Evogene Shares Fell on Lower Revenues and Earnings
Evogene recently reported poor results for the first half of 2016. Its revenues for the six months declined to $3.8 million, over $5.4 million for the same period last year. Its revenue for Q2 declined to 1.8 million, compared with revenue of $2.7 million for the same period in 2015.
This decay mirrors the net diminishing in such innovative work installments as per the work arrangements being sought after under the Company’s different coordinated effort understandings. It incorporates changes in the degree and sort of exercises attempted by the Company as a feature of its yield and push joint effort with Monsanto, where by asset escalated exercises, for example, novel quality disclosure and approval advanced to progressively concentrate on enhancement exercises supporting Monsanto’s continuous improvement exercises as for progressing Evogene found qualities.
The company also generated a net loss for the first half of 2016 of $7.8 million over the loss of $8.4 million in 2015. Net loss for Q2 was standing around$4.5 million over the loss of $5 million in the second quarter of 2015. The decay in net loss is ascribed to the upsurge in financing income, replicating the company’s strong cash position.
Mr. Haviv concluded: “Most importantly, these impressive results, and the relatively short time frame in which they were achieved, are further testaments to the power and accuracy of the predictive capabilities provided by our science based technology platform established over the past decade and continuing to be expanded and enhanced. This platform has been designed to be broadly applicable, and its success in doing so is now being demonstrated as we address very diverse market segments, each with its own discovery pathways, but all of which nestle on the core of our capabilities – bringing plant science and computational power together.”