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Arcadia Biosciences (NASDAQ: RKDA) reported Q4 EPS of ($0.72), $0.15 worse than the analyst estimate of ($0.57). Revenue for the quarter came in at $416 thousand versus the consensus estimate of $590 thousand.
“We are energized by our progress in hemp, wheat and soy in 2019 and the strength with which we enter 2020 to grow our GoodHempTM seed sales, Hawaiian CBD oils, and GoodWheatTM flour and grain sales,” said Matthew Plavan, president and CEO. “Moreover, as we take stock of our progress so far this year, including more than $3.7 million in backlog GoodHemp seed orders, we maintain confidence in our projected goal to exceed $10 million in total revenue this year, although we will continue to assess the potential impact of COVID-19 on our business. Revenues from these orders will be recognized when the seeds are delivered to growers, between second and fourth quarter this year.
“The legalization of industrial hemp cultivation in late 2018 provided us an opportunity like none other in the history of our company,” Plavan continued. “With Arcadia’s proven plant transformation capabilities in global crops like wheat, rice and soybean, we trained our sights in 2019 on building the most advanced plant breeding platform, ArcaTech, to rapidly prototype, develop and deliver functional improvements in hemp targeting the greatest challenges growers face in adopting and scaling hemp cultivation, such as federal compliance, disease resistance and high cannabinoid content. As a result, much of our R&D focus for the year was on this newly emerging crop, having introduced 10 new varieties, with the goal of becoming a leading provider of high value seed and extracts for the global hemp market.
“2019 also marked a year of strong progress in our GoodWheat business, where we captured first sales and executed a key global commercial agreement. And our Verdeca joint venture accelerated toward commercial launch with new approvals of HB4® drought and herbicide tolerant soybeans in the U.S., Brazil and Paraguay,” Plavan said.
For earnings history and earnings-related data on Arcadia Biosciences (RKDA) click here.