Bioceres Crop Solutions (BIOX)
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Bioceres Crop Solutions (BIOX) - 2023 Q4 - Earnings Call Presentation
2023-09-11 22:03
FY23 Crop Protection Seed & Integrated Products Crop Nutrition Notes: 1. Numbers presented for FY22 are pro forma reported financials including Pro Farm BIOCERES CROP SOLUTIONS 36.4 40.5 41.0 +11% +46% FY22 184.6 FY23 149.4 126.4 16.4 1Q (8.5) 2Q 27.9 3Q (0.6) 4Q +24% -1% ($ Million) 4Q22 4Q23 Pro Forma financials Gross Profit Evolution 08 09 BIOCERES CROP SOLUTIONS 4Q23 08 BIOCERES CROP SOLUTIONS Notes: 1. Compared to FY22 Baseline Business Adjusted EBITDA, that excludes Pro Farm and HB4 ramp-up costs FY23 ...
Bioceres Crop Solutions (BIOX) - 2024 Q1 - Quarterly Report
2023-09-10 16:00
BIOCERES CROP SOLUTIONS ര Bioceres Crop Solutions Financial and Operational Results FISCAL 2023 Exhibit 99.1 FOURTH QUARTER 2023 FY23 revenues up 25% and Adjusted EBITDA at $81.1 million ROSARIO, Argentina – September 11, 2023 – Bioceres Crop Solutions Corp. (Bioceres) (NASDAQ: BIOX), a leader in the development and commercialization of productivity solutions designed to regenerate agricultural ecosystems while making crops more resilient to climate change, announced financial results for the fiscal fourth ...
Bioceres Crop Solutions (BIOX) - 2023 Q3 - Earnings Call Transcript
2023-05-11 16:13
Bioceres Crop Solutions Corp. (NASDAQ:BIOX) Q3 2023 Earnings Conference Call May 11, 2023 8:30 AM ET Company Participants Paula Savanti - Head, IR Federico Trucco - CEO Enrique Lecube - CFO Conference Call Participants Ben Klieve - Lake Street Capital Markets Brian Wright - ROTH MKM Bobby Burleson - Canaccord Kemp Dolliver - Brookline Capital Markets Kristen Owen - Oppenheimer Operator Hello and welcome today’s Bioceres Crop Solutions Fiscal Third Quarter 2023 Financial Results Conference Call. My name is B ...
Bioceres Crop Solutions (BIOX) - 2023 Q4 - Annual Report
2023-05-10 23:22
Exhibit 99.1 THIRD QUARTER 2023 ര Bioceres Crop Solutions Revenues increased 33% compared with 3Q22 pro forma numbers Published 2022 Sustainability Report "Each Step We Take" • Total revenues were $93.6 million in 3Q23, a 33% increase compared to the pro forma numbers for the third quarter of last year, which are inclusive of historical revenues from Pro Farm. Topline growth was primarily driven by revenues in the Crop Nutrition segment, resulting from the initial proceeds generated by the strategic partner ...
Bioceres Crop Solutions (BIOX) - 2023 Q2 - Quarterly Report
2023-02-27 16:00
Exhibit 99.1 Table of Contents F-3 F-4 Table of Contents (1) The tax effect of the revaluation of property, plant and equipment of joint ventures and associates was nil for the three-month and six-month periods ended December 31, 2022. The tax effect of the revaluation of property, plant and equipment of joint ventures and associates was $102,306 and $195,918 for the three-month and six-month periods ended December 31, 2021. (2) The tax effect of the revaluation of property, plant and equipment was nil for ...
