Bioceres, the Argentine firm listed on the NY Stock Exchange, a fully integrated provider of crop productivity solutions, announced its unaudited consolidated financial results for fiscal second quarter 2020 and the six-month period ended December 31, 2019.
The company noted that comparable Revenues up 6% YoY, with volume growth across key product lines despite macroeconomic and weather headwinds in Argentina. Continued expansion of adjuvants, seed treatment packs and inoculants into Brazil and Uruguay, alongside a successful salesforce restructuring in Paraguay, supported sales performance for the quarter. Micro-beaded fertilizers ’ramp-up continued to deliver sales growth as well.
“From a big picture perspective, the most important milestone for the quarter was the validation of EcoWheat performance at hundreds of hectares for the first time. HB4 benefits were consistent with those estimated in our product development trials, testifying to the robustness of our R&D process Off-season multiplication of EcoSoy inventories allowed us to approximate the 3,000 hectares planted during the quarter, keeping us on track with inventory ramp-up projections for both crops. Also, an important achievement for the period was the beta-launch of our digital platform, providing a very valuable field to cloud data interface “, Federico Trucco, Chief Executive Officer of Bioceres, said.
From the company, they explain that 2,905 hectares (7,178 acres) of EcoSoy were planted in Argentina to ramp-up seed inventories. Seed produced expected to enable planting of up to approximately 90,000 hectares during next summer’s crop season in the southern hemisphere, moving the Company closer to broad commercialization.
Execution of strategic agreements with Okaratech Ltd enabled beta-launch of digital platform to track and support activities in EcoFields.
Also, 395 hectares (976 acres) of EcoWheat were harvested during the quarter. Yield benefits across different environments ranged from 8.0% (in highest-yielding fields) to 22.1%, compared to commercial controls. Weather conditions were particularly conducive to highlighting HB4® technology’s full potential. Seed inventory in place for planting of projected 12,000 hectares (29,760 acres) in 4Q20.