Evogene Reports Second Quarter 2024 Financial Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 22 2024
0mins
Source: PRnewswire
Financial Performance: Evogene Ltd. reported significant revenue growth in H1 2024, reaching $5.1 million compared to $1.3 million in H1 2023, while reducing its net loss to $9.8 million from $14.8 million year-over-year. The company anticipates continued revenue growth driven by seed orders totaling over $8 million.
Subsidiary Developments: Casterra Ag secured a $440K order for castor seeds and completed a successful harvest season in Brazil, while Lavie Bio expanded its bio-inoculant product line and Biomica presented promising clinical results for its microbiome-based therapeutics at ASCO 2024.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy EVGN?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on EVGN
Wall Street analysts forecast EVGN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for EVGN is 2.50 USD with a low forecast of 2.50 USD and a high forecast of 2.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.010
Low
2.50
Averages
2.50
High
2.50
Current: 1.010
Low
2.50
Averages
2.50
High
2.50
About EVGN
Evogene Ltd is an Israel-based company, engaged in leveraging computational biology to design products for life-science-based industries including human health, agriculture, and industrial applications. Leveraging Big Data and Artificial Intelligence while incorporating a deep understanding of biology, Evogene established its technology, the Computational Predictive Biology (CPB) platform, to computationally design microbes, small molecules and genes as the core components for life-science products. Evogene holds a number of subsidiaries utilizing the CPB platform, for the development of human microbiome-based therapeutics, medical cannabis, ag-biologicals, ag-chemicals, seed traits and ag-solutions for castor oil production.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
EverGen Infrastructure Closes $13M Financing to Enhance Financial Flexibility
- Financing Structure Optimization: EverGen has secured a $13 million asset-level debt agreement with Farm Credit Canada, significantly reducing overall debt service costs and strengthening the company's financial foundation to support strategic goals for 2026.
- Corporate Debt Repayment: The company successfully repaid $12 million of corporate debt, reducing the remaining balance to approximately $1.1 million, which alleviates financial burdens and provides funding for future organic growth and optimization projects.
- Successful Equity Financing: EverGen closed a non-brokered private placement raising approximately $1.9 million by issuing 3,152,441 common shares at $0.60 each, reflecting strong market confidence in the company's operational performance and platform potential.
- Strategic Development Opportunity: This financing not only enhances the company's capital flexibility but also lays the groundwork for expansion in the renewable natural gas sector, expected to accelerate growth in agricultural waste solutions.
Continue Reading
EverGen Infrastructure Closes $13M Financing to Optimize Debt Structure
- Financing Structure Optimization: EverGen has secured a $13 million asset-level debt agreement with Farm Credit Canada, significantly reducing overall debt service costs, thereby enhancing financial stability and laying the groundwork for strategic repositioning in 2026.
- Corporate Debt Repayment: The company successfully repaid $12 million of corporate debt, reducing the remaining balance to approximately $1.1 million, which not only alleviates financial burdens but also enhances future financing flexibility.
- Equity Financing Support: EverGen completed a non-brokered private placement raising approximately $1.9 million by issuing 3,152,441 common shares at $0.60 each, providing additional operational funds to support its sustainability strategy.
- Increased Market Confidence: The successful financing reflects institutional investor confidence and provides EverGen with the necessary capital to accelerate growth in the renewable natural gas sector, particularly in organic and agricultural waste solutions.
Continue Reading