Earnings call transcript Q2 2023

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Operator

Hello and welcome Bioceres Crop Solutions Fiscal Second Quarter 2023 Financial Results Conference Call. My name is Drew, and I'll be your operator today. [Operator Instructions]

I would now like to turn the call over to Paula Savanti, Head of Investor Relations. Please go ahead.

Paula Savanti

you. Thank welcome and everybody. to morning Good joining. Thank you for Federico Presenting Executive Chief Financial be Lecube, today the call Officer. during Trucco, Officer; Chief our our will and Lopez Enrique Q&A be for will the Both available session.

to proceed, we following statements. I like Before make would Safe the Harbor

forward-looking earnings Today's today's with refer you section and the recent filings presentation as SEC. and to call statements I forward-looking the will statements the contain release of well as

or conference We or revise is obligation assume update any new the This to to Crop Solutions and available changed statements webcast Investor circumstances. is Relations at call Bioceres forward-looking being reflect link website. no webcast the

At I time, to you. call over our CEO, this turn Trucco. Thank will Federico the

Federico Trucco

everyone and you, morning welcome good Thank and our second to Paula quarter call. earnings

three of the quick highlights. from a financial and slide these business for overview deck turn Please period's to

during that has momentum drought As prior we been conditions throughout unusually for have crops. extended in window the by momentarily anticipated our earnings planting summer severe call, growth Argentina our interrupted entire

Although are down compared we we on year-over-year operations. the for after Pro the X% a Farm's to revenue period for including are last forma by quarter, basis year's flat pro when

This seven of growth expect conditions regions. have consecutive profitability in key run a favorable topline our of we circumstantial the commercial to expansion, year quarters which second in as weather interrupts and resume half decline fiscal of the turned more

wheat Argentina has have In of performance than been materials never to an -- has less more like yielding of all severe us On conditions permanent hectare, allowed tonnes and in average per fronts. wheat circumstantial commercial in HBX the outstanding HBX a the improvement HBX XX%. two the less technology was front, put And by outperformed before. yield desk environments to drought

which of materials. the improve existing HBX multiplication current quickly help seed was despite compared new difficult half Argentina, to the earlier unusually performance the portfolio planting area soy and planted generation will in with us varieties, conditions contract rotate

milestone the expect important XX,XXX the farmers on initiation of seed which An front give upcoming in hectares we for initial soy season. to enough with was program Brazil, multiplication us the the HBX in an

closed opportunity of on of America. all greater previously in Latin we the assets We'll experienced breeding expand HBX better these presentation, severity the for please expect that to first where announced detail slide. our We drought to after highlights but have discuss the wheat the in magnify throughout let next us Argentina and acquisition the turn in Australia,

Argentina historical throughout and large two affecting due entire in drought length, summer the past productive area of extending crop pass the winter proportions country. planting and of agriculturally of was the a to The factors; window; part the very its main reach its

the an output XX% and with unexpected the production XX was slashed decline of year, well and displaced the compared in prior crop outside by Wheat crops to summer XX% decline the before. irreversible by year XX% compared of to window planting optimal total planting to above area

unique then event. the year detailed of describe, now severity will HBX performance, a obviously has information drought, implications Enrique? will which on financial in I and of this sort Enrique a provide weather experienced of of, terms the

Enrique Lopez Lecube

on fiscal Thank year. good into remainder the and further our Federico financial and dive everyone the today. indicated some like provide I'd XXXX our to you, of on Federico, call to insight results expectations morning our for

and initiatives portfolio Farm, we As Brazil, are merger or both drove diversification facility long-term we to that a new in decisions Pro like have mentioned geographical even once with to deliver that investing revenue strategy, expect cornerstones often our substantial in the into growth. previous calls,

highlight presented offered situation challenging baseline a And, of sales the of us. like Argentina, it business weather HBX conditions. opportunity much of context Federico described remains strong end Yes, the profitable and of needs our as just in to and important in as Argentina the an for to challenge technologies market course, a profit great

