Sat. Jan 18th, 2020

BIOX: Bioceres Crop Solutions Corp. (NYSE American:BIOX)

17 min read

Bioceres Crop Solutions Corp. (“Bioceres”) (NYSE American:BIOX), a fully integrated provider of crop productivity solutions, stated recently its unaudited merged fiscal results for the three-month duration and fiscal year finished June 30, 2k19.

4Q19 Business and Financial Highlights

  • Revenues up 57.70% year over year (YoY) to $49.90M (+12.10% on a comparable basis) as the Company continues to ramp up existing capacity, driving sales growth both in Argentina and abroad.
  • Adjusted EBITDA up 57.80% YoY to $8.80M; Adjusted EBITDA margin was stable at 17.60% for the quarter, reaching 25.70% for the full financial year finished June 30, 2k19.
  • Net debt to LTM EBITDA declined to 2.25x as of June 30, 2k19 from 4.34x as of June 30, 2k18.
  • On August 8, 2k19 HB4® Drought Tolerant Soybean technology was approved by the USDA. With this approval Verdeca, a joint venture between Bioceres Crop Solutions and Arcadia Biosciences, has now achieved regulatory approvals covering more than 80.00% of the global soybean market.


Inoculants doses aggregated volume for the twelve-month duration finished June 30, 2k19 raised 73.00% contrast to the similar duration in 2k18, driven by growth in international auxiliaries and exports.

Adjuvants aggregated volume for the twelve-month duration finished June 30, 2k19 reduced 17.00% contrast to the similar duration in 2k18, following a shift from high volume, low margin products into higher margin adjuvants in Argentina. By contrast, sales volumes in Brazil raised 66.00% in the duration as the Company continues to execute its growth strategy in that country.

Installed capacity utilization of the micro-beaded fertilizer plant for the twelve-month duration finished June 30, 2k19 reached 22.00%, a 73.00% incline from that similar duration in 2k18 reaching a total of 11.10 k tons of fertilizer sold throughout the fiscal year.

Revenues raised 57.70% to $49.90M in 4Q19, contrast to $31.60M during the similar duration in 2k18.

Comparable Revenues for the quarter, apart from the impact of IAS29 as explained above, raised 12.10% YoY reflecting higher revenues in the crop protection and crop nutrition segments, partially offset by lower revenues in seed and integrated products:

  • Crop Protection Comparable Revenues raised 30.80% YoY, or $5.10M, to $21.80M, driven by higher sales of seed treatment insecticides and fungicides, stored grain products, and formulation services to 3rd-parties.
  • Seed and Integrated Products Comparable Revenues declined 45.60% YoY, or $2.50M, to $3.00M reflecting farmers’ delayed purchase decisions for winter crops seed treatment packs, which was partially offset by higher seeds sales.
  • Crop Nutrition Comparable Revenues raised 12.80% YoY, or $1.20M, to $10.70M driven by the continuous growth in micro-beaded fertilizers sales, partially offset by delayed inoculants sales in Brazil.


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