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Aug 7, 2019

AquaBounty Q2 net-loss widens as activity ramps up

US genetically engineered salmon pioneer AquaBounty Technologies saw a growing net-loss during the second quarter of 2019 but has a good reason for it: after years of delay, having US approvals in hand has allowed the company to quickly ramp up preparations for commercial operations. According to the company's earnings report, its Q2 2019 net loss rose to $4.026 million, up from $2.781m the year prior. It's sales remain low, $42,486 for Q2 2019 compared to $47,898 for Q2 2018. However, Sylvia Wulf, the company's CEO struck an optimistic tone in a press release accompanying the earnings report. “This past quarter was an historic one for AquaBounty, as the [Food and Drug Administration's] FDA’s lifting of the import alert on AquAdvantage Salmon allowed us to stock our eggs at our Indiana farm site and, for the first time ever, grow our fish in the United States.  We also stocked our new farm in Rollo Bay on Prince Edward Island and completed a second equity fundraise to continue to improve our balance sheet."  Read the article.