that are in this include note Farm discussing forma performance, must we against numbers for all numbers, all financial referenced comparisons made year-over-year figures diving this Pro our pro Farm easier historical presentation Before which into here comparison. figures, include and Pro

you slide our half increase with of see strong X, is revenues. a year fiscal As started can first two XX% quarters. on the performance contrast in This of a

nutrition what in reported a driven performance recall already an will You in protection outstanding by looking quarter, and in part the dry our that a like a commercial which teams as result looked we early in season. of anticipation revenues crop XX% was of crop segments. increase In of our first sales

conditions, productive most expectations, While beyond the drought we was anyone's growing Argentina. regions of the severity anticipated particularly in

farmers Our lack in as X% decline volumes planting a rains due season. reflected investments minimize in the to revenues slowdown of in their second the quarter

of have An planting half million Approximately, packs products quarter. pointed fertilizers. treatment this as seed sales to out, I of potential conditions. XXXX as estimated the million in quarter weather were such a of lost plant because just been year represents fiscal the anticipation and in summer quarter weather second in our challenging $XX would of used first of $XX portion during activities, the crops realized a Also, permanent from sales were loss that of total

also recorded conditions segments Despite our growth the the Seed mitigate being the amongst in weather planting On HBX the revenues, soybean in in two of Products of affected and strategy during we most our the supported helped we segment. value first diversification this and Argentina, X% Integrated worst the soybean decades slide & the X, can that last loss. revenue see quarter

in HBX seed packs. sales were by partially offset decrease the treatment

it geographic in which HBX two to Brazil, seasons, we further quarter, Pro in main the for offsetting ramp geographic to fungicides, Farm decreased increased pressure adoption Latin sales in is and through significantly second drop through in Protection this demand soy the production Crop product us adjuvants program diversification, in But lines by a Argentina. our of to product This the of Again, helping products. see US other insecticides partially less comforting in the weather by and in expansion. diversify growth contribution during playing declined led all to risk up America. expect thrive how coming the we with growers continued to pest weather terms out. seed biological the is done was revenues launched deliver Importantly, of X%, regions of Argentina

Crop Nutrition saw the mostly fertilizers XX%. driven sales largest in microbeaded decline lower by Argentina. at sales

to optimal to window beyond Our invest reluctant farmers yields. likely planting were lower planted on that thus, were crops heavily fertilizing and subject less the

more would to the like Normalization the drought. of would rainfall an end improved point and crops some winter a meaningful increase intend generates loss trigger if of in to through foster farmers rainfall and products. we profitability protection expectations the crop stored that soybeans importantly newly month I of But with wheat January, soil barley. to from moisture could corn planted out acreage use during of recover

allow portion winter putting Both and acreage our recover these of to for the HBX dynamics, on for would track sales protection us the scenario to and a higher crops us drought favorable wheat, rollout sales lost in plans. Argentina, of resuming annual crop provide a sales

slide to turn Please X.

the performance XX% and which others. adjuvants by played price quarter highly the was of gross year, such gross sell For and quarter treatment of second profit, In due we a relative quarter dry down mostly. and in Product X% increase delivered in to profit products though, by of the product mix first was a driven effects. were a second the seasonal packs to Both first combination this role as contribution seed sales impacted weather. higher mix are as quarter margin products half

for in Argentina, contraction some was maintaining share the margin there strategy particularly drought the mostly pricing the market as in to and proximity. across addition, accommodate aimed the through adjusted portfolio customer conditions, of fertilizers, In case at was

we full Argentina normal the to for the and trend back rainfall us goals. on with For our margins our in country expect sales year, as get back normalizes, annual in track do to

the the Adjusted second lower on excluding derived refer one-timers non-cash execution negative corresponding now by as in was driven when by decrease profit and such expenses quarter the offset gross the by incentives. share-based synergies in cost to sales was of This and slide Pro impact partially Please The operating reduction affected from Farm. X. with Argentina. D&A for considerations good margins was transaction merger in expenses performance and EBITDA

