Evogene reports first quarter 2013 financial results

14-May-2013 - Israel

Evogene Ltd. (EVGN) announced its financial results for the first quarter ended March 31, 2013.

Revenues for the first quarter of 2013 grew to $4.6 million, compared to $4.2 million for the same period in 2012. Evogene’s current revenues consist primarily of research and licensing revenues generated under the Company's various collaboration agreements with seed companies.

Cost of Revenues includes expenses related to the support of the Company’s on-going activities under collaboration agreements with seed companies, all of which provide for future milestone and royalty revenues. Cost of Revenues for the first quarter of 2013 was $2.2 million, compared to $2.1 million for the same period in 2012.

Research & Development expenses for the first quarter of 2013, which do not include
expenses incurred in support of on-going collaborations which, as stated above, are
accounted for as Cost of Revenues, were $2.2 million. This compared to $1.5 million for the same period in 2012. The increase in Research & Development expenses mainly relates to the development of new computational technologies, establishing new capabilities for our technology platform and expansion of internal research projects and related headcount.

Loss from ordinary operations for the first quarter of 2013 was $0.6 million, compared
to a loss from ordinary operations of $0.1 million for the same period in 2012. This
increase is mainly attributed to the increase in research & development expenses, as
described above.

Total Comprehensive loss for the first quarter of 2013 was $0.5 million, compared to a
total comprehensive profit of $0.5 million for the same period in 2012. The change from comprehensive profit to comprehensive loss is mainly due to the increase in loss from ordinary operations, as described above, and a decrease in financial income, net, mainly due to fluctuation in currency exchange rates and decline in interest rates.

https://www.bionity.com/en/news/143059/evogene-reports-first-quarter-2013-financial-results.html