Evogene Trades Down On Q4 Results, CEO Says 2019 Was 'Turning Point'

Evogene Ltd. EVGN EVGN, an Israeli biotech connected to the cannabis industry through its subsidiary Canonic Ltd., released fourth-quarter and full-year 2019 financial results Wednesday.

Evogene posted quarterly revenue of $100,000 versus $600,000 in the prior year period.

For the full year, the company posted revenue of $800,000 down from $1.8 million in 2018.

Evogene reported a gross profit of $35,000 for the quarter versus $8,000 in the comparable quarter of 2018.

The company's 2019 loss of $19 million is lower than its $21-million loss in 2018. 

In the fourth quarter of 2019 alone, Evogene had a loss of $6.7 million versus a loss of $5.8 million in the same quarter of 2018.

"2019 has been a turning point year in the life of the company, with the completion of the organizational plan introduced at the beginning of 2018,” Ofer Haviv, Evogene's President and CEO, said in a statement.

"The rationale behind this change was to capture the value of our diverse capabilities in computational biology. To this end, we established dedicated subsidiaries in specific markets, while at the heart of all activities is Evogene's unique technology, the CPB (Computational Predictive Biology) platform serving as the subsidiaries' core technological advantage.”

Evogene's milestones in 2019 included Corteva's investment in Lavie Bio, which Evogene said has made progress in bio-stimulants for a wheat program and in bio-fungicide and bio-insecticide product programs; advancements in Biomica's immuno-onocology program; and the beginning of the development of Canonic's cannabis varieties. 

The stock was down 6.51% at $1.28 at the time of publication Wednesday.

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