Davis-based Marrone Bio Innovations Inc. saw increased financial growth in 2013 for both the full year and the fourth quarter, the company announced Thursday.
The producer of bio-based pest management and plant health products saw 2013 fourth-quarter revenues totaling $6 million, a growth of 106 percent when compared to the previous year.
The company saw a net loss of $10 million, compared to net loss of $17.1 million in the fourth quarter of 2012.
Revenue for all of 2013 totaled $14.5 million, representing a growth of 104 percent.
For 2014, the company expects net revenues to continue to at least double compared to 2013, a news release said. MBI also expects to gain new registrations for its bio-fungicide Regalia in Brazil and submit two more active ingredients to the Environmental Protection Agency.
The company also expects to launch at least one or two new products in addition to its upcoming insecticide Venerate, it said.
“I am extremely pleased with the progress we have achieved in 2013,” said Pam Marrone, founder and chief executive officer of MBI. “We continued to broaden our sales into high-value specialty crops, launched into row crops in North America and also extended our commercial reach across the globe.
“Our commercial success in the fourth quarter as well as our numerous scientific and operational milestones in 2013 underscore our confidence that we will continue to lead the shift to biologically based alternatives for pest management and plant health.”
MBI was founded seven years ago by Marrone, a Davis resident, with the aim of providing environmentally safe bio-based pest management and plant health products worldwide.
It raised $56 million in net proceeds at a successful initial public offering last August.
MBI announced in late 2013 that it plans to move to a larger headquarters in Davis. The new office, laboratory and greenhouse space — 20 percent bigger than MBI’s current location at 2121 Second St. — is at 1530 and 1540 Drew Ave. in South Davis. Renovations are expected to be complete by the end of 2014.
The space was vacated last summer by Bayer CropScience, which moved to a 164,000-square-foot campus in West Sacramento. Bayer CropScience bought AgraQuest, a company also founded by Marrone, in 2012.
In September 2013, MBI became the first company based in the region to put forth an initial public stock offering in more than five years. The IPO generated $56 million in net proceeds.
— Reach Jason McAlister at firstname.lastname@example.org or 530-747-8052.