Bioceres reports Q2 adjusted EBITDA $15.4M vs. $24.1M last year

Reports Q2 revenue $106.7M vs. $140.2M last year. Mr. Federico Trucco, Bioceres (BIOX)’ Chief Executive Officer, commented: “Calendar year 2024 has been a reminder that growth, at least in the agriculture industry, is seldom linear. The conditions in Argentina, which remains our primary market, have proven increasingly difficult. This has affected the performance of our fiscal first half, a period during which we are more exposed to sales in the Southern Hemisphere. While we have maintained or gained market share in all our key product segments, we believe this macro environment provides unique opportunities to unlock the full commercial potential of our differentiated portfolio of products and technologies. As a result, we are implementing two significant strategic changes. First, we are appointing Milen Marinov, who previously served as our EVP of Commercial for North America, as our new Chief Commercial Officer. Milen’s past experience in key commercial development roles in Valagro and then Syngenta, as well as his track record with us since joining the Profarm team last year, positions him uniquely to help us streamline our commercial operations, accelerate the on-boarding of new commercial partners, and better prioritize, diversify and synchronize our portfolio opportunities for profitable growth. Second, in the seed segment, we are sharpening our focus on what we do best: sourcing cutting-edge science and cost-effectively developing patented seed traits until commercial approval. We have made the strategic decision to exit breeding, seed production and seed sales and will instead partner with industry leaders who are better structured for these activities. As a first step in this new strategy, we are announcing a strategic agreement with GDM for the development of new soybean solutions, with exclusive rights outside the drought tolerance space. Additionally, we are a redefining the scope of our wheat joint venture with Florimond Desprez, exiting conventional breeding operations in Argentina and Australia, while directly licensing our HB4 wheat technology to partners outside of Latin America. We believe these initiatives will enable us to scale our current and future seed technologies more rapidly and efficiently.”