Eden Research reports strong revenue growth and product milestones in FY23 update
() , a developer of sustainable biopesticides and natural microencapsulation technologies for the crop protection and other industries, announced its preliminary results for FY23 ended December 31, 2023.
Eden reported revenues for the year of £3.2m, up from £1.8m in FY22. Operating loss narrowed to £1.9m from £2.6m a year ago, and cash jumped to £7.4m compared to £2.0m at year-end 2022.
Operationally, the company marked a number of milestones. Among these was the launch of its seed treatment product Ecovelex alongside regulatory approval in Italy for use during the 2024 growing season. Additionally, received regulatory approvals and EPA endorsements in the US for its flagship biopesticides Mevalone and Cedroz, leading to new permits in 17 states, including Florida and California.
Eden also expanded approvals of Mevalone in New Zealand, Italy, Colombia, and Poland. The last was a notable milestone for accessing Central European markets. In terms of R&D, the company advanced its insecticide formulation, with positive field trials and ongoing discussions with potential commercial partners.
Eden raised £9.9m gross during the period, which is being used to "accelerate product development, registration and commercialisation workstreams".
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Eden marks a year of substantial growth, with 78% higher revenues, much narrowed loss, and tripled cash position to £9.9m after a successful fundraise in October 2023. The company made significant operational progress with multiple regulatory approvals, most notably in the US and Poland, and the launch of its new seed treatment product Ecovelex.
The launch of Ecovelex contributed to revenue growth in FY23, which should compound as more regulatory approvals and commercial partnerships for the product materialise. After 4 years of development, Ecovelex adds a significant 3rd revenue stream to Mevalone and Cedro, with material upside in new markets. Additionally, more products are being developed, including a bio-insecticide with promising initial results and partnership talks.
With a comfortable cash position after last year's fundraise, a net zero-friendly product line, and improving regulatory environment, is very well positioned for continued sales growth and product development.
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