{"id":758169,"date":"2023-05-11T17:37:27","date_gmt":"2023-05-11T21:37:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/arcadia-biosciences-rkda-announces-first-quarter-2023-financial-results-from-operations-and-business-highlights\/"},"modified":"2023-05-11T17:37:27","modified_gmt":"2023-05-11T21:37:27","slug":"arcadia-biosciences-rkda-announces-first-quarter-2023-financial-results-from-operations-and-business-highlights","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/arcadia-biosciences-rkda-announces-first-quarter-2023-financial-results-from-operations-and-business-highlights\/","title":{"rendered":"Arcadia Biosciences (RKDA) Announces First Quarter 2023 Financial Results from Operations and Business Highlights"},"content":{"rendered":"

<\/p>\n

Arcadia Biosciences (RKDA) Announces First Quarter 2023 Financial Results from Operations and Business Highlights<\/b><\/p>\n

\u2013 Significant improvement in gross profit dollars compared to last year <\/i>\u2013<\/b><\/p>\n

\u2013 GoodWheat<\/i><\/b>\u2122<\/i><\/b> pasta named \u201cBest New Product\u201d by Retail Dietitians Business Alliance <\/i>\u2013<\/b><\/p>\n

DAVIS, Calif.–(BUSINESS WIRE<\/a>)–Arcadia Biosciences, Inc<\/a>.\u00ae<\/sup> (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, today released its financial and business results for the first quarter of 2023.<\/p>\n

\n\u201cWe continue to focus on growing high quality revenue streams, as we closely manage resources,\u201d said Stan Jacot, president and CEO. \u201cAnd the impact of this focus is clearly seen in our Q1 results, with notable improvements in gross profit dollars and operating expenses compared to last year.\u201d<\/p>\n

\nThe company is also supporting expansion of GoodWheat\u2122 pasta brand. \u201cLess than one year after launch, we believe we have only begun to see the potential of our GoodWheat pasta with expanding store count, improving velocity and award-winning product performance.\u201d<\/p>\n

\nIn addition to receiving the American Heart Association\u2019s Heart Check Certification earlier this year, GoodWheat pasta was recently named the \u201cBest New Product\u201d by the Retail Dietitians Business Alliance, a network of registered dietitians serving over 1,000 retailer-employed dietitians throughout the US and Canada.<\/p>\n

\nJacot provided an update on Project Greenfield, Arcadia\u2019s 3-year plan to drive shareholder value, including GoodWheat\u2019s retail expansion, driving growth of core brands and partnerships, as well as maintaining an agile organization to cultivate next generation wellness products. \u201cAs we enter the second year of Project Greenfield, our plans include category expansion for our proprietary GoodWheat technology, through both innovation and acquisition. Along with channel expansion and innovations in Zola\u00ae<\/sup> coconut water, these plans present opportunities for substantial growth in revenue and gross profit dollars.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Arcadia Biosciences, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Financial Snapshot<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

($ in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2023<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2022<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nFavorable \/ (Unfavorable)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

<\/tr>\n
\n

Total Revenues<\/b><\/p>\n<\/td>\n

\n

\n1,509<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,220<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,711<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(53<\/p>\n<\/td>\n

\n

\n%)<\/p>\n<\/td>\n<\/tr>\n

\n

Total Operating Expenses<\/b><\/p>\n<\/td>\n

\n

\n5,557<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,843<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,286<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n29<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

Loss From Operations<\/b><\/p>\n<\/td>\n

\n

\n(4,048<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(4,623<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n575<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nMore detailed financial statements are included in the Form 8-K filed today, available in the Investors section of the company\u2019s website under SEC Filings<\/a>.<\/p>\n

Revenues<\/b><\/p>\n

\nIn the first quarter of 2023, revenues were $1.5 million compared to revenues of $3.2 million during the same period in 2022. Revenues in the first quarter of 2022 included $1.8 million in sales of grain and body care products that are no longer part of the Arcadia product portfolio.<\/p>\n

Operating Expenses<\/b><\/p>\n

\nIn the first quarter of 2023, operating expenses were $5.6 million compared to $7.8 million in the first quarter of 2022.<\/p>\n

\nCost of revenues was $825,000 in the first quarter of 2023 compared to $3.5 million during the same period in 2022, resulting in an improvement of $922,000 in gross profit. Cost of revenues in the first quarter of 2022 included grain sold at cost, low-margin body care product sales and higher inventory write-downs.<\/p>\n

\nResearch and development (R&D) spending decreased by $36,000 in the first quarter of 2023 compared to the first quarter of 2022. The decrease was driven by the company\u2019s continued focus on commercialization, which has led to lower R&D employee-related expenses and activity costs.<\/p>\n

\nSelling, general and administrative costs for the first quarter of 2023 were $43,000 higher than in the first quarter of 2022 despite a 43% increase in marketing expenses in 2023.<\/p>\n

\nComplete financial statements for the first quarter of 2023 will be available next week when the company files its Quarterly Report on Form 10-Q. Due to the complexity of the company\u2019s March 2023 private placement financing, the impact of that financing on the net loss is still under review.<\/p>\n

Conference Call and Webcast<\/b><\/p>\n

\nThe company has scheduled a conference call for 4:30 p.m. Eastern time (1:30 p.m. Pacific time) today, May 11, to discuss first-quarter results and key strategic achievements. Interested participants can join the conference call using the following options:<\/p>\n