Farm adjusted toward this progress Pro believe this path continue process, for to the we we on saw to revenues in EBITDA the complete neutral be for grow good we We As integration goal the acquisition are and quarter. year. full

tough the the first quarter improvement the Importantly, pro a despite of basis. first year year a on previous $XX second XX% with represents million, a adjusted for of almost half EBITDA the compared half reached forma XXXX fiscal which fiscal

look please financial let's slide shown of X. position our summary on the Finally, at

Farm. Pro a Pro of incorporating explained by high position the as corresponding The by in working debt of with debt interest short-term from to connection explained in at launching in and execution run an merger X%. of mainly interest higher very in Farm healthy expenses approximately expenses progress debt rate well the HBX. cost with Our annualized are capital average the of as We agreements increase full is the position remain higher

million of increased the leading XXst, from at and payment on financial cash $XXX net to XXXX. position December Our $XX million with upfront stood agreement roughly debt a million, Syngenta a $XX

by although comfortable net leverage our quarter’s X.XX a current metric EBITDA as is below are debt-to-adjusted Our drop this our returns, the times. target explained And we fully ratio EBITDA. was keep ratio to temporary in is

and our obligations. is we working importantly, debt a short-term More position well capital strong cash our have above

All February After composition X.X% financial Argentine pay used business mature quarter February and short debt, of country. debt. in support X.X% long-term public we close, and down XXXX, short-term the pay be bonds of and These our in corporate completed market the in the the million to improving correspondingly. thus $XX.X offering local and bonds a rates proceeds annual will of to XXXX

shock, confident year the of that fundamentals up breaks to an uninterrupted are Let wrap a underlying two although by growth exogenous our of business. saying we streak quarter weather this due me in

quarterly robust. affect long-term temporarily time-to-time, our may weather remains results, trajectory from our growth While

With I hand Federico. that, Federico? the over will to floor

Federico Trucco

we targeted often the per wheat the as results. areas next talk Enrique. slide or two And turn HBX below region limited be an HBX as to tons about Thanks, hectare of yields we When level. tons yields we please area dive into to these so three are are hectare as where normal a think that per the the the above mark, may in when years, average expected opportunity

crop a in year, below the over or this close nationwide, hectares XX% X experienced, to just we million one were threshold. Now, like

consistently in outstanding. improve be shown to So in to more than XX% by quite these yields as multiple it's seasons, fields able

results We are hectors, of These trials, fields. limited are not longer talking hundreds from compelling. growers, multiple or about number seasons, thousands very indeed, and field of of

our HBX gene. scientific the of isolated in let's and slightly But go at effect analysis the more look

look gene. at to XX slide. absence varieties are past was genetically different HBX the As call we genetic or performance HBX twins, because here compare presence may what except background. locations, otherwise you three next we by years, identical of or This turn an the to well know as compounded important by in farmers the or is now, that of lines often we did if for ask locations, isogenic XX its to we near varieties What final the

So soil. we in do about materials, talk generation materials, we or generation second even generation first third materials, like

Now, those what yielding neutralize win hectare the with above noise, technology. see we true HBX environments, just yields background the not with is that resulting hectare. ratifying opportunities from XX%, when two below converted in this all tonnes broad is per rates HBX we that wind lines

XX% the and reduce what four first the yields we HBX and this genetics is improve yield observed generation hectare, the second expand generation the to area production improvement So, last yielding highest what the in current materials of the when we we are yield to generation the materials can per close data when that background showing with from year, above with entire slide materials in to gap from the opportunity in year. season wheat comparing environments last observed as – tonnes during the environment next in compared first with we

to should XXXX we to replace generation first year expect enterable million we next that, one-third when almost HBX be do generation to cover second is EBITDA. varieties, allowing plantings to by $XX fiscal up with us fully of HBX materials, good deliver $XX million seasonal between The we able news in

farmers is it to technology prevalent. to limited in relevant America important for this bring everywhere droughts Wheat and be Latin our to world and the to is where wheat Now, ambition are HBX too

stop And us this the next Australia. for route is in

the breeding previously subsidiary S&W So in line slide. with Trigall our closed these, have XX% with we Genetics, for shown deal program. of is in Genetics ownership their announced This next the acquiring wheat

regulatory do for HBX an will to country. working have Australia we immediate Wheat opportunity become since not still

