Oxford's Eden Research reports half-year revenue of £1.04m

Eden Research PLC, an Oxford-based sustainable biopesticide company which is developing plastic-free technology for use in crop protection, animal health and consumer products, has reported a revenue of £1.04 million for the six months ended 30 June 2022.

This represents an increase of 32 per cent on H1 2021’s £790,000. £1.01 million of this is derived from products sales, a year-on-year increase of 53 per cent.

The company’s operating loss is also moving in the right direction. After reporting a £1.8 million operating loss in H1 2021, this has dropped to £1.3 million for H1 2022.

On 30 June 2022, Eden had £1.9 million in cash and cash equivalents, as of 31 August 2022, this had risen to £2.4 million following a tax refund and receipts from half-year end trade debtors.

Eden says it is on track to meet 2022 product sales revenue guidance of £1.4 million, as was reported last month.

The company has also reported an increase in its global addressable market (the overall revenue opportunity available to a product or service if it achieves 100 per cent of the market share) with label extensions and new regulatory approvals.

Chief among these is the addition of the US market following EPA approval, as reported earlier this month.

Eden is also in the process of commercialising a new insecticide product, with extensive registrations and commercial evaluation field trials ongoing in 2022.

The company also has a seed treatment product in the works, which could be commercially available ahead of the 2024 growing season, providing regulatory approvals pass quickly enough.

Eden are also hopeful that robust sales indicate demand is returning to pre-pandemic levels, and expects to complete new distribution agreements in key territories by year-end.

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Lykele van der Broek, Chairman of Eden Research, commented: "We reached the mid-part of 2022 on a firm footing, expanding our regulatory approvals in key regions, advancing our strategic partnerships with major industry players, and delivering robust sales of our products, indicating a return to pre-pandemic demand levels.

“The authorisation of Cedroz™ and Mevalone® and their associated active ingredients in the US after the period end has been a particular highlight for us.

“As the Environmental Protection Agency ("EPA") continues to ban a number of commonly used conventional chemical pesticide products in recent years, US-based farmers are in need of viable alternatives to keep up with the growing demand for food.

“The approval of our biopesticide products, which are based on naturally occurring substances, provide this alternative, without compromising efficacy, yield or production costs.

“This development opens up significant revenue and growth opportunities for us, with our total addressable market in the region of $500 million. We now turn our attention to state level approvals, focusing on California and Florida in the first instance, which we expect to see in the coming months, followed by the start of meaningful sales in 2023.

This year so far has also seen us continue to successfully develop new product ranges, including our insecticide offering, which has produced good field trial results to date in both our own hands, and in the hands of potential commercial partners.

“Our partnership to develop our seed treatment product with Corteva also goes from strength to strength and we look forward to successfully commercialising this offering as quickly as possible, subject to regulatory clearance.

“Despite ongoing macro-economic challenges, we are pleased with the progress that has been made during the year so far. With our new board and team additions, we are confident that we have the talent and capabilities to capitalise on the significant and growing market opportunity available for Eden across the globe.

“I look forward to reporting further progress in the coming months as we continue to work towards our strategic and financial goals."

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