Bioceres Crop Solutions (US:BIOX)2022-11-10 14:54Financial 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]