Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) hailed a return to stronger sales growth in 2022 and sees a year ahead of "significant opportunities" following regulatory approval for its two several products in the US and with new product lines nearing commercialisation.
Reporting results for the full-year ended December 31, 2023, Eden said revenue came in at £1.8mln, up 50% on the prior year, while pre-tax losses were cut by 23.5% to £2.6mln.
The company's cash position at the 2022 year-end was £2mln, compared to £3.9mln a year earlier.
Demand for Eden' plant-derived biofungicide Mevalone was boosted by the recovery in the European wine grape market as farmers returned to pre-pandemic levels of pesticide applications, with a further increase in demand expected in 2023 as the industry returns to normal.
Regulatory approvals and label extensions have been granted for Mevalone in recent years in Australia and Spain, while late last year a new distribution agreement was signed in France, where work is also underway to expand Mevalone's label into additional disease targets and significantly increase its addressable market.
The company’s US distribution partner was said to be well prepared for the commercial launch of Mevalone in 2023 and has already ordered its first batch of product for this coming growing season.
“With time, we expect that the US market will provide Eden with a market opportunity which could rival that of Southern Europe, which has provided the vast majority of Eden's product sales revenue to date,” said the company's chairman Lykele van der Broek in the results statement.
He said that 2023 “looks set to provide a number of significant opportunities”, including further territorial expansion and targeted diseases, increased product sales, and the continued development of other product lines.
A new insecticide product is advancing towards commercialisation with commercial evaluation field trials, with samples provided to multiple interested parties.
Commercialisation of a seed treatment product, in partnership with existing partner Corteva, was also said to be progressing towards commercial launch potentially in time for the 2024 growing season.