We production yet not and have feed been clear from a perspective, a food but viewpoint. from

Australia expected start the our years, next adapted breeding America. to sort And in locally done is We that become peak and Latin in penetration HBX So believe two meaningful be efforts we while lines. the years. the five about beyond that will is consolidate that developing HBX in of in

way follow good on the we up currently doing a to in Argentina, of region. rest and Brazil, So, are what the

like to steady, multiplication soy HBX despite see Finally, a planting to the were provide soy. close call, earnings HBX kept I'd update very conditions. on hectares challenging brief

we And the for As expect we provided planted materials meet are quickly allow multiplication projections that presentation, fiscal improve crops. new and the inventory track nine third on we rotate earlier with to the the commented varieties, 'XX. generation portfolio in that to was the and 'XX half performance of guidance newest us importantly, what these fiscal will area for meet to

Enrique with two TMG initial in being with delighted HBX about using we varieties the target upcoming As are done Brazil hopefully, hope indicated, the from derived XX,XXX program advancing from and see season. hectares multiplications in farmers to

think So now with we the open floor these, for up Q&A. I can

So, operator.

Operator

you. Thank

Ben session. today's comes Q&A Instructions] first today Markets. Lake from Street We Capital Our from [Operator Klieve will now start question

line now is open. Your

Ben Klieve

on All despite outlined. really backdrop for my right. tough congratulations taking Thanks first you and questions that solid the half

question Enrique you. for First is

revenue million of You a And $XX to this headwinds million to breaking down. little bit the period $XX due I note myself confused in weather. kind

want possible. clarify I if to So this,

loss. it You suggested was that permanent of a half

you half be right can pushed or So, into was QX, other pulled forward the into QX? think the was other half

Enrique Lopez Lecube

for Ben. good call. on and question you the Hi, Thanks have the to

that a is question. So, good

used So, back. packs, a obviously, window. fertilizers tasks go the lost was permanently heavily on seed that And the both half and planting that those was mainly don't around that are treatment things are

has believe the road. would back. do to products the I mostly not say to remaining down pushed half, So part come that that it's that's we that going were with The then further

like adjuvants, rain, example, country. for case explain spraying more of that would if in sales adjuvants of of our than So and the spraying the is more obviously in sort there more resumes,

So fertilizers. part acreage. highlighted wheat with of big And why there's even I the a that's that

fertilizers estimated of in We our might of some annual recover sales wheat.

recovered adjuvant planting was that So what that lost be got there's believe, lost fertilizers and in the what we sales, remaining in That recovered that first fully a explains late mostly crops is into maybe was and that And wheat. most winter pulled is May, in lost but soil planting something the that sales, can some that of might insecticide for be the we more to through season June. activities. part obviously do importantly, wheat half quarter, planting in

Ben Klieve

helpful. Thank very you. Okay,

is of pushed do missed Soy, think provide revenues in HBX On into going then Soy fiscal quarter, for be for do reason? Did to XXX% year positive the you of in the or And it. that QX here. HBX to If the you contribution any Soy lot revenue news HBX some so, I a quarter? second you of expect the this get

Enrique Lopez Lecube

Soy, in what's already obviously, no, happened. happened HBX No,

the in that's quarter. So second

that was also drought. happens in putting something The a the million. All And that is that quarter. I this context contribution in of $X.X it's worth the of believe second

is allows mean, spend planting difficulty. a less technology trade, farmers though that they to drought And obviously, HBX something drought of I even to like is as see surpass decide not on complications. sort

obviously, not able to moisture, you're solved something soil enough be have don't HBX. you be plant to through and if it's So not can going that

Federico, little that think bit that on to that. with was to I something sales. a this front? bit don't higher add complicated were drought on you I want probably we So see know, if And expecting situation a little

Federico Trucco

be as not fields is to priorities, much we varieties. we many and were honest, That the then XXX% we fully that of multiplication lost No. what targeting were explain new twice a planted. doesn't situation, that probably the of reality The the was

So that got all planted.

all the done. got generation up which third had, inventory inventory from viewpoint, we relevant or ramp an So very materials, are

because a even be by compromised, come from first targeting that meet generation material that The that or threshold described incremental generation you revenue situation we that to is will, were revenues of Enrique. materials, if we second what a may

So good from think where rotate we're or from the inventory a – we I the place be in in into expected coming even though shape, to viewpoint ability meaningful have and the below we're to for strategic years, quarter.

