DAVIS, Calif.--(BUSINESS WIRE)--Marrone Bio Innovations, Inc. (NASDAQ:MBII), a provider of bio-based pest management and plant health products, today announced it has streamlined its business operations.
These changes are focused on reducing operating expenses and conserving cash, primarily through headcount reductions of approximately 23% and improved efficiency in all departments. This action further builds upon the Company’s previously announced pipeline prioritization plan, which focuses the business on products that are expected to have the greatest near-term growth potential. These changes are also intended to best position the Company to respond to the business challenges reflected in its financial results for the first half of the year and to address the recent departures of its COO and several of its sales staff.
Pam Marrone, Chief Executive Officer, commented “We continue to push forward with a long-term, global vision for the business that remains fundamentally unchanged. At the same time, we believe that reducing expenses in connection with a refocusing of our business development efforts was the prudent thing to do. We expect to forge a stronger and more focused organization, and we remain dedicated to our long-term goal of driving value to our shareholders, our partners, our customers and our community.”
About Marrone Bio Innovations
Marrone Bio Innovations, Inc. (NASDAQ: MBII) is a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental, and water treatment markets. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe. For more information, please visit www.marronebio.com.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements relating to the Company’s products and product pipeline, to the intended benefits of headcount and expense reductions, pipeline prioritization, refocusing of business development and other efforts to improve efficiency and growth. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements, including the difficulty in predicting the timing or outcome of product research and development efforts, our ability to successfully compete for customers and penetrate markets for pesticide products, the impact of weather conditions on product sales, our currently limited sales and marketing experience and capabilities. Additional relevant information concerning risks can be found in the Form 10-K and the Forms 10-Q that the Company filed with the Securities and Exchange Commission on March 25, 2014, May 15, 2014 and August 18, 2014, respectively.