Business & Real Estate

Davis biotech firm shrinks quarterly losses

Pam Marrone, founder and CEO of Marrone Bio Innovations with company employee Julius Pasion at the Davis headquarters.
Pam Marrone, founder and CEO of Marrone Bio Innovations with company employee Julius Pasion at the Davis headquarters. Sacramento Bee file

Davis biotech firm Marrone Bio Innovations Inc. reported a smaller quarterly loss Monday as revenue grew substantially.

A maker of environmentally friendly pesticides and other farm products, Marrone said it lost $7.2 million in the third quarter. That compared with a $9.8 million loss in the same period of 2015.

Marrone said revenue jumped 47 percent, to $3.6 million.

“We are excited to report our fourth consecutive quarter of strong results,” Chief Executive Pam Marrone said. “We have continued to generate growth through existing products, new product introductions and new partnerships.”

Marrone Bio says it has been gradually overcoming the effects of an accounting scandal that cost the company millions of dollars. A former chief operating officer was indicted in the case; he has pleaded not guilty.

The company’s shares closed at $2.46, down 9 cents, on the Nasdaq market. The quarterly results were announced after the market closed.

Dale Kasler: 916-321-1066, @dakasler

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