- SenesTech, experts in animal fertility control, posted a 44% YOY revenue growth for Q3 2023
- Gross profit also saw 49% growth from $122,000 in 2022 to $175,000 in 2023
- The growth was attributed to the company’s primary initiatives to drive sales, improve product quality, and expand product options
- The company looks to greatly accelerate growth with the launch of its Evolve Soft Bait, key to opening the huge professional rodent control market, and the first and only soft bait developed to control pest populations through technology that targets the population where it starts, without poisons
SenesTech (NASDAQ: SNES), an animal fertility control innovator and the inventor of the only EPA-registered contraceptive for male and female rats, announced its financial results for the third quarter of the 2023 financial year (“Q3, 2023”) on November 9, 2023. Of note was the 44% year-over-year (“YOY”) growth in revenue, primarily attributed to the company’s initiatives to drive sales, improve product quality, and expand product options.
“We accelerated our growth trajectory during the third quarter with strong 44% year-over-year growth in revenues driven by the initiatives we have undertaken to drive sales, improve our product quality, and expand our product options,” noted Joel Fruendt, SenesTech’s President and CEO (https://ibn.fm/e4qRg).
Revenue for Q3 2023 stood at $360,000, up from $250,000 in Q3 2022. Gross profit also saw a 49% growth, from $122,000 in 2022 to $175,000 in 2023. Sales growth was driven by the increases in every key market segment, including but not limited to commercial, agribusiness, zoos, and sanctuaries. SenesTech’s e-commerce platform also saw a decent return on marketing investment, a positive uptick following the successful reconfiguration of operations earlier in the year.
SenesTech plans to capitalize on this growth and accelerate it in the coming months and years to create value for its shareholders and stamp its position as an industry leader. The company is currently launching its Evolve Soft Bait, the first and only soft bait developed to control pest populations. It is a healthy addition to its growing product line, which currently comprises Ultimate, Isolate, and Elevate, pest bait systems delivered in liquid form. This foray into non-liquid baits, represented by Evolve, is key to tapping the vast professional market by offering a non-liquid bait form that fits the preferences of rodent control specialists.
With each product offering or iteration, SenesTech has pushed the envelope, providing more value to consumers and differentiating itself from its industry peers with unique technology. For instance, when it introduced Elevate in 2022, it offered a targeted approach to above ground rat infestations with easier deployment in rafters of barns, storage and manufacturing facilities, attics, and granaries.
The company looks to initially focus on commercial markets and key distributors. In addition, the company looks to explore e-commerce providers like Amazon and big box retailers, bringing the product closer to its target consumers. SenesTech is optimistic that this offering will yield significant additional growth.
“We expect this growth to further accelerate as we launch our Evolve Soft Bait, the first and only soft bait developed to control pest populations using a breakthrough technology that targets the rat population where it starts, by restricting fertility through nonlethal methods,” noted Mr. Fruendt.
Their most recent addition, Evolve, is specifically designed to be highly palatable to rats and easy to deploy. It also offers diverse placement in different environments, allowing for its application in parks, sports venues, food processing facilities, subways, agribusiness, residential locations, and recreational facilities. With SenesTech’s distribution, paired with the product’s competitive pricing compared to rodenticide alternatives, the company looks to carve out a significant market share and grow its revenues even further as time progresses.
For more information, visit the company’s website at www.SenesTech.com.
NOTE TO INVESTORS: The latest news and updates relating to SNES are available in the company’s newsroom at https://ibn.fm/SNES