Calyxt reports record Q4, 2019 revenue of $7.3M, expects 2020 revenue to nearly double

In Minnesota, Calyxt, Inc., a plant-based technology company, expanded their product pipeline to 9 crops and 14 projects under development, compared to 5 crops and 6 projects under development one year ago. The company expects 2020 revenue to nearly double and reports that revenue for 2019 increased to $7.3 million driven by the launch of HO soybean oil and soybean meal.

Fourth quarter revenue increased to $3.8 million driven entirely by increased sales volumes of high oleic (HO) soybean oil and soybean meal. Net cash used in the fourth quarter was $7.9 million, reflecting savings and efficiencies over previously announced financial guidance of $3.0 million to $3.25 million per month of net cash used.

Net cash used in 2019 was $35.3 million, compared to $18.4 million in 2018 excluding the benefit from our May 2018 follow-on capital raise. The commercialization of our HO soybean products, including investment in personnel and purchases of grain, drove the increase in cash used year over year.

Product development efforts are focused on:

• People: health and wellness benefits including better tasting plant proteins, gluten free alternatives, heart health, higher fiber, and reduced allergens
• Planet: sustainability benefits including projects in alfalfa, hemp, potatoes, and soybeans

The first product from their new hemp breeding program is set for commercial launch in the second quarter of 2020. This product leverages theirs plant breeding expertise as no gene editing was required to make the valued crop improvement.