Bioceres Crop Solutions Corp. (NASDAQ:BIOX) Q1 2023 Earnings Call Transcript

That’s the reason why we use that metric. We are standing today 38% use of installed capacity. We can still use an additional 20%, but that requires investing in working capital because this is a highly seasonal product. So we are already looking and we discussed this on our last earnings. We are already looking into expanding capacity in that plant.

We feel about how this product has rolled out in the market in Argentina, in the southern states of Brazil. And we’re looking at opportunities maybe in our markets, maybe in the northern space of Brazil and why not be in the U.S. at some point. So yes, we will need to do some investment. Now it’s not the thing to start from scratch than to add capacity on what we already have. So to continue expanding Latin America we will start doing module investments to ramp install capacity up as we see that there’s still demand for the product.

Steven Ralston: Thank you. And I want to congratulate you all on that €“ your strategy on that plant because basically, it was a wasting asset with very low capacity utilization. And through your strategies, you’ve made it into a true cash generator. Thank you for taking my questions.

Federico Trucco: We know you’ve been tracking that part very closely. So it’s great to see you. We could place the progress there, and we are also very proud to see that happening.

Operator: We have no further questions, so I’ll hand it back to Federico for any concluding remarks.

Federico Trucco: Okay. I want to thank everyone for joining us today for those that woke up at 5 a.m. particularly thank you because it’s very early. We are really proud of the quarter we just finished the progress that we’re making and hope to continue to sort of bring these type of results on a forward-going basis. It’s going to be challenging because the bar is high and the weather is not helping. So maybe a little bit of rain might help in Argentina despite our investment and how important drought is for us from a technology viewpoint, but we are really happy to be where we are. And please feel free to reach out if you want additional information or follow-up with any additional questions. Thank you, and have a great rest of your day.

Operator: This concludes today’s call. Thank you very much for your attendance. You may now disconnect your lines.