DAVIS, Calif., Aug. 16, 2021 — Marrone Bio Innovations, Inc. (NASDAQ: MBII), 可持续生物保护和植物健康解决方案的国际领导者, 提供了截至6月30日的第二季度财务业绩, 2021. Key results include:

  • 第二季度净亏损为300万美元, a 6% increase, and Adjusted EBITDA was a loss of $0.7 million, a 51% improvement. 2021年上半年,净利润(亏损)和调整后的息税折旧摊销前利润分别增长36%和63%.
  • Second quarter revenues rose 3%, 由于恶劣的天气和供应链bte365官网在线投限制了特种bte365官网在线投和行bte365官网在线投产品的增长.
  • 第二季度毛利率增长了5%,毛利率为61.7%, the 11th 连续一个季度毛利率超过50%.

Selected Financial Highlights

$ in millions Q2
2021
Q2
2020
% Increase
(Decrease)
H1
2021

H1
2020
% Increase
(Decrease)
Revenues $12.6 $12.2 3% $23.6 $21.8 8%
Gross Profit $7.8 $7.4 5% $14.7 $13.0 14%
Gross Margin 61.7% 60.6% +110bps 62.3% 59.3% +300bps
Operating Expenses $10.1 $9.4 8% $20.1 $20.6 (2%)
Operating Expense Ratio 80% 77% +300bps 85% 94% -900bps
Net Income (Loss) ($3.0) ($2.9) 6% ($6.3) ($9.9) (36%)
Adjusted EBITDA1 ($0.7) ($1.5) (51%) ($1.9) ($5.2) (63%)
Cash Used in Operations ($1.3) ($1.5) (14%) ($6.3) ($7.7) (19%)

1调整后的息税折旧摊销前利润是一种非公认会计准则财务指标 described in relation to its most directly comparable GAAP measure under “非公认会计准则财务信息的使用” below.

2021年第二季度财务和运营总结

  • 第二季度收入增长了3%,达到12美元.6 million. 收入增长受到美国西部严重干旱的阻碍, 这降低了杀虫剂和杀菌剂的整体市场需求. 与2020年第二季度的销售额相比, 种子处理产品在美国销售强劲,但在欧洲和拉丁美洲销售疲软, 供应链和与covid相关的限制因素在哪些地方影响了销售时机. 在墨西哥以及中美洲和拉丁美洲的部分地区,特产bte365官网在线投市场中,Venerate杀虫剂和杀线虫剂家族的收入有所增长.
  • Gross profit was $7.8 million as compared with $7.2020年第二季度为400万美元,毛利率为61.7%. 良好的产品结构使毛利率提高了5%,毛利率提高了110个基点.
  • Operating expenses were $10.1 million for the quarter, 并与公司承诺的保持上一年的运营费用持平, plus inflation. 营业费用比率——一个比较营业费用与收入的关键业绩指标——为80%. 相比之下,营业费用为9美元.2020年第二季度400万人受益1美元.在COVID-19大流行期间,为留住支持基本农业产业的员工而获得的收入保护计划(PPP)贷款抵消了400万美元
  • 2021年第二季度的净亏损为3美元.相比之下,2020年第二季度净亏损为2美元.9 million, which included the $1.4 million benefit of the PPP loan. Adjusted EBITDA was a loss of $0.而调整后的息税折旧摊销前利润损失为1美元.5 million in the same period last year. 该公司持续的毛利率增长和成本控制有助于改善. 调整后的息税折旧摊销前利润在下文“非公认会计准则财务信息的使用”中进一步描述.
  • Cash used in operations of $1.300万美元增加了14%,主要是由于更有效地利用了营运资金. 2020年第二季度运营中使用的现金为1美元.5 million included the benefit of $1.7 million in proceeds from the PPP loan.

