Davis-based Marrone Bio Innovations Inc., a provider of bio-based pest management and plant health products, on Tuesday reported a net loss of $10.2 million in the quarter ended March 31, compared with a loss of $10.7 million in the first quarter of 2013.
Revenue in this year’s opening quarter totaled $2.8 million, compared with $2.7 million in the year-ago period. The company said revenue was in line with its expectations, given severe weather in all of its growing regions.
“Our numerous achievements in the first quarter set the stage for our growth through the remainder of the year and beyond,” said Pam Marrone, company CEO, in a statement. She said the company “expanded our footprint” in North and South America, with Regalia MAXX a biofungicide that controls bacterial and fungal diseases in crops, registered in six Latin American countries. She said the company also submitted its biofumigant product MBI-601 for U.S. Environmental Protection Agency registration.
For all of 2013, Marrone Bio lost nearly $28.5 million, compared with a loss of about $38.8 million in 2012. In its Tuesday report, the company said its expects 2014 revenue “to at least double compared to the full year 2013.” Revenue for all of last year totaled $14.5 million, a year-over-year gain of 104 percent.
Last August, Marrone completed the Sacramento region’s first initial public stock offering since 2006, raising $57 million. Since then, it has been focused on boosting revenue, building up its financial standing as a public company and getting regulatory approvals of its products internationally.
Call The Bee’s Mark Glover, (916) 321-1184.