Bioceres Crop Solutions (BIOX) Q4 2024 earnings summary

Executive summary

• Fiscal year 2024 revenues grew 11% year-over-year to $464.8 million, with Q4 revenues up 18% to $124.0 million, driven by HB4 sales and favorable conditions in key markets.

• Adjusted EBITDA for FY24 was $81.4 million, matching last year's record, while Q4 adjusted EBITDA nearly doubled to $19.9 million.

• FY24 GAAP net income was $6.2 million, down from $20.2 million in FY23, with Q4 GAAP net loss improving to $2.1 million.

• HB4 Wheat received U.S. regulatory approval, expanding the addressable market and validating the technology in new geographies.

• New leadership appointments in North America and Brazil aim to accelerate growth in biologicals and unify operations.

Financial highlights

• Q4 revenues reached $124M, up 18% year-over-year, driven by HB4 and crop protection sales.

• Full-year revenues were $464.8M, up 11% from fiscal 2023, with seed and integrated products delivering 70% growth.

• FY24 gross profit was $186.6M, with gross margin at 40.1%, down from 43.9% in FY23; Q4 gross margin was 38%.

• Crop protection sales increased 10% annually, while crop nutrition sales declined 10% due to lower Syngenta payments.

• FY24 GAAP net income was $6.2M, with operating profit at $44.8M, down from $54.2M in FY23.

Outlook and guidance

• Focus for FY25 is on profit expansion, improved cash generation, and scaling HB4 and biologicals through strategic partnerships.

• HB4 soy guidance revised, with portfolio depth and validation expected to take 1–2 more years.

• Continued investment in biocontrol solutions and capacity expansion in Brazil, Argentina, and other key markets.