SenesTech Inc. (NASDAQ: SNES) Building Quickly Acr
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Posted On: 08/23/2024 6:52:49 PM
SenesTech Inc. (NASDAQ: SNES) Building Quickly Across Multiple Channels
- SenesTech recently released Q2 2024 financial results and hosted a conference call, confirming 50% revenue growth in the just-ended quarter, and year-to-date growth 62%
- During the call, Joel Fruendt, President and CEO, discussed the company’s progress and accomplishments, including the successful efficacy trial of Evolve to support the product’s approval in certain states and international jurisdictions
- Fruendt also discussed the company’s commercialization plans, centered around the pivot from the reliance on direct sales to the use of distributors
- So far, SenesTech has onboarded three of the top five national multi-location distributors and is in the process of bringing the fourth on board
- The company has active international agreements, is pursuing the agribusiness industry, is keen on penetrating the retail market through sales agencies, and has ramped up efforts to ensure the availability of its products on various e-commerce platforms
SenesTech (NASDAQ: SNES), the inventor of ContraPest(R), the only U.S. EPA-registered contraceptive for male and female rats, as well as Evolve(R) and Evolve Mouse(R), EPA-designated minimum risk contraceptives for rodents, recently reported financial results for its second quarter of fiscal 2024, ended June 30, 2024. In addition, Joel Fruendt, President and CEO of SenesTech, and Tom Chesterman, CFO of SenesTech, hosted a conference call (https://nnw.fm/Yf90F ).
During the conference call, Fruendt discussed SenesTech’s progress and accomplishments. He highlighted that Evolve, the revolutionary fertility control product formulated to control rat pests, has now been approved for sale in 44 states. Additionally, Evolve Mouse, which uses the same active ingredient as Evolve but is specifically made for mice, is currently available for sale in 32 states. According to Fruendt, the Evolve Mouse product effectively doubles the company’s obtainable market.
Additionally, during the past quarter, the company completed an efficacy trial of Evolve at an Arizona university, demonstrating the efficacy and sustainability of the product. Required by some states and international jurisdictions, the study generated results that, according to Fruendt, were better than expected.
The results showed a 61% reduction in litter size after one breeding round and a 90% reduction over the course of 12 months. Fruendt highlighted that this “represents a substantial reduction in population,” considering that two rats or mice can grow to 15,000 in just one year. As with Evolve, SenesTech intends to conduct a trial to evaluate the efficacy of Evolve Mouse, conforming with the requirements of some states.
“Moving from product development to commercialization, we have pivoted our selling efforts [from a reliance on a direct sales model] to a distribution model, where we target larger orders and a lower cost of sales. The Evolve product line allows the shift in a way that ContraPest could not – through a substantial shelf-life, ease of use, and lower installed costs. We are continuing to expand into the international market, which is also only possible with the Evolve product line,” continued Fruendt.
The shift from the direct sales model has seen the company onboard three of the top five national multi-location distributors and is onboarding the fourth. In addition, SenesTech has active international agreements in 11 countries so far, with these agreements requiring an upfront purchase and increasing annual sales to maintain exclusivity. In four of the 11 countries, SenesTech is either conducting pivotal trials to gain full registration, with distributors working extensively with government agencies, or already in the market.
In addition to international markets, SenesTech is pursuing the agri-business industry. The company is engaging in direct discussions with “very large agricultural operations” and agricultural distributors, which signal increasing interest from companies in this space. “We currently have 4 stocking national distributors in this area and are onboarding two more,” Fruendt continued.
SenesTech is also keen on penetrating the retail market and is working with five sales agencies that have over 50 reps in the field and sell to 23 retail co-ops and big box chains representing over 50,000 locations. These accounts, Fruendt noted, include the largest of the big box operators and retail warehouses.
In addition, Fruendt touched on the company’s efforts to leverage e-commerce to grow its revenue. Accordingly, SenesTech is selling its products on its own website, Amazon.com, and DIYpestcontrol.com. The company also has entered agreements to onboard two of the largest third-party e-commerce platforms in the current quarter, including tractorsupply.com and Walmart.com, and has targeted six more.
The company believes the efforts of the past quarter will turn into revenue this quarter and the next, continuing a growth trend – SenesTech’s revenue in the just-ended quarter grew 50%, while the year-to-date growth stood at 62%. In addition, revenues for the first six months of 2024 were $874,000 compared to $538,000 for the same period in 2023. This growth, Chesterman explained, was driven by the Evolve product line, which was launched at the beginning of the year and is already 59% of total sales.
In his concluding remarks, Fruendt expressed his excitement at the progress the company has made thus far, noting, “We’re just starting to hit the point where a lot of the work we’ve done over the past nine months is really going to start taking hold across these different channels that we talked about, and we should have more really good news to report going into the balance of this year.”
