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Marrone Bio CEO Kevin Helash paints picture of progress in letter to shareholders

'It has been a busy and productive two months, and as a team we are enthusiastic about the opportunities facing us today,' Helash wrote

Field of crops
Marrone Bio holds more than 400 issued and pending patents and has brought six EPA-registered biological product lines and one biostimulant to market

Marrone Bio Innovations Inc (NASDAQ:MBII) CEO Kevin Helash released a letter to shareholders Monday after 60 days as the company’s head man and expressed optimism about the remainder of 2020. 

“In our earnings release for the second quarter, we noted that we expect to drive additional revenue growth and international expansion in the second half of the year, with gross margins in line with our annual target in the mid-50% range,” Helash wrote. “While we are rolling up the final numbers, the early indicators are that the quarter is tracking with our expectations.

Growth this year has come from expanded sales of the existing product line in core countries around the world, continued development of next-generation products and formulations the addition of new product sales from its Pro Farm acquisition, the company said.

READ: Marrone Bio announces retirement of president and CFO James Boyd

“Longer-term, we believe growth also will come from the commercialization of a robust R&D pipeline — one that is selectively focused on novel and efficacious biologically based crop protection and crop input products,” Helash wrote. “As a team, we are planning for next year’s budget and are in the midst of a detailed review of the pipeline.”

The CEO pointed to three aspects of R&D going forward: Early wins that deliver improvements in on-farm performance and cost of goods sold; mid-term products, often already in field trials, in the fields of pest control, plant health and plant nutrition; and long-term novel research to break new ground.

“The same rigor is in place across the organization, with a relentless focus on operational excellence,” Helash wrote. “We are committed to being brilliant at the basics. While revenues and gross profit are growing at a faster rate than operating expenses, there is room for improvement.”

Helash also saluted Marrone’s recently retired CFO.

“I’d like to recognize the work that Jim Boyd, our CFO, has contributed to the company’s financial and operational discipline,” Helash wrote. “Jim has announced his well-earned retirement, and leaves a legacy that will help guide our future success. Jim has agreed to stay with us as we go through the search and transition process with a new CFO, and we are grateful for his continuing contributions.”

Based in Davis, California, Marrone Bio holds more than 400 issued and pending patents and has brought six US Environmental Protection Agency-registered biological product lines and one biostimulant to market. 

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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Price: 1.22 USD

NASDAQ:MBII
Market: NASDAQ
Market Cap: $186.02 m
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