Davis biotech firm Marrone Bio Innovations Inc. reported a smaller third-quarter loss Monday as it tries to move beyond an accounting investigation that has hobbled the company for more than a year.
Marrone said it lost $9.8 million in the quarter, compared with a loss of $14.4 million a year earlier. Revenue grew to $2.5 million from $2.2 million. The per-share loss narrowed to 40 cents from 59 cents for Marrone, a maker of eco-friendly pesticides.
The announcement came just a week after Marrone, having concluded an in-house investigation of accounting irregularities, released long-awaited financial results for 2014 and the first six months of 2015, including restatement of some previously released results.
Collectively, the results released Monday and a week ago depict a company struggling to make it to profitability. In a filing Monday with the Securities and Exchange Commission, the company said, “We have not achieved anticipated growth in sales of our products.” Marrone said it is narrowing its focus to put more emphasis on products that are already for sale, plus five products that are in development and are showing the most promise “to have the greatest impact on near-term growth potential.”
Marrone shares closed at $2.25, down 10 cents, on the Nasdaq market.