2021年上半年财务和业务总结

  • 2021年上半年营收增长8%,至23美元.6 million. 该公司在生物杀虫剂方面取得了增长, primarily used in specialty crops, 即使美国西部恶劣的天气bte365官网在线投减少了可用农药市场的规模.   种子处理产品在美国的销售最为强劲. 欧洲和拉丁美洲的供应链和新冠疫情相关问题推迟了植物保健产品的销售, 该公司预计,这些收入将在今年下半年恢复大部分.
  • Gross profit of $14.700万美元比2020年上半年的1300万美元毛利润增长了14%. 上半年种子处理销售的良好组合将毛利率提高了300个基点,至62个基点.3%.
  • 2021年上半年运营费用为20美元.100万美元比20美元的运营费用低2%.6 million in the same period last year. 2020年上半年运营费用也受益1美元.4 million offset from the PPP loan. 由于持续的成本管理努力,前六个月的运营费用比率提高了900个基点,达到85%.
  • The net loss of $6.今年上半年,该公司的净亏损为9美元,同比增长了36%.2020年前6个月将达到900万. In comparison, 2020年上半年的净亏损包括与权证行使相关的非现金调整, 存货补偿及摊销费用, as well as the benefit of the PPP loan.
  • 2021年上半年调整后的息税折旧摊销前利润为亏损1美元.900万美元,比损失5美元增加了63%.2 million in the same period in 2020. 营收和毛利润的增长,加上成本控制,推动了业绩. 调整后的息税折旧摊销前利润在下文“非公认会计准则财务信息的使用”中进一步描述.
  • Cash used in operations was $6.2021年前6个月将达到300万,同比增长19%. Cash used in operations was $7.2020年上半年,700万美元,其中包括1美元.7 million in proceeds from the PPP loan.

Management Commentary

“Despite external short-term headwinds, 今年上半年,我们的收入有所增长,各项关键指标也取得了显著改善,尤其是调整后的息税折旧摊销前利润. 我们预计今年下半年的收入增长率将回归正常水平, 同时谨慎管理可自由支配支出,以确保我们在近期继续朝着实现调整后的EBITDA盈亏平衡的方向前进,首席执行官Kevin Helash说.

“For the full year, 我们预计收入将在15岁左右增长, 年毛利率在50%以上. 我们预计2020年的运营费用将保持在同一水平, adjusting for inflation,” Helash added. “我们有多种途径来实现调整后的EBITDA盈亏平衡, 相信我们能够保持我们的上升轨迹,并提高我们在可持续农业方面的领导地位.”

Conference Call and Webcast

管理层将在4:30召开投资者电话会议.m. ET (1:30 p.m. PT) on August 16, 讨论Marrone Bio Innovations 2021年第二季度财务业绩, provide a corporate update, and conclude with a Q&A from participants. 请使用以下信息参与:

Q2 2021 Conference Call and Webcast

Date: Monday, August 16, 2021
Time: 1:30 p.m. Pacific time (4:30 p.m. Eastern time)
U.S. Dial-in: (844) 612-2103
International Dial-in: (918) 922-3145
Conference ID: 8750498
Webcast: http://edge.media-server.com/mmc/p/ozmar3vh

请在电话开始前至少10分钟拨入,以确保及时参与. 此次通话的回放服务将持续到2021年9月1日. 收听请拨打(855)859-2056,(404)537-3406或(800)585-8367. 请使用会议号8750498 . 在Marrone生物创新网站的IR部分也可以进行为期30天的网络直播,或者点击这里:http://investors.www.laneyjane.com/

About Marrone Bio Innovations

Marrone Bio Innovations Inc. (纳斯达克股票代码:MBII)是一家以成长为导向的农业公司,通过这一发现引领环保可持续农业实践运动, 创新生物保护产品的开发和销售, crop health and crop nutrition. 我们的15种产品组合帮助客户更可持续地运营,同时增加他们的投资回报. 该公司的商业产品销往全球,并得到500多项已颁发和正在申请的专利的强大组合的支持.  Our end markets include row crops; fruits and vegetables; trees, nuts and vines; and greenhouse production. Marrone Bio的研发项目使用专利技术来分离和筛选自然产生的微生物和植物提取物,以创造新的, 农业中的环保解决方案.

了解更多关于Marrone生物创新 www.www.laneyjane.com. 我们也使用我们的投资者关系网站, http://investors.www.laneyjane.com, 以及我们公司的推特账号, @Marronebio, 作为披露重大非公开信息的手段, 并鼓励我们的投资者和其他人监督和审查我们在这些地方公布的信息. Follow us on social media: Twitter, LinkedIn and Instagram.

Non-GAAP Financial Measures
本收益发布讨论了调整后的息税折旧摊销前利润,该息税折旧摊销前利润不是公认会计准则定义的财务指标. 这个财务指标是作为经营业绩的补充指标,因为我们相信它可以帮助, and enhance, 对财务结果的理解. 此外,为了预算目的,我们在内部使用调整后的EBITDA作为一种衡量方法.

我们将调整后的EBITDA定义为在(1)利息费用(收入)之前的净收入(损失), net, (2) income tax expense (benefit), (3) depreciation, (4) amortization of intangible assets, (5) stock-based compensation expense, plus (6) from time to time, 某些特定的与事务相关的其他项. 其他公司可能会以不同的方式定义或计算这个指标, 限制了作为一种比较方法的有效性. Because of this limitation, 这种非公认会计准则财务衡量不应孤立地考虑,也不应替代或优于按照公认会计准则计算的业绩衡量,应与财务报表表一起阅读.

