Marrone Bio Innovations Inc (NASDAQ:MBII) reported a 31% year-over-year surge in its fiscal 2020 revenue to $38.4 million, driven largely by the company’s expanded product line and international footprint.
Marrone also said its net loss and adjusted EBITDA for the year improved by 46% and 31%, respectively, achieving gross margins of 59.6% as a result of an improved product mix.
“We remain committed to our mission of rapidly advancing Marrone Bio toward profitability, and the results this year supported this objective,” Marrone Bio Innovations CEO Kevin Helash said in a statement.
READ: Marrone Bio CEO confident in FY2020 revenue numbers, lays out path to diversification in shareholder letter
“We expect this momentum to continue in 2021, with an ongoing focus on expanding sales both through our existing product portfolio and through potential strategic partnerships or acquisitions,” Helash added.
“Looking forward, we expect a strong first half of the year, with revenue growth in line with our annual revenue target.”
For its 4Q, Marrone saw revenue rise 15% to $7.7 million, marking the company’s tenth consecutive quarter of increased revenues, while its net loss for the period narrowed to $4.2 million from $10.1 million a year earlier as gross margins increased by 790 basis points to 63.7%.
The company added that its focus on cost management resulted in a reduction in operating expenses for both the fourth quarter and the full year.
Marrone Bio Innovations is leading the charge toward more environmentally-conscious effective pest management for farmers with its unique line of biological pesticides. Its products are made from naturally occurring substances such as microbes, bacteria, plant extracts, fatty acids or pheromones.
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