YTD 2024 total revenue up more than 80% compared to YTD 2023 driven by orders for Evolve™ soft bait
"During 2023, we executed on a number of key initiatives that will be the foundation to drive growth into the future, most notably was the development of Evolve, our all-new soft bait product that was launched on a limited basis at the end of 2023," commented
Year-to-date 2024 total revenue (through
"It is increasingly clear that Evolve is a game changing product that will be a key driver to our revenue growth in 2024," Fruendt continued.
Looking back at 2023, revenue was
Following the successful launch of Evolve for rats, the Company is working on an enhanced form factor and dosing of a soft bait contraceptive product for mice. The product is expected to utilize the same active ingredient with its documented record of efficacy and be designated under the
"A product for the control of mice is a logical extension of our rodent fertility control solutions," Fruendt continued. "Our product development team is hard at work with a goal to have a product on the market by mid-2024."
Year End 2023 Highlights
- Revenue during 2023 was
$1.2 million compared to$1.0 million in 2022, an increase of 17%.
- Gross profit during 2023 was
$539,000 compared to$464,000 in 2022, with gross profit margin at 45.2% in 2023 compared to 45.5% in 2022. Gross profit margin for 2023 excluding the impact from new product introductions was 49.3%.
- Net loss during 2023 was
$7.7 million , compared to a net loss of$9.7 million for 2022, an improvement of$1.9 million .
- Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, for 2023 was
$6.9 million compared to$8.5 million in 2022, an improvement of$1.5 million .
- Cash at the end of
December 2023 was$5.4 million .
Use of Non-GAAP Measure
Adjusted EBITDA is a non-GAAP measure. However, this measure is not intended to be a substitute for those financial measures reported in accordance with GAAP. Adjusted EBITDA has been included because management believes that, when considered together with the GAAP figures, it provides meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results and trends. Adjusted EBITDA may be calculated by us differently than other companies that disclose measures with the same or similar term. See our attached financials for a reconciliation of this non-GAAP measure to the nearest GAAP measure.
Conference Call Details
Date and Time:
Call-in Information: Interested parties can access the conference call by dialing (844) 308-3351 or (412) 317-5407.
Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available in the Investor Relations section of the Company's website athttps://app.webinar.net/KODd6Vn6ApQ or http://senestech.investorroom.com/.
Replay: A teleconference replay of the call will be available for seven days at (877) 344-7529 or (412) 317-0088, replay access code 3232725. A webcast replay will be available in the Investor Relations section of the Company's website at http://senestech.investorroom.com/ for 90 days.
About
We are committed to improving the health of the world by humanely managing animal pest populations through fertility control. We are experts in fertility control to manage animal pest populations. We invented ContraPest, the only
For more information visit https://senestech.com/.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, among others, our belief that our execution on a number of key initiatives during 2023, will be the foundation to drive growth into the future, most notably was the development of Evolve, our all-new soft bait product that was launched on a limited basis at the end of 2023; our belief that it is increasingly clear that Evolve is a game-changing product that will be a key driver to our sales growth in 2024; our development of a soft bait contraceptive product for mice, which is expected to utilize the same active ingredient with its documented record of efficacy and be designated under the
CONTACT:
Investors: Robert Blum, Lytham Partners, LLC, 602-889-9700, senestech@lythampartners.com
Company: Tom Chesterman, Chief Financial Officer,
BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) |
|||
|
|
||
|
As of |
||
|
2023 |
|
2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 5,395 |
|
$ 4,775 |
Accounts receivable, net |
95 |
|
113 |
Prepaid expenses |
388 |
|
378 |
Inventory, net |
795 |
|
853 |
Total current assets |
6,673 |
|
6,119 |
Right to use assets, operating leases |
210 |
|
347 |
Property and equipment, net |
388 |
|
294 |
Other noncurrent assets |
22 |
|
22 |
Total assets |
$ 7,293 |
|
$ 6,782 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ 150 |
|
$ 540 |
Accrued expenses |
368 |
|
560 |
Current portion of operating lease liability |
217 |
|
180 |
Current portion of notes payable |
33 |
|
— |
Deferred revenue |
18 |
|
44 |
Total current liabilities |
786 |
|
1,324 |
Operating lease liability, less current portion |
— |
|
179 |
Notes payable, less current portion |
156 |
|
— |
Total liabilities |
942 |
|
1,503 |
Stockholders' equity: |
|
|
|
Common stock |
5 |
|
— |
Additional paid-in capital |
136,259 |
|
127,482 |
Accumulated deficit |
(129,913) |
|
(122,203) |
Total stockholders' equity |
6,351 |
|
5,279 |
Total liabilities and stockholders' equity |
$ 7,293 |
|
$ 6,782 |
STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited) |
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Years Ended |
||
|
|
2023 |
|
2022 |
Product sales, net |
|
$ 1,193 |
|
$ 1,019 |
Cost of sales |
|
654 |
|
555 |
Gross profit |
|
539 |
|
464 |
Operating expenses: |
|
|
|
|
Research and development |
|
1,228 |
|
1,859 |
Selling, general and administrative |
|
7,043 |
|
8,279 |
Total operating expenses |
|
8,271 |
|
10,138 |
Loss from operations |
|
(7,732) |
|
(9,674) |
Other income (expense): |
|
|
|
|
Interest income |
|
26 |
|
7 |
Interest expense |
|
(4) |
|
(2) |
Miscellaneous expense |
|
— |
|
(26) |
Other income (expense), net |
|
22 |
|
(21) |
Net loss |
|
$ (7,710) |
|
$ (9,695) |
Weighted average shares outstanding — basic and diluted |
|
669,861 |
|
65,473 |
Loss per share — basic and diluted |
|
$ (11.51) |
|
$ (148.08) |
Itemized Reconciliation Between (In thousands) (Unaudited) |
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|
|
|
||
|
|
Years Ended |
||
|
|
2023 |
|
2022 |
Net loss (as reported, GAAP) |
|
$ (7,710) |
|
$ (9,695) |
Non-GAAP adjustments: |
|
|
|
|
Interest income, net |
|
(22) |
|
(5) |
Stock-based compensation expense |
|
555 |
|
711 |
Severance costs |
|
119 |
|
311 |
Loss on sale of assets |
|
— |
|
28 |
Depreciation expense |
|
135 |
|
183 |
Total non-GAAP adjustments |
|
788 |
|
1,227 |
Adjusted EBITDA loss (non-GAAP) |
|
$ (6,922) |
|
$ (8,467) |
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