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Arcadia Biosciences RKDA reported a loss (from continuing operations) of 87 cents per share in the third quarter of 2024, which missed the Zacks Consensus Estimate of a loss of 77 cents per share. RKDA had reported an adjusted loss of $1.83 per share in the third quarter of 2023.
In May 2024, Arcadia Biosciences sold its GoodWheat brand to Above Food Corp. During the month, RKDA also sold its Resistant Starch (”RS”) Durum trait to Corteva Agriscience, a subsidiary of Corteva CTVA. The company received $4.0 million in cash from Corteva. Including discontinuing operations, the company reported a loss of $1.18 per share compared with a loss of $1.87 per share in the year-ago quarter.
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Zola Brand Drives Arcadia Biosciences’ Sales
Net sales were $1.5 million, which marked an 18% improvement from the year-ago quarter, driven by higher Zola sales. The top line beat the Zacks Consensus Estimate of $1 million.
The company announced that Zola coconut water sales were up 55% year over year, with the brand continuing to gain market share. New retail distribution increased 68% from the last year.
Arcadia Biosciences, Inc. Price, Consensus and EPS Surprise
Arcadia Biosciences, Inc. price-consensus-eps-surprise-chart | Arcadia Biosciences, Inc. Quote
RKDA Reports Operating Loss on Higher Costs
The cost of revenues rose 26% year over year to $1.03 million. Research and development expenses were $0.02 million, flat compared with the year-ago quarter. Selling, general and administrative (SG&A) expenses increased 20% from the prior year to $2.24 million due to employee severance expenses related to the change in management.
Operating expenses increased 22% year over year to $3.3 million, mainly reflecting higher SG&A expenses.
Arcadia Biosciences reported an operating loss of $1.76 million in the third quarter compared with $1.4 million in the third quarter of 2023.
Arcadia Biosciences’ Cash Position
At the end of the third quarter, RKDA’s cash and cash equivalents were $3.9 million compared with $6.5 million at 2023-end. It used $7.4 million of cash in operating activities in the first nine-month period of 2024 compared with $11.1 million in the prior-year period.
RKDA Stock’s Price Performance
RKDA’s shares have lost 7.3% over the past year against the industry's 0.5% growth.
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Arcadia Biosciences’ Zacks Rank
Arcadia Biosciences currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.