To listen to the webcast replay, visit https://nnw.fm/vmdIC (registration required).
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://nnw.fm/SNES
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
- SenesTech recently released Q2 2024 financial results and hosted a conference call, confirming 50% revenue growth in the just-ended quarter, and year-to-date growth 62%
- During the call, Joel Fruendt, President and CEO, discussed the company’s progress and accomplishments, including the successful efficacy trial of Evolve to support the product’s approval in certain states and international jurisdictions
- Fruendt also discussed the company’s commercialization plans, centered around the pivot from the reliance on direct sales to the use of distributors
- So far, SenesTech has onboarded three of the top five national multi-location distributors and is in the process of bringing the fourth on board
- The company has active international agreements, is pursuing the agribusiness industry, is keen on penetrating the retail market through sales agencies, and has ramped up efforts to ensure the availability of its products on various e-commerce platforms
SenesTech (NASDAQ: SNES), the inventor of ContraPest(R), the only U.S. EPA-registered contraceptive for male and female rats, as well as Evolve(R) and Evolve Mouse(R), EPA-designated minimum risk contraceptives for rodents, recently reported financial results for its second quarter of fiscal 2024, ended June 30, 2024. In addition, Joel Fruendt, President and CEO of SenesTech, and Tom Chesterman, CFO of SenesTech, hosted a conference call (https://nnw.fm/Yf90F ).
During the conference call, Fruendt discussed SenesTech’s progress and accomplishments. He highlighted that Evolve, the revolutionary fertility control product formulated to control rat pests, has now been approved for sale in 44 states. Additionally, Evolve Mouse, which uses the same active ingredient as Evolve but is specifically made for mice, is currently available for sale in 32 states. According to Fruendt, the Evolve Mouse product effectively doubles the company’s obtainable market.
Additionally, during the past quarter, the company completed an efficacy trial of Evolve at an Arizona university, demonstrating the efficacy and sustainability of the product. Required by some states and international jurisdictions, the study generated results that, according to Fruendt, were better than expected.
The results showed a 61% reduction in litter size after one breeding round and a 90% reduction over the course of 12 months. Fruendt highlighted that this “represents a substantial reduction in population,” considering that two rats or mice can grow to 15,000 in just one year. As with Evolve, SenesTech intends to conduct a trial to evaluate the efficacy of Evolve Mouse, conforming with the requirements of some states.
“Moving from product development to commercialization, we have pivoted our selling efforts [from a reliance on a direct sales model] to a distribution model, where we target larger orders and a lower cost of sales. The Evolve product line allows the shift in a way that ContraPest could not – through a substantial shelf-life, ease of use, and lower installed costs. We are continuing to expand into the international market, which is also only possible with the Evolve product line,” continued Fruendt.
The shift from the direct sales model has seen the company onboard three of the top five national multi-location distributors and is onboarding the fourth. In addition, SenesTech has active international agreements in 11 countries so far, with these agreements requiring an upfront purchase and increasing annual sales to maintain exclusivity. In four of the 11 countries, SenesTech is either conducting pivotal trials to gain full registration, with distributors working extensively with government agencies, or already in the market.
In addition to international markets, SenesTech is pursuing the agri-business industry. The company is engaging in direct discussions with “very large agricultural operations” and agricultural distributors, which signal increasing interest from companies in this space. “We currently have 4 stocking national distributors in this area and are onboarding two more,” Fruendt continued.
SenesTech is also keen on penetrating the retail market and is working with five sales agencies that have over 50 reps in the field and sell to 23 retail co-ops and big box chains representing over 50,000 locations. These accounts, Fruendt noted, include the largest of the big box operators and retail warehouses.
In addition, Fruendt touched on the company’s efforts to leverage e-commerce to grow its revenue. Accordingly, SenesTech is selling its products on its own website, Amazon.com, and DIYpestcontrol.com. The company also has entered agreements to onboard two of the largest third-party e-commerce platforms in the current quarter, including tractorsupply.com and Walmart.com, and has targeted six more.
The company believes the efforts of the past quarter will turn into revenue this quarter and the next, continuing a growth trend – SenesTech’s revenue in the just-ended quarter grew 50%, while the year-to-date growth stood at 62%. In addition, revenues for the first six months of 2024 were $874,000 compared to $538,000 for the same period in 2023. This growth, Chesterman explained, was driven by the Evolve product line, which was launched at the beginning of the year and is already 59% of total sales.
In his concluding remarks, Fruendt expressed his excitement at the progress the company has made thus far, noting, “We’re just starting to hit the point where a lot of the work we’ve done over the past nine months is really going to start taking hold across these different channels that we talked about, and we should have more really good news to report going into the balance of this year.”
To listen to the webcast replay, visit https://nnw.fm/vmdIC (registration required).
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://nnw.fm/SNES
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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