Bioceres Crop Solutions Corp. (NASDAQ:BIOX) Q3 2023 Earnings Conference Call May 11, 2023 8:30 AM ET

Company Participants

Paula Savanti - Head, IR

Federico Trucco - CEO

Enrique Lecube - CFO

Conference Call Participants

Ben Klieve - Lake Street Capital Markets

Brian Wright - ROTH MKM

Bobby Burleson - Canaccord

Kemp Dolliver - Brookline Capital Markets

Kristen Owen - Oppenheimer

Operator

Hello and welcome today’s Bioceres Crop Solutions Fiscal Third Quarter 2023 Financial Results Conference Call. My name is Bailey, and I'll be your operator today. [Operator Instructions]

I would now like to pass the conference over to our host Paula Savanti, Head of Investor Relations. Paula, please go ahead.

Paula Savanti

Good morning, thank you and welcome to everybody for joining our call. Presenting today will be Federico Trucco, our Chief Executive Officer, Enrique Lopez Lecube, our Chief Financial Officer. Both of them will be available for the Q&A session.

Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain forward looking statements, and I refer you to the forward looking statement section of today's earnings release and presentation, as well as the recent filings with the SEC. We assume no obligation to update or revise any forward looking statements to reflect new or changed circumstances. This conference call is being webcast and the webcast link is available at Bioceres Crop Solutions Investor Relations website.

At this time, I will turn the call over to our CEO, Federico Trucco. Thank you.

Federico Trucco

Thank you, Paula, and welcome everyone to our fiscal third quarter earnings call. We're delighted to resume our growth trajectory with solid numbers being reported in this quarter, despite the historical drought in Argentina, which continued to affect our sales in these important markets. Please turn to slide two for our key business and financial highlights. Our outstanding performance in this quarter results from the combination of strategic actions we have taken over the last year, to diversify the product and geographic exposure of our business.

Total revenues were up by 33% when compared to the pro forma numbers for the third quarter of last year, which are inclusive of historical revenues from Pro Farm. Top line growth was primarily driven by revenues in the crop nutrition segment, resulting from the initial proceeds generated by the strategic partnership with Syngenta, which more than offset the negative impact of the extended drought in Argentina. Adjusted EBITDA was $35.8 million in the quarter, mainly benefited from proceeds from the Syngenta agreement that were recognized in this period.