Marrone Bio Innovations released its first-quarter financial results Tuesday and confirmed that it expects to double its total revenue from last year.
First-quarter revenues for the Davis bio-based pesticide and plant health company totaled $2.8 million, comparable to last year’s earnings but down from last quarter. The company said it expects earnings to be weighted heavily toward the end of the year, when more grains and other crops are harvested.
The company saw a total net loss of $10.2 million in the first quarter, down from $10.7 million last quarter. Marrone Bio expects to break even in the fall quarter of 2015, said Hector Abse, the chief operating officer.
Despite the drought, Regalia, a biofungicide, expanded its reach in the western United States, especially in California where concerns over bee safety have prompted some farmers to turn to new pest management tactics.
In this last quarter, Venerate joined Grandevo as a second MBI pest management product that targets chewing and sucking insects, as well as mites.
“We are the first company ever to offer two highly effective broad-spectrum biological pesticides,” said Pam Marrone, chief executive officer and founder of MBI.
MBI also hired James Boyd as chief financial officer and Linda Moore as general counsel in the first quarter, and continued to expand its international front by signing a collaborative research agreement with the New Zealand Institute for Plant and Food Research. In addition, its industrial plant in Michigan produced the first batches of Regalia and Grandevo.
Marrone, a Davis resident, founded the company seven years ago. MBI went public last August with an IPO of $56 million, the first company in the region to do so in five years.