Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) reported 65% growth in revenue for the first half of 2024 and said it is on track to hit full-year targets.
The biopesticides maker generated revenue of £1.89 million in the six months to end-June, up from £1.14 million a year earlier, with product sales making up £1.7 million of the total.
The period was characterised by strong regulatory momentum, said chief executive Sean Smith, and the expansion of the management, commercial and laboratory teams, as the AIM-listed company looks to increase its capacity to capture future opportunities.
The latter was part of the reason behind the operating loss for the period of £1.3 million, slightly higher than the £1.2 million a year ago, as well the gross margin was reduced to 31% from 37%.
Significant product approvals in key geographies included biofungicide Mevalone in the key wine-growing state of California, a label expansion in Spain, and in Germany and in Czechia.
Eden is also working closely with partner Sipcam on regulatory applications for Mevalone and Cedroz in new frontier markets such as Argentina, Brazil, and Chile.
After results for a new bioinsecticide were reported in June, work is underway towards regulatory submissions in the US and Europe, which is anticipated in 2024 and 2025, respectively.
Smith said Eden expects to appoint a commercial partner to help prepare the product for regulatory submission, following a “highly competitive process” that has involved more than 11 potential partners.
Eden is also exploring “various options” to reintroduce its sustainable seed treatment, Ecovelex, on an emergency authorisation basis following success in Italy in 2023, he said, with full authorisation expected in the EU in 2025, with potential for deploying Ecovelex on other grain and cereal crops such as sweetcorn.
“We anticipate the remainder of the year will provide plenty of reasons for excitement,” said Smith.