SenesTech, Inc. (SNES) Misses Q1 EPS by 6c
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SenesTech, Inc. (NASDAQ: SNES) reported Q1 EPS of ($0.22), $0.06 worse than the analyst estimate of ($0.16).
"California is a huge market and we expect our growth to continue there and in other markets around the country as the pest control industry and other customers look for new solutions to rat control," said Ken Siegel, SenesTech's Chief Executive Officer. "Our successful test results and strong data collected during the research period particularly in urban and agricultural settings is resonating and creating early commercial traction for us around the United States. With the effects of the pandemic beginning to ease, we are seeing increased engagement with customers and pest management professionals."
SenesTech has formed partnerships and collaborations with key distributors in California who are now including ContraPest® fertility management in their pest management programs. SenesTech recently fulfilled an initial order with a large East Coast city, and agencies are specifying ContraPest® be included in their integrated pest management programs. SenesTech recently rebranded itself "The Pest Control Difference."
"With our early commercial traction now in full swing, we felt the time was right to formally rebrand SenesTech, 'The Pest Control Difference.' We are excited about this new branding as we look to shape the future of pest control," said Steve Krause, SenesTech's Executive Vice President of Commercialization. "The rebrand provides a platform for SenesTech's new initiatives. We launched two new websites and created a loyalty and rewards program to allow customers the opportunity to earn rewards for purchases or referring their friends."
"We continue to focus on operating the business efficiently. By increasing revenue and decreasing operating expenses, we have significantly reduced our breakeven point. Further, our cash position of $15.2 million at the end of March put us in a great position to continue executing our commercial plans," said Tom Chesterman, SenesTech's Chief Financial Officer.
For earnings history and earnings-related data on SenesTech, Inc. (SNES) click here.
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