Eden Research reports strong revenue growth and product milestones in FY23 update

Date:05-08-2024

Eden Research (AIM: EDEN), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, announces its preliminary results for the year ended 31 December 2023.

Commercial and operational highlights

• Significant milestone achieved with launch of seed treatment innovation, Ecovelex™, and the granting of a temporary approval in Italy for use in the 2024 growing season

• Expansion of regulatory approvals in the US for flagship biopesticides, Mevalone^® and Cedroz™, including national level EPA endorsements, leading to approvals in 17 states, including Florida and California

• Expansion of approvals of Mevalone in New Zealand, Italy, Colombia and Poland, the latter a significant milestone for accessing Central European markets

• Progress on insecticide formulation, with promising field trials completed and ongoing discussions to select a commercial partner

• Proceeds of £9.9m (gross) fundraising being utilised to accelerate product development, registration and commercialisation workstreams, ensuring Eden can continue its path of growth, and fully exploit opportunities available.

Financial highlights

• Revenue for the year was £3.2 million (2022: £1.8 million)

• Operating loss for the year was £1.9 million (2022: £2.6 million)

• Cash position at the year-end was £7.4 million (2022: £2.0 million)

The Group's full Financial Statements are available at: www.edenresearch.com.

Lykele van der Broek, Chairman of Eden Research plc, commented:

"Eden made substantial progress against its strategic goals in 2023, with numerous product approvals across key markets, including the US, and the launch of our innovative seed treatment product, Ecovelex. Developed in less than four years, this is a groundbreaking moment for the business and a testament to the strength of Eden's capabilities and commercial relationships. It has contributed to our revenue growth over the year, which we look forward to building on in the future as we focus on expanding regulatory approvals and authorisations in our target geographies, and the development of other product lines, including our bio-insecticide product."