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Evogene Sees Robust Growth, Strategic Partnerships From Investing.com

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Evogene Sees Robust Growth, Strategic Partnerships From Investing.com

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Evogene Ltd. (NASDAQ: EVGN) reported a significant increase in its annual revenue from $1.7 million in 2022 to approximately $5.6 million in 2023. In its fourth quarter and full year 2023, held on March 7, 2024, the company attributed the growth to the success of its partnerships and the achievements of its subsidiaries, including a notable collaboration with Bayer’s Crop Science division.

Despite the positive revenue performance, the company faced an operating loss and a net loss for the current year, although these figures improved compared to the previous year. Evogene’s cash balance stood at $31.1 million as of December 31, 2023, with expectations for additional cash inflows in 2024.

Strengths

Evogene’s revenue rose to approximately $5.6 million in 2023, up from $1.7 million in 2022. The company expects continued revenue growth and a lower consolidated cash ratio in 2024. Subsidiary AgPlenus signed a major deal with Bayer and reached a milestone with Corteva. Biomica, another subsidiary, completed a $20 million funding round and is advancing clinical trials. Lavie Bio has secured licensing agreements and regulatory approval for its bio-inoculant product, Yalos.Canonic, the medical cannabis subsidiary, is considering a relocation of operations due to market challenges.The company reported a net loss of approximately 26 million dollars for 2023, an improvement compared to 2022.

Company prospects

Evogene expects revenue growth and a cash injection from collaborations and product sales in 2024. The company expects to reduce its consolidated total growth rate in 2024 compared to 2023. Continued development and potential commercialization is expected of subsidiary products.

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Bearish highlights

Fourth quarter 2023 operating loss increased to approximately $7.6 million. Net loss for the fourth quarter of 2023 was approximately $7.3 million, compared to $3.8 million in the same period last year. previous year.Canonic is undergoing a strategic review due to challenging conditions in the medical cannabis industry.

Bullish strengths

Subsidiary results, including licensing agreements and progress in clinical trials, add to the optimism. Lavie Bio’s Yalos has a secure supply chain and commercial launch is expected in 2024. AgPlenus expects milestone payments and royalties from collaborations with industry giants Bayer and Corteva.

Shortcomings

Despite the overall growth, the company reported an operating loss and a net loss for 2023. Medical cannabis subsidiary, Canonic, is facing headwinds in the market, prompting it to review its operations.

Highlights from the questions and answers

Evogene aims to achieve near-term milestones this year, focusing on supporting demand and building inventory for 2025. The company is expanding its network of seed producers and plans to open a subsidiary in Kenya. The CEO Ofer Haviv expressed his commitment to the growth of the company and his gratitude for the support.

In conclusion, Evogene has demonstrated strong performance in terms of revenue growth and strategic partnerships. The company’s focus on its AI technology engines and subsidiary advancements, coupled with prudent financial management, has positioned it for potential continued success in 2024. Despite the challenges faced by its medical cannabis subsidiary, the portfolio Evogene’s diverse portfolio and collaborations with industry leaders present a positive outlook for the future.

Insights from InvestingPro

Evogene Ltd. (NASDAQ: EVGN) has shown notable revenue growth over the past twelve months as of 1Q 2023, with an impressive increase of 331.52%, signaling a strong upward trend in its financial performance. This aligns with the company’s reported annual revenue increase to approximately $5.6 million in 2023. Investors looking at the company’s fundamentals will note that Evogene’s market capitalization is $45.28 million, which reflects its valuation on the market.

A tip from InvestingPro points out that Evogene has more cash than debt on its balance sheet, which is a positive sign for financial stability and potential for future investments. Furthermore, analysts expect sales growth in the current year, which suggests that the revenue growth trend could continue.

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While the company’s P/E ratio is currently negative (-2.01), indicating that it is currently unprofitable, a tip from InvestingPro also highlights that Evogene is not expected to be profitable this year, which is consistent with the net losses recorded. However, its liquid assets exceed short-term obligations, providing some protection against financial pressures.

For investors interested in more in-depth analysis and additional tips from InvestingPro, Evogene has 5 additional tips listed at InvestingPro, available at: To access these insights, use the coupon code PRONEWS24 to get an additional 10% discount on an annual or two-year subscription to Pro and Pro+.

This article was generated and translated with the support of artificial intelligence and reviewed by an editor. For further information, please see our T&Cs.

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