Ben Klieve

That it. yes, sense Got very and it. makes sensible. Got

last Okay, And one for I'll back me. get then and queue.

Do You the early from six proceeding make have – noted this the agreement is operationally old, know too is to contributions comments there? you that. six know, something any this it in cap that operational Syngenta like you is, early here still on updates months the agreement, any now days, that you really or weeks how

Federico Trucco

we're the been instance, we that people in that good important progress are think agreement, for very required, Syngenta are front. in for helping the fully that so operate place having which can And the of agreement. manning I making objectives the that very is of a in No, on geography terms has sales accomplished, Brazil, the

average $XX That an Remember that million of that on prepayment targeting basis, we the coming we reported this on top is of profits agreement are from on got. here. annual

Argentina of So the sort good sort the floor I no And treatments able this provide of business of to and a geography, that is biological or our believe see XX be help think not investors that the to capture momentum of have that that much resilient moving in can is can strategy it it opportunity to hope we of Syngenta way seed revenues, a like dependent that tremendous that We one would type that is us a the keep do we are globally, go. also performance. want to on more will we because quarter multi-faceted to way in speaks whether in particular sort for so back meaningful in able as going to these a what ourselves. that of happened as I sources think with to drought be

Ben Klieve

it. Got

Okay, very appreciate get I back in I will helpful. you queue. my taking questions.

Operator

Our Bobby next question Canaccord. from comes Burleson from

line open. now Your is

Bobby Burleson

revenue, can benefit is for It's top sounds synergies, also bit some my I so It some that you're magnitude? carve got out little And impact? Thank a the one the little on maybe offsetting but questions. for us, understand for you just you you. the bit care first line. taking Farm integration, Pro getting thanks a guess we the positive like then elaborate

Enrique Lopez Lecube

this call. on to is Good the Bobby, have Enrique. you Hi,

Bobby Burleson

Hi, Enrique.

Enrique Lopez Lecube

the from are doing? of was you that a mean was sort Hi. didn't How something obviously for but thanks I question. it from helped Look, And something huge, like this perspective, help. -- a magnitude it's not

XXX, main the So we the that we biological. good the direction. seed replaced with venerate saw that coming has of will the a had That that from glad version at some that's in And two The to Pro explained allowed to or from the product, Farm do are very BXB the a be with offsetting in point partners. category mostly we XXX. see trending US treatment,

these saw that California how in seed we or rains to We're we end, we'll of was the cash like of it I floors those some crops. is mostly in sales. still have applications good the And mean, floor portfolio piece. situation with that treatment help rest on the will the see around prospects see quarter not, foliar us surpassed coming waiting the agreements in that whole Even on of provide type partners, by our sort BXB being far so but

million So additional one and a last year. additional $X of might help to that compared part, revenues Bobby that provided $X is million to an

from synergies we the basis this have a Farm bridge, in on $X front, I also say Pro Then, Pro might meaningful, you that is and as close this from cost cost synergies of coming Farm. seen with had to most on million is EBITDA the would

well, we're to tracking that So regard.

look on I we trend, costs, when see neutral of will XXXX. back that think continue the or Pro EBITDA that seeing into we in for, the on at and So keeping level planned at for we this if like worst if June top the we full growth year positive healthy we Farm turning continue the line, sort

Bobby Burleson

far question like are next May out is about Is kind wheat basically, in Great, just we really up Thank point. this given just dependent of at and you. And looking that the this weather that the wheat all focused really deal. is year, -- or farmers should opportunity making for kind be happened about of point, it, late what's their into this fertilizer done for at it's on a is my And so programs, June. when that

of higher there's that the be kind should week so, be do the And we fulfilling plantings being just, made, of think? trend. still point, positive and this just to abatement this just then, on are And weather that at hoping or decisions continues watching, a self you prophecy [Indiscernible]

Federico Trucco

the great call. Bobby. Hi, It's you This Federico. is have to in

Bobby Burleson

Hey, Federico.

