SenesTech Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
SenesTech, Inc. Reports Second Quarter 2024 Financial Results
SenesTech, Inc., a company focused on developing fertility control products for animal pest management, has released its financial results for the quarter ending June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $459,000 | $305,000 | +50.5% | $480,000 |
| Earnings Per Share (EPS) | -$3.2 | -$3.7 | N/A | -$3.2 |
Interpretation : The company saw a significant year-over-year increase in total revenue, driven by the launch of new products such as Evolve. Quarter-over-quarter, the growth highlights the steady market acceptance of its new product line. However, earnings per share (EPS) remained in the negative, aligning with the consensus estimate but reflecting ongoing operational losses.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue |
|---|---|---|
| Evolve Product Line | $266,000 | N/A |
| Isolate Bait System | $37,000 | N/A |
| Elevate Bait System | $156,000 | $305,000 |
Interpretation : The launch of the Evolve product line has contributed substantially to the revenue, indicating strong market acceptance. However, there is a decline in the Elevate Bait System sales, possibly due to market share being captured by the newer products.
Comments from Company Officers
As part of the earnings release, SenesTech's executive officers remarked on the successful launch of the Evolve product line and emphasized the importance of continuing R&D to improve existing products and develop new ones. They acknowledged the company's need for additional financing to bridge the gap to profitability and operational self-sufficiency.
Dividends or Share Repurchase Program
No information on dividends or share repurchase programs was provided in the earnings release.
Forward Guidance
The company did not provide specific forward guidance in the earnings release. They did mention the importance of additional financing to support ongoing operations and future growth.
Stock Price Movement
The stock price saw no percentage change following the earnings release.
Overall, SenesTech, Inc. showcased significant revenue growth through the introduction of new product lines, although it remains in a financially precarious position needing further capital to maintain operations and pursue growth opportunities.
