 2019, contrast with a $4.3M loss in the fourth quarter of 2018.  Adjusted EBITDA is further described in relation to its most directly comparable GAAP measure under “Use of Non-GAAP Financial Information” below.
Cash used in operations in the fourth quarter of 2019 was $5.0M, contrast with cash used in operations of $2.6M in the same period in 2018, reflecting a raise in operating expenses for select R&D pipeline projects, investment in commercial operations and the addition of Pro Farm.

Full Year 2019 Financial Summary

Revenues increased 38 percent to $29.4M in 2019, contrast with revenues of $21.2M in 2018. Record revenues in 2019 reflected double-digit sales growth across the Venerate and Regalia product families, and the addition of partial year sales for the newly purchased Pro Farm portfolio and Jet-Ag/Jet-Oxide assets.
Gross profit growth in 2019 outpaced revenue growth and rose 56 percent to $16.1M.  Gross margins reached 54.9 percent in 2019, a 630-basis point improvement over 2018. Strong sales and a favorable product mix drove the gross margin improvement.
Operating expenses for 2019 were $44.1M, contrast with $29.8M in 2018.  The increased spending included $6.4M in specific transaction, litigation and acquisition-related expenses.  The remaining difference of $7.9M, or about $2M per quarter, reflects the Company’s investments in the company’s commercial operations, R&D pipeline as well as incremental operating expenses from newly purchased businesses and products.
Net loss in 2019 was $37.2M, contrast with a net loss of $20.2M in 2018. The increase in net loss reflected the $6.4M in acquisition and litigation related expenses as well as $7.6M in non-cash charges related to the company’s new warrant financing facility – not including these expenses, there was a net $3.0M increase over last year.

Adjusted EBITDA, a non-GAAP financial measure, remained about flat year over year at a $16.0M loss in 2019, as contrast to a $15.7M loss in 2018. Adjusted EBITDA is further described in relation to its most directly comparable GAAP measure under “Use of Non-GAAP Financial Information” below.
Cash used in operations in 2019 was $21.4M, contrast with cash used in operations of $19.4M in 2018.

The price moved ahead of 33.97% from the mean of 20 days, 29.43% from mean of 50 days SMA and performed -8.88% from mean of 200 days price. Company’s performance for the week was 7.67%, 56.18% for month and YTD performance remained 2.97%.

 

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