A month ago, Marrone Bio Innovations Inc. put a spark into the Sacramento area’s tech sector by completing the region’s first initial public stock offering since 2006.
On Thursday, the Davis biotech company showed that, while it’s clearly on a growth path, it still has a ways to go before achieving profitability.
In its first financial release since going public in early August, the maker of environmentally friendly pesticides said it lost $1.6 million in the second quarter. That compared with a loss of $3.9 million in the same quarter a year earlier.
Revenue tripled to $4.5 million, the company said.
As a 7-year-old tech company, still spending heavily on research and development, Marrone is likely years away from turning a profit. The company raised $56 million in its initial public stock offering in August.
“We are pleased with our second-quarter results and the recent completion of our IPO,” said Chief Executive Pam Marrone in a prepared statement. “During the quarter, we saw ongoing robust demand for our environmentally responsible, bio-based products.”
Marrone’s shares closed Thursday at $13.74, up 33 cents, on the Nasdaq market.
The company said it expects full-year revenue for 2013 to “approximately double” the revenue from last year. Revenue last year hit nearly $7 million, according to Marrone’s Securities and Exchange Commission filings.
Earlier this week, the company announced it was moving to a larger headquarters, also in Davis.
Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler