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(Sharecast News) - Biopesticide and crop protection technology developer Eden Research said in an update on Tuesday that its revenue for 2022 was expected to have increased by 50% to £1.8m - £0.1m ahead of market expectations.
The AIM-traded firm said product sales were set to have risen by 55% to £1.7m, which itself was £0.3m ahead of market forecasts.
Its loss before tax was also ahead of what investors had pencilled in by £0.3m at £2.8m, narrowing from a £3.4m loss in 2021.
The company said its cash position at year-end on 31 December was £0.2m below market expectations at £2m, down from £3.9m year-on-year.
On the operational front, Eden Research received US EPA national approval for 'Mevalone', 'Cedroz' and three active ingredients in September, with initial state-level approvals received before the end of the year, and additional approvals expected in 2023.
The first sale of Mevalone to Sipcam Agro USA was made in December, in support of commercial sales in 2023, subject to those state-level approvals.
Corteva France was meanwhile appointed as the exclusive distribution partner for Mevalone in France, which the board described as a "key" growth opportunity.
Looking ahead, Eden said it was expecting to see a "further step-up" in product sales growth in 2023, with increasing Mevalone sales in recently added territories, as well as "meaningful" sales of Cedroz.
As a result, the board said it was "confident" the firm would meet market expectations for the current financial year.
"In 2022, we strengthened several of our key relationships and made progress in unlocking unrealised potential in current and new markets." said chief executive officer Sean Smith.
"A good illustration of this is our appointment of Corteva France as our exclusive distribution partner for Mevalone in France.
"Working together, we have identified potential additional disease targets that would significantly grow our business in this key grape growing country."
Smith said that subject to regulatory approvals, the company expected the new opportunities would expand the size of its Mevalone business in France "substantially" in coming years, adding that it was looking forward to Corteva's product launch this year, with in-country sales already expected to exceed previous years.
"In 2023, we expect to announce new partnerships and further broaden our existing relationships, leveraging our network to support Eden's ongoing growth, even as we add to our addressable markets through regulatory action and new product introductions.
"Eden is fortunate to have multiple significant opportunities to pursue in 2023 and beyond, and we will continue to work hard to develop our business and the company for the benefit of our shareholders, partners and employees."
At 1502 GMT, shares in Eden Research were up 5.81% at 4.5p.
Reporting by Josh White for Sharecast.com.