Bioceres Crop Solutions (BIOX) - 2023 Q2 - Earnings Call Transcript
2023-02-09 20:09
Financial Data and Key Metrics Changes - The company reported flat revenue compared to the previous year for the quarter, but a 7% year-over-year decline on a pro forma basis after including Pro Farm's operations [4][9] - Adjusted EBITDA for the first half of fiscal year 2023 reached almost $35 million, representing a 13% improvement compared to the first half of the previous fiscal year on a pro forma basis [81] - The company experienced a significant increase in debt due to the merger with Pro Farm, with a net financial debt of $170 million as of December 31, 2022 [107] Business Line Data and Key Metrics Changes - The Seed & Integrated Products segment saw a 7% growth, supported by the first HB4 soybean revenues despite overall revenue decline [10] - Crop Nutrition experienced the largest sales decline at 16%, primarily due to lower microbeaded fertilizers sales in Argentina [79] - Crop Protection revenues declined by 5%, with decreased demand for fungicides, insecticides, and adjuvants in Argentina, although growth continued in other regions of Latin America [104] Market Data and Key Metrics Changes - The severe drought conditions in Argentina led to a significant decline in wheat output by 50% compared to the prior year, with summer crop planting displaced by 20 to 30% outside the optimal planting window [100] - The company anticipates that improved rainfall could lead to increased winter crop acreage, helping to recover profitability losses from soybeans and corn [11] Company Strategy and Development Direction - The company aims to expand HB4 technology beyond Latin America, with plans to introduce HB4 wheat in Australia [18][85] - The merger with Pro Farm is expected to deliver substantial revenue growth and is on track to be adjusted EBITDA neutral for the full year [81][103] - The company is focusing on geographic diversification to mitigate weather-related risks, as evidenced by the HB4 soy program initiated in Brazil [104] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the drought but expressed confidence in the underlying fundamentals of the business and the potential for recovery in the second half of the fiscal year [98][108] - The company expects to see a favorable scenario for the rollout of HB4 wheat, which could help recover some of the sales lost due to drought [105] Other Important Information - The company completed a $26.6 million public offering of corporate bonds in the Argentine market to support local business operations [14] - The company has a strong cash position, with approximately $87 million available, which is well above short-term debt obligations [82] Q&A Session Summary Question: Clarification on revenue headwinds due to weather - Management noted that $20 million to $25 million in revenue was lost due to weather, with half of it being a permanent loss related to fertilizers and seed treatment packs [20][46] Question: Impact of drought on farmer spending - Management explained that farmers reduced spending on technology due to drought complications, affecting sales expectations [22] Question: Pro Farm impact on top line - Management indicated that Pro Farm's integration is progressing well, with cost synergies contributing positively to EBITDA [53] Question: Future wheat prices and planting decisions - Management stated that wheat prices are expected to remain high due to global shortages, and planting decisions will depend on weather conditions [31] Question: Updates on Syngenta agreement - Management confirmed that the Syngenta agreement is progressing well, with expectations for increased revenues from biological seed treatments [120]
Bioceres Crop Solutions (BIOX) - 2023 Q2 - Earnings Call Presentation
2023-02-09 17:46
BIOCERES CROP SOLUTIONS Forward-Looking Statements Unless otherwise noted, the forecasted industry and market data contained in the assumptions for the projections are based upon the Company's management estimates and industry and market publications and surveys. The information from industry and market publications has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. The Company has not independently verified a ...
Bioceres Crop Solutions (BIOX) - 2023 Q3 - Quarterly Report
2023-02-09 11:02
