Marrone Bio Innovations Inc., a provider of bio-based pest management and plant health products, has announced its financial results for the third quarter ended Sept. 30.
The Davis company’s revenues totaled $1.3 million, representing growth of 82 percent over the third quarter of 2012, with growth so far this year of 102 percent. Additional product sales of $770,000 were delivered to customers with extended payment terms and recorded as deferred revenues.
MBI reported a net loss of $6.1 million, compared to a net loss of $13.8 million in the third quarter of 2012. As of Sept. 30, cash and cash equivalents and short-term investments totaled $53.5 million.
“We made excellent progress in the third quarter expanding adoption and further commercializing our innovative bio-based products into the broader agricultural and water treatment markets,” said Pam Marrone, CEO.
She said the company signed MOUs with two new European Union distributors and is working to formalize agreements “that we believe would provide a solid foundation for international growth.”
Positive results for its Regalia Rx launch in the Midwest, combined with several other encouraging field trials during the quarter, “underscores the efficacy and wide-reaching applicability of both our commercial products as well as our pipeline candidates,” Marrone added.
Regalia is being used on corn and soybeans for enhanced plant health and increased yield, she said.