At the close of trading on May 10th, 2018, Marrone Bio Innovations, Inc. (NASDAQ:MBII) reported its financial results for the first quarter that ended March 31st, 2018. While shares of MBII still have yet to trade in the after hours session, we expect that to change since the conference call kicked off at 4:30 PM EST.
In the first quarter of 2018, Marrone saw GAAP revenues grow to $4.3 million, compared to $4.2 million in the first quarter of 2017. Additionally, gross margin increased 300 basis points to 48.1% in the first quarter of 2018, compared to 45.1% in the first quarter of 2017. As if that wasn't good enough, net losses decreased to $2.9 million in the first quarter of 2018, primarily as a result of a gain on the conversion of debt, compared to a net loss of $7.6 million in the first quarter of 2017.
"The beginning of 2018 was highlighted by our comprehensive equity raise and debt refinancing initiatives, which dramatically improved our balance sheet to a point where we believe we have sufficient resources to fund operations, as currently planned, for the foreseeable future," said Dr. Pam Marrone, CEO of MBII.
Recently, Marrone Bio Innovations announced that its products are approved for use on cannabis crops in Colorado, Oregon, Nevada, and Washington. Months prior, the company announced that its products were approved for California cannabis cultivators.
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