                 
GAAP to non-GAAP Reconciliation                
                 
    THREE MONTHS ENDED   SIX MONTHS ENDED
    JUNE 30,   JUNE 30,
    2021     2020     2021     2020  
Net Loss (AS REPORTED) $ (3,035 ) $ (2,870 ) $ (6,296 ) $ (9,894 )
Taxes   3     46     44     80  
Interest expense   355     331     748     668  
Depreciation and amortization   877     890     1,751     1,781  
EBITDA $ (1,800 ) $ (1,603 ) $ (3,753 ) $ (7,365 )
Stock based compensation   881     884     1,796     1,791  
Loss on issuance of new warrants               1,391  
或有对价公允价值的变动   178     600     44     363  
减少与PPP基金相关的费用       (1,396 )       (1,396 )
Adjusted EBITDA $ (741 ) $ (1,515 ) $ (1,913 ) $ (5,216 )
                 

Marrone生物创新前瞻性声明

本新闻稿在1995年《bte365官网在线投》的“安全港”bte365官网在线投的意义下包含前瞻性声明. 前瞻性陈述涉及重大风险和不确定性. All statements, 除了陈述历史事实外, 包括在本新闻稿关于战略, future operations and plans, 包括这些陈述背后的假设, are forward-looking statements, 并且不应被认为代表了公司的任何后续日期的观点. 这种报表的例子包括财务指导和其他关于公司未来收入增长的报表, margins, operating expenses, other financial results and progress toward breakeven on an Adjusted EBITDA basis; adoption of the company’s seed treatment, anticipated new product launches in the United States and Europe and further global expansion of the company’s business; and the potential benefits and value of the company’s products. 此类前瞻性声明是基于截至本发布日期公司可获得的信息,并涉及一些风险和不确定性, some beyond the company’s control, 这可能导致实际结果与这些前瞻性陈述所预期的结果有重大差别, 包括新冠肺炎疫情造成的全球经济和行业特定经济的不确定性, consumer, 影响bte365官网在线投需求的监管和其他因素, 在扩大公司的销售和营销基础设施或在全球市场营销公司的产品的任何困难, 虫害治理产品的市场竞争, 客户和种植者对生物害虫管理产品缺乏了解, adverse actions by distributors, manufacturers, 监管机构和其他相关第三方以及与我们选择追求的任何战略收购或其他商业机会相关的成本. 该公司提交给美国证券交易委员会(Securities and Exchange Commission,简称sec)的文件中包含了可能导致该公司业绩发生重大变化的其他信息. The company is under no obligation to, 并明确声明对, 更新或改变本版本中包含的前瞻性声明, whether as a result of new information, future events or otherwise.

Marrone Bio Innovations Contact:
Clyde Montevirgen
Vice President of Business Development & Investor Relations
Telephone:
info@www.laneyjane.com


MARRONE BIO INNOVATIONS, INC.

Condensed Consolidated Balance Sheets
(In Thousands, Except Par Value)

       
  JUNE 30,   DECEMBER 31,
    2021       2020  
  (Unaudited)   Audited
Assets      
Current assets:      
Cash and cash equivalents $ 17,465     $ 15,841  
Accounts receivable   14,503       10,113  
Inventories   6,479       6,618  
待摊费用和其他流动资产   1,595       1,688  
Total current assets   40,042       34,260  
Property, plant and equipment, net   12,598       12,565  
Right of use assets, net   3,574       3,760  
Intangible assets, net   20,211       21,383  
Goodwill   6,740       6,740  
Restricted cash   1,560       1,560  
Other assets   893       929  
Total assets $ 85,618     $ 81,197  
       
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $ 1,759     $ 1,895  
Accrued liabilities   10,943       11,650  
Deferred revenue, current portion   388       374  
Lease liability, current portion   1,170       1,008  
Debt, current portion, net   12,229       9,301  
Total current liabilities   26,489       24,228  
Deferred revenue, less current portion   1,328       1,628  
Lease liability, less current portion   2,682       3,050  
Debt, less current portion, net   11,295       11,479  
Debt due to related parties   7,300       7,300  
Other liabilities   1,844       2,102  
Total liabilities   50,938       49,787  
Commitments and contingencies      
Stockholders’ equity:      
Preferred stock: $0.00001 par value; 20,截至6月30日,已授权的股份为000股,未发行或流通股, 2021 and December 31, 2020          
Common stock: $0.00001 par value; 250,000 shares authorized, 176,229 and 167,截至6月30日,478股已发行及流通股票, 2021 and December 31, 2020, respectively   1       1  
Additional paid in capital   381,792       372,226  
Accumulated deficit   (347,113 )     (340,817 )
Total stockholders’ equity   34,680       31,410  
总负债和股东权益 $ 85,618     $ 81,197  
       

