Evogene Q1 Revenue Grows 170% YoY, Here Are The Details

Evogene Ltd. EVGN EVGN released its financial results for the first quarter period ending March 31, 2023, revealing revenues of $641,000, an increase of 170% compared to $237,000 in the same period the previous year. The revenue increase was primarily due to revenues recognized per the collaboration agreement of Evogene's subsidiary AgPlenus with Corteva and from sales of Canonic's medical cannabis products in Israel.

Q1 2023 Financial Highlights

• Gross profit was $319,000 compared to $74,000 in Q1 2022.

• R&D expenses, which are reported net of non-refundable grants received, were approximately $4.8 million, compared to approximately $5.6 million in the same period in the previous year.

• Net loss for the first quarter of 2023 was approximately $7.0 million compared to a net loss of approximately $9.1 million in the same period in the previous year.

• Consolidated cash, cash equivalents, and marketable securities as of March 31, 2023 were $28.8 million. It is noted that this amount does not include the $10 million investment in Biomica by SHC that was received following the close of the first quarter and will be reflected in the results of upcoming quarters.

Ofer Haviv, Evogene's president and CEO, stated, "We have started 2023 strongly and are pleased with our business progress to date. We made significant improvements in recent months in the infrastructure and computational architecture underlying our AI tech-engines, as well as improvements in our algorithmic capabilities, providing for better automation, scalability and speed. These improvements were applied primarily to tech-engines MicroBoost AI, supporting the discovery and development of microbe-based products, and ChemPass AI, supporting small-molecule-based products. Additionally, our subsidiaries have consistently achieved their milestones and are progressing according to plan. We are very proud of their progress, which reflects their growing inherent value."

Photo by Giorgio Trovato on Unsplash

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