Bioceres Crop Solutions Corp. reported its financial results for the fiscal second quarter ended December 31, 2024, with total revenues of $106.7 million, a 24% decrease from $140.2 million in the prior year. Net income for the quarter was $0.6 million, down 51% year-over-year, and Adjusted EBITDA decreased by 36% to $15.4 million.
The decline was primarily driven by challenging market conditions in Argentina, where tighter on-farm margins and high channel inventories led to a contraction in crop protection and specialty fertilizer markets. Despite the revenue decline, the company's gross margin improved to 42% from 37% in the prior year, reflecting a more favorable product mix with increased sales of higher-margin inoculants, biostimulants, and seed treatment packs.
In a significant strategic realignment, Bioceres announced its decision to exit breeding, seed production, and seed sales, transitioning to a capital-light, partnership-based model for its seed segment. This includes a new strategic agreement with GDM for the development of new soybean solutions and a redefinition of its wheat joint venture with Florimond Desprez, focusing on direct licensing of HB4 wheat technology outside Latin America.
The company also appointed Milen Marinov as its new Chief Commercial Officer. This executive change is intended to streamline commercial operations, accelerate the onboarding of new commercial partners, and better prioritize and diversify portfolio opportunities for profitable growth.
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