Federico Trucco

which too to probably to tell ones them. dedicated it's out most more today crops, the summer economically that are think the farmers meaningful making current of the to now, the are I early XXX% crops, because are

to Now, that in this expectation be campaign the year. normal a crop the the their wheat is the in very losses below summer as reversible, a happening indicated, prior And tough after overall crops XX% is season. are for we non so

from revenues wheat decline, will decline. from summer So crops revenues

if there'll lot the have wheat weather planted. in think, moisture the I ground, of be acceptable, and good a is we So

wheat anticipate America, we’ll don't Argentina, not given in come globe. a sort probably geographies of of sort down in other only to prices that see we around the And not Latin shortage

to of it go We revenue. perfect. situation. -- force loss in to it be So be that highly it full don't need will the farmers I We recover to part is that enough, be weather need so will it think, just moist trying on dependent

Bobby Burleson

to more with for area? of for urgency create of and of opportunities know, bigger that the South state disagreements? that acquisition to this you great. Federico. the of does And create America. does kind this sense The kind and Stoller what You of Bioceres Brazil Does Syngenta play in last bio of just target for a Okay, then, one one maybe also is Corteva in

Federico Trucco

put excelled. by energy evident that's industry it's biologicals. in in in lot a to particularly and they strategy trying a biostimulants particularly of think, around Stoller now resources where I to have and that known have obviously well is a company, leaders Look, Brazil,

I view there teams. you And today the do specialized to to think, be need is, that, a able consensus trick, sales

part with help capabilities our platform Syngenta execute our using inoculant these to are [Indiscernible] hands, technical what called in the we sales doing and into was what So them is of agreement on with holding more Stoller. sort part

And it's recently. are of have deals space. number been of in reflective M&A broader There the a that announced other

I to nice in we So every can a minute, in that leader materialize be obviously industry think for where an And we does space building create that future, the position is at alternatives we're is leading because the us. turning it see, hotter, a hopefully, are today. to position

in Now to race lead on internally only as these industry through leaders depending clear think vary, the can there's But try I biological scenarios. the businesses are to is the that recognizing on that ways M&A. can they a space, way build

Bobby Burleson

Federico. Enrique. Thanks, Thanks, Great.

Operator

ROTH from Wright Partners. Brian from comes question Capital next Our

line open. is now Your

Brian Wright

morning. Good Thanks.

terms you debt quick X.X%, you. follow-up, got that the real sure, just the those want data you like rates that make a Just on the X.X% in on us again, to said that would I Give I to interest to but correct. of million just on XX.X

Enrique Lopez Lecube

the in X.X% X.X%. XXXX XX million, base the of is months of bonds question. XX Thanks was that of for yeah, This in that about issuance $XX.X the the rate. months, maturity million tranche interest us matures were tranche and there coupon And, of in for And that Enrique. so joining with tranche of which Brian. then, and were Hi, was $X.X it the an

Brian Wright

come Sure, long a Congrats. way.

Enrique Lopez Lecube

will Thanks. I it's of we keep as these our mean, strategy. like part financial

-- of the with of like in goes sort I below, ratio, leverage think assets. sort this of and that our current beyond debts, our well, keeping short-term hand-by-hand well

That's cash what strong as well the as looking we're for, position.

So to of debt. all the sort what's go to be piece three to important bring like able of short-term us things of down these and hand-by-hand our

Brian Wright

you. Thank Great,

Operator

next comes Capital from Kemp go Dolliver Our question Please from ahead. Instructions] Brookline Markets. [Operator

Kemp Dolliver

and Great, morning. thank you good

quarter, expenses which show there's you to think questions, in transaction related to after some I closing? were couple up they that closed which a those would mentioned, Just what the in of reference July, Marrone, expenses first,

Enrique Lopez Lecube

again Hi, Enrique, the thanks for joining and Kemp. This question. is for

that financial expenses transaction finalized those the Pro in merger a with two to after the right So agreements were are connection mostly Form with closing. related

all transcended as into And accrued the to well were of some those been related the expenses had quarter as merger So other $XXX,XXX. the for quarter, to not those second amount first that that itself.

