October 25, 2013

Evogene's Jan-Sep revenues up to US$13.2 million

Evogene announced its financial results for the third quarter and nine months ended September 30, 2013.

Ofer Haviv, Evogene's President and CEO, stated: "Last year, in view of the broad applicability of the unique technological capabilities and infrastructure that we have established over the past decade, we reorganised our company into four operating divisions, each focused on leveraging these assets to create improved products in a different and substantial market area. Everything that we are able to accomplish in our four operating divisions rests on our unique technology platforms and highly skilled professional staff. As such, in addition to our programme-directed activities in each division, we continue to make increasing investments to enhance and extend our core technologies and capabilities. These efforts have been primarily related to our computational technologies and plant validation platforms, including the broadening of our field-trial capabilities and greenhouse facilities."

Evogene's revenues for the first nine months ended September 30, 2013 were US$13.2 million, compared to US$12.3 million for the same period in 2012. Revenues for the third quarter of 2013 were US$4.2 million, compared to US$4.0 million reported for the same period in 2012. Revenues for the first nine months and the third quarter of 2013 consist primarily of research and development payments under the company's various collaboration agreements.

For the first nine months ended September 30, 2013, research and development expenses, which do not include expenses incurred in support of on-going collaborations which, as stated above, are accounted for as cost of revenues, were US$7.6 million, compared to US$5.2 million for the same period in 2012. Research and development expenses for the third quarter of 2013 were US$3.0 million, compared to US$1.9 million for the same period in 2012. The increases for 2013 compared to 2012 primarily relate to the significant increase in activities devoted to strengthening the infrastructure and expanding the product offerings across Evogene's four operating divisions, including the establishment of dedicated computational platforms and related increases in professional staff.

Evogene is a plant genomics company utilising a proprietary integrated technology infrastructure to enhance seed traits underlying crop productivity. It offers a complete solution for crop productivity improvement through biotechnology and advanced breeding using a unique technology infrastructure that is based on deep scientific understandings of plant genomics and proprietary computational capabilities. The company's headquarters are located in Rehovot, Israel.