Davis-based Marrone Bio Innovations announced Thursday that its second-quarter revenues plunged from $4.5 million in 2013 to $3.6 million in 2014.
Company officials blamed the drop on adverse weather in its growing regions but said the losses were partially offset by the success of its new product Venerate, which began shipments and sold out all available inventory in the second quarter.
MBI’s net loss for the second quarter was $10.4 million compared to $10.2 million in the first quarter 2014.
CEO Pam Marrone remained upbeat.
“We believe our momentum will build in the second half as our bio-based agricultural products, capable of both supplementing and substituting for many traditional solutions, demonstrate excellent value due to their combination of effectiveness, environmental friendliness and wide application,” she said in a news release.
“Additionally, we have now focused our development efforts on a suite of our best opportunities to ensure we maximize our return on investment and, at the same time, deepen our leadership position in this developing and disruptive category.”
Also Thursday, Marrone chief operating officer Hector Absi announced his resignation “for personal reasons,” effective Aug. 22. He has agreed to remain with the company as a consultant to “ensure a smooth transition,” according to a news release. The company has begun a search for a successor.