Origin Agritech Provides Business Updates And Answers Questions From Investors; Sees FY23 Revenue $12M-$13M; FY23 Net Income $16M-$17M; FY23 Operating Profit Of ~$2M
Portfolio Pulse from Benzinga Newsdesk
Origin Agritech Ltd. (NASDAQ:SEED) provided a business update for FY23, expecting revenue of $12M-$13M, a 60%-70% increase from FY22. Net income is projected at $16M-$17M, including a one-time $19M gain from a building sale. Operating profit is anticipated to be around $2M. The company highlighted advancements in agricultural biotechnology, including a triple-stack trait corn and a novel gene editing method. They also discussed the potential approval of GMO corn hybrids in 2024, advancements in nitrogen-efficient corn, and expansion plans for nutrition-enhanced corn (NEC). The company is in discussions with Muyuan Foods for potential collaborations and expects to expand NEC corn planting. Origin Agritech's CEO expressed confidence in the company's future and dissatisfaction with the current stock price, indicating it undervalues the company's potential.
November 21, 2023 | 2:19 pm
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Origin Agritech expects significant revenue growth in FY23 and has made key advancements in agricultural biotechnology. The company is also discussing potential collaborations and plans to expand its NEC corn planting.
The positive financial forecast and advancements in agricultural biotechnology are likely to be viewed favorably by investors, potentially leading to a short-term increase in stock price. The CEO's comments on the stock being undervalued could also attract investor interest.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100