Financial Performance - Total revenues in Q2 2023 were $94.4 million, a 7% decrease compared to the pro forma revenues for Q2 2022, which included historical revenues from Pro Farm[20]. - Adjusted EBITDA for the quarter was $10.3 million, representing a 43% decline year-over-year[29]. - Gross profit fell by 28% to $35.3 million, resulting in a gross margin of 37.4%, down from 48.1% in the same quarter last year[39]. - The company reported a net loss of $8.36 million for the second quarter of 2023, compared to a profit of $5.34 million in the same period last year, marking a decline of 256%[77]. - Adjusted EBITDA for Q2 2023 was $10.3 million, down from $18.3 million in Q2 2022, reflecting the negative impact of drought on top-line and margins[123]. Revenue Breakdown - Crop Protection revenues decreased by 5% to $53.3 million, while Seed and Integrated Products revenues increased by 7% to $16.3 million[29]. - Revenues for Q2 2023 were $94.4 million, a 7% decrease compared to pro forma revenues for Q2 2022, with an estimated $20 million to $25 million in potential sales lost due to drought conditions in Argentina[116]. - Total revenue for the second quarter of 2023 was $94.41 million, an increase from $92.66 million in the same period last year, representing a growth of 1.9%[77]. Expenses and Debt - Operating profit for the second quarter of 2023 decreased significantly to $2.22 million from $17.70 million in the same quarter of 2022[77]. - Total net interest expenses and commissions from financial debt rose to $4.1 million in Q2 2023, an increase of $1.1 million compared to the previous year[107]. - Total financial debt increased to $257.1 million as of December 31, 2022, up from $187.9 million in Q2 2022, primarily due to the merger with Pro Farm[109]. - The company experienced a net debt-to-LTM adjusted EBITDA ratio of 3.13x in Q2 2023, compared to 2.66x in Q2 2022, indicating increased leverage[131]. - SG&A expenses were $29.0 million in Q2 2023, a 4% year-over-year increase, influenced by higher D&A and transaction expenses related to the merger[120]. Cash and Investments - Cash, cash equivalents, and other short-term investments totaled $87.4 million as of December 31, 2022, up from $40.0 million in Q2 2022[48]. - Cash and cash equivalents increased to $68.55 million as of December 31, 2022, up from $33.48 million on June 30, 2022[56]. - The company completed a $26.6 million public offering of corporate bonds in February 2023 to extend the maturity of short-term debt[139]. Market Conditions and Future Outlook - The severe drought in Argentina reduced wheat output by 50% and delayed soybean and corn planting, impacting overall sales[6]. - The company anticipates resuming growth momentum in the second half of the fiscal year as weather conditions improve[24]. - The company anticipates improved sales in the remainder of the fiscal year due to recent rainfall in Argentina, which is expected to enhance crop protection product usage[117]. - The company expects HB4 wheat to generate an incremental EBITDA of $15 to $20 million in FY24[25]. Research and Development - Research and development expenses for the second quarter of 2023 were $1.4 million, compared to $1.9 million in the same period last year[77]. - R&D expenses increased to $3.5 million in Q2 2023 from $2.7 million in Q2 2022, driven by higher depreciation and amortization expenses related to HB4 intangible assets[102]. Product Performance - HB4 Wheat demonstrated a 43% yield improvement over conventional varieties in targeted environments, with a win rate of 80% when comparing isogenic varieties[10]. - Pro Farm biological products contributed to higher sales in North America, helping to offset declines in Argentina[13].
Bioceres Crop Solutions (BIOX) - 2023 Q1 - Earnings Call Transcript
2022-11-13 05:43
Bioceres Crop Solutions Corp. (NASDAQ:BIOX) Q1 2023 Earnings Conference Call November 10, 2022 8:30 AM ET Company Participants Paula Savanti - Head of Investor Relations Federico Trucco - Chief Executive Officer Enrique Lopez Lecube - Chief Financial Officer Conference Call Participants Bobby Burleson - Canaccord Genuity LLC Benjamin Klieve - Lake Street Capital Markets, LLC Brian Wright - Roth Capital Partners Brian Dolliver - Brookline Capital Markets, LLC Steven Ralston - Zacks SCR Operator Good morning, ...
Bioceres Crop Solutions (BIOX) - 2023 Q1 - Earnings Call Presentation
2022-11-10 14:54
Financial Highlights - Revenues increased by 71% year-over-year, including Pro Farm's historical numbers for 1Q22[9] - Adjusted EBITDA almost doubled for the period[9] - Total revenues reached $127.1 million in 1Q23, a 71% increase compared to the pro forma $74.5 million in 1Q22[25] - Gross profit increased by 52% year-over-year[29] Business Developments - A long-term commercial and R&D agreement with Syngenta Seedcare was announced[9] - A $5 million share buyback was completed[9] - The Pro Farm merger was completed on July 12th[9] - Syngenta Seedcare paid $50 million upfront for rights granted under the collaboration agreement[20] HB4 Technology - HB4 wheat production in Argentina is estimated at 13.7 million metric tons, a 40% decrease compared to the previous season's 23 million metric tons[15] - Early season plantings of HB4 Soy are more than two times year-over-year[18] - The company anticipates HB4 Wheat to contribute $15-20 million in EBITDA by FY24 and HB4 Soy to contribute $20-25 million in EBITDA by FY25[39] Pro Farm Integration and Functional Currency Change - The integration of Pro Farm initiated on July 12th, 2022[13] - The functional currency was changed to USD in Argentine entities starting in FY23[22]