Marrone Bio Innovations, Inc. (MBII) saw its loss narrow to $7.81 million, or $0.32 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $11.03 million, or $0.45 a share.
Revenue during the quarter surged 40.62 percent to $2.69 million from $1.91 million in the previous year period. Gross margin for the quarter period stood at positive 38.96 percent as compared to a negative 0.58 percent for the previous year period.
Operating loss for the quarter was $6.04 million, compared with an operating loss of $9.21 million in the previous year period.
Dr. Pam Marrone, chief executive officer, commented, "Fiscal 2016 was a truly pivotal year and we are very excited to have ended the year with the strongest level of shipping activity in our history and to also see that momentum carry into the early part of 2017. We regard this as a clear indication that the demand for our products remains strong despite a generally sluggish overall agricultural market and, given broad-based growth in our product line and a strong launch of our new Majestene bio-nematicide, as evidence that the Marrone brand is gaining strength among growers." Dr. Marrone concluded, "We are excited by the market acceptance of our products, and the continued good evidence from our field trials and grower demos that show an increasingly wider range of clear economic benefits for growers. We believe that we are on the right path to create sustainable value for our customers, our employees, and our shareholders."
Operating cash flow remains negative
Marrone Bio Innovations, Inc. has spent $24.31 million cash to meet operating activities during the year as against cash outgo of $36.17 million in the last year.
The company has spent $0.21 million cash to meet investing activities during the year as against cash outgo of $1.65 million in the last year.
Cash flow from financing activities was $14.29 million for the year, down 36.03 percent or $8.05 million, when compared with the last year.
Cash and cash equivalents stood at $9.61 million as on Dec. 31, 2016, down 51.56 percent or $10.23 million from $19.84 million on Dec. 31, 2015.
Debt comes down marginally
Marrone Bio Innovations, Inc. has recorded a decline in total debt over the last one year. It stood at $22.17 million as on Dec. 31, 2016, down 1.09 percent or $0.24 million from $22.42 million on Dec. 31, 2015. Total debt was 48.22 percent of total assets as on Dec. 31, 2016, compared with 31.24 percent on Dec. 31, 2015.
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