MARRONE BIO INNOVATIONS, INC.
业务合并简表
(以千计,每股金额除外)
(Unaudited)

                 
    THREE MONTHS
ENDED
JUNE 30,
    THREE MONTHS
ENDED
JUNE 30,
    SIX MONTHS
ENDED
JUNE 30,
    SIX MONTHS
ENDED
JUNE 30,
 
    2021     2020     2021     2020  
Revenues:                
Product $ 12,476   $ 12,063   $ 23,380   $ 21,598  
License   122     115     256     230  
Total revenues   12,598     12,178     23,636     21,828  
Cost of product revenues   4,830     4,794     8,899     8,875  
Gross profit   7,768     7,384     14,737     12,953  
Operating Expenses:   61.7%     60.6%     62.3%     59.3%  
Research, development and patent   2,836     2,312     5,348     5,546  
Selling, general and administrative   7,288     7,078     14,771     15,071  
Total operating expenses   10,124     9,390     20,119     20,617  
Loss from operations   (2,356 )   (2,006 )   (5,382 )   (7,664 )
Other income (expense):                        
Interest expense   (355 )   (331 )   (748 )   (668 )
Loss on issuance of new warrants               (1,391 )
或有对价公允价值的变动   (178 )   (600 )   (44 )   (363 )
Other income, net   (143 )   113     (78 )   272  
Total other expense, net   (676 )   (818 )   (870 )   (2,150 )
Net loss before income taxes $ (3,032 ) $ (2,824 ) $ (6,252 ) $ (9,814 )
Income tax expense   (3 )   (46 )   (44 )   (80 )
Net Loss $ (3,035 ) $ (2,870 ) $ (6,296 ) $ (9,894 )
每股基本和稀释净亏损: $ (0.02 ) $ (0.02 ) $ (0.04 ) $ (0.07 )
用于计算普通股基本亏损和摊薄净亏损的加权平均流通股:   175,570     148,096     172,229     144,834  
                         

MARRONE BIO INNOVATIONS, INC.
现金流量压缩合并报表
(In Thousands)

         
    SIX MONTHS ENDED JUNE 30,
    2021     2020  
Cash flows from operating activities        
Net loss $ (6,296 ) $ (9,894 )
调整以调整净亏损与经营活动中使用的现金净额:        
Depreciation and amortization   1,751     1,781  
Gain on disposal of equipment       (9 )
Change in inventory reserves   19     39  
Right of use assets amortization   485     394  
Share-based compensation   1,796     1,791  
Non-cash interest expense   93     119  
Loss on issuance of new warrants       1,391  
或有对价公允价值的变动   44     (363 )
营业资产负债变动净额:        
Accounts receivable   (4,390 )   (5,512 )
Inventories   120     1,971  
Prepaid Expenses and other assets   129     167  
Accounts payable   (204 )   (2,272 )
Accrued and other liabilities   1,065     3,224  
Lease Liability   (505 )   (397 )
Deferred revenue   (370 )   (172 )
Net cash used in operating activities   (6,263 )   (7,742 )
Cash flows from investing activities        
支付与先前资产购买有关的对价   (750 )   (890 )
购置物业、厂房及设备   (544 )   (403 )
Proceeds from sale of equipment       2  
Net cash used in investing activities   (1,294 )   (1,291 )
Cash flows from financing activities        
Proceeds from secured borrowings   23,584     24,724  
Repayment in secured borrowings   (20,666 )   (19,759 )
Repayment of debt   (155 )   (356 )
Equity offering costs       (64 )
Net settlement of options   63     14  
员工股票购买计划之收益   180     129  
Exercise of warrants   6,175     8,544  
融资活动提供的现金净额   9,181     13,232  
现金及现金等价物及限制现金净增加额   1,624     4,199  
期初现金及现金等价物及限制性现金   17,401     7,812  
期末现金及现金等价物及限制性现金 $ 19,025   $ 12,011  
         
现金流量信息的补充披露        
Cash paid for interest $ 649   $ 565  
非现金投资和融资活动的补充披露        
包括在应付帐款及应计负债内的财产、厂房及设备 $ 68   $ 6  
取得的资产(非现金)使用权 $ 299   $  
将应计负债转换为与授予限制性股票单位相关的权益 $ 348   $ 632  
或有考虑里程碑以普通股结算 $ 1,004   $  
         

Sustainable Ag 1 | MBI
Sustainable Ag 2 | MBI

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