Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) said sales in the year just ended will be better than market forecasts, reflecting approvals for its sustainable pesticides in a growing number of countries.
Revenues for the year to end-December will be around £1.8mln or 50% higher than a year earlier and above against consensus estimates of £1.7mln.
Product sales in particular have been strong at £1.55mln, said Eden, or 55% up on the previous year and more than a fifth better than market forecasts.
Eden recently received US approval for flagship insecticide products Mevalone and Cedroz and had started to receive state approvals for their use by the year-end.
The first sale of Mevalone to partner Sipcam Agro in the US occurred in December with the commercial ramp-up expected to build through 2023 subject to additional state approvals, the company added.
Going forward, Eden said it expects to see a “further step-up” in product sales growth in 2023 with increasing Mevalone sales in recently added territories, as well as meaningful sales of Cedroz.
“The company, therefore, remains confident in meeting the market expectations for 2023,” said the statement.
Sean Smith, chief executive, added: “It is gratifying to have received the various approvals in the US which, for a company of our size, is an unprecedented achievement."
Smith also highlighted the opportunity for its Mevalone business in France, which he expects to grow "substantially" in the years to come.
Losses for 2022 will be approximately £2.8mln (2021:£3.4mln loss) with cash at the year-end of around £2mln.