Kemp Dolliver

then performance at way? products. of Okay, roughly, other And my to trying critical I the it's it would little a or with had when with were been HBX or were to mainly of, bit is generally to the two it less performance ago, question. in you question generation current trial And and for that crops put think, in XX%, comments field you the current the what the like what or that, referencing back in production aggregate, probably teens, is how whether look relates is the to say, it the super. in And XX%, years But data. you you step of consistent characterize have better, from would I'm data the when current crop context your increases looking we said, at

Federico Trucco

this in question. for Federico, you Kemp, participating call. the Hi, is thanks for And the thank

we're kind today, the what with And of technology, the even has at though to And it's the what relevant improvement. what that yield done the two field, better in HBX was in what than think been far we see state that because to will, averages. we is where be read data to trialing, years just XX% surprising, or than hectare, we the expand but XX% you ago, and were and if that. trying region I anticipated seeing R&D, than still targeted the per are is process, which seeing farmers limited in lowest get can turning the allude collecting, we we the these not we're yielding that field is product development we two to that areas be to and above it's the field out ourselves tons better more are where

can in you trials greenhouse how unusual, usually it's even think not technology way, in tends perform I it as well it when take performs field, goes it as or because So control other to to the the settings.

very And, outcome. with from level generate I we can have to So gives information upcoming were a themselves, season. this -- us the pleased think profit in farmers obviously, the we awareness of that

Kemp Dolliver

deliver just you're And really I'm in uncertainties of a severe is have that range, to just because this where farmer, -- of you'll a one is, advance a good know That's to HBX level harvest? think even if great. of use you farmer, have And experience, certainty this decent to is you you related if the product that of that I say, ahead and question. it gives when that that likelihood you're do incentive the and go there's drought? this in able one higher an something great being somewhat an going able as be with generally

Federico Trucco

Right, it. I about to think think that's the right way

critical like that drought, So you working And normal policy. the is any aspect that technology of otherwise in under insurance will, almost if drag the of that kind observed benefit uncouple, under one to is an that were the with able is yield way we conditions.

present And environments. we is we're today and yielding seeing part that's in what in call. So try there's yield high -- the delivery of to what even

high insurance policy, other a about the the any like have of care you then it, yield, to don't seed. you use you cost rather want and obviously, So incremental don't

significant able more compared to a and investment. the if whatever than justifies drought, outperform reason, by to for by of be because you're hurting you're varieties, to historical decline, But hit conventional the XX%

with we where wheat. is are that So today

potentially other why and reasons sort I geographies can America Latin is opportunity think of true beyond be acre this of become in and prone well think these regions, one globe. drought adopted around that the in a broad we the technology

Kemp Dolliver

thank Great, you.

Operator

will There to over back remarks. you. no this I hand Trucco are at for you further Thank closing time. now questions Federico CEO

Federico Trucco

Well, everyone Obviously, and much thanks to quarters we by our profitability. sales we'd where XX% double joining. grow for like report rather

always ways worst better. we that assured which drought we do be historical we to improve. critics. by things And despite conditions, that So be are we'll are the our slightly slightly, can can Even identify there

might two we control of way have in expansion. keep over costs, observing is become this We've a disciplined also business because last lenient geographies, bit growth in little and particularly so more warning And where a the to years. the our been and gentle

to we we to attitude, week investors that ends this in communicating and we you're to everything Thank having reiterate this call. I call will a very in the to business everywhere. forward look our think like in the in And months we great do progress So hope like I further come. win much. And to you

Operator

results Bioceres fiscal completed. Crop second now call quarter financial has XXXX conference Solutions

disconnect your now may You line.

Bioceres Crop Solutions (BIOX) 9 Feb 232023 Q2 Earnings call transcript