Bioceres Crop Solutions Corp. 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 third quarter ended March 31, 2024. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards. All comparisons in this announcement are year-over-year (YoY), unless otherwise noted.
FINANCIAL & BUSINESS HIGHLIGHTS
- Total revenues in 3Q24 were $84.0 million compared to $93.6 million in the same quarter last year. Operational growth in the business was offset by a $15.7 million accrual of the compensatory payment from Syngenta, in comparison to a $32.9 million accrual in 3Q23.
- Operating profit was $13.2 million with GAAP net income at $9.8 million.
- Adjusted EBITDA1 for the quarter was $21.1 million, compared to $35.8 million in the year ago quarter. The decrease was driven by the lower compensatory payment accrual, partially softened by improved operational performance.
- Regulatory clearance in
Brazil unlocks bio-insecticidal/bio-nematicid al solutions, expanding Bioceres’ biologicals portfolio in this geography. - HB4 Soy varieties showed satisfactory performance at farmer level in Brazil, with an average yield improvement of 7% against non-HB4 varieties.
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