Revenues soared to ~$808k, up 110+% year over year, on robust product & licensing sales
- Product revenue was lifted by increasing demand for CannaDx™ Sensor, which in turn was brought on by greater consumer awareness of MyDx products and services
Newly created licensing revenue stream topped off year end results as the company developed ways to monetize its extensive proprietary data
Gross Profit increased by 131% year over year due to the development of additional revenue streams with more favorable profit margins
- Licensing revenues and AquaDx® and OrganDx® disposable sensors have a lower variable cost base, which positively impacted margins
In addition, direct sales made up a larger percentage of overall sales
Adjusted EBITDA increased by ~12% year over year due to scaling back operating expenses related to R&D and consolidating contract workers
- Despite the scale-back in R&D spending, the company intends to allocate funds on R&D necessary to incrementally advance current technologies, develop products and strengthen its marketing and sales efforts to capitalize on industry growth and market opportunities
The company will continue to streamline operations by consolidating contract workers and negotiating for better payment terms
Satisfied over $1.5mm in debt used to finance company operations
- The company successfully satisfied the majority of its convertible debt obligations, which will significantly reduce its yearly debt burden and minimize stock dilution
The company has also settled additional debt in Q1 and will continue to optimize its capital structure to provide for business stability and growth
As of 4/18/2017, $35k of convertible debt is on the company's balance sheet
The MyDx mobile app reached over 50,000 downloads, up ~80% year over year, due to strong word of mouth and a growing social media presence
- MyDx® App reached the #1 Ranking in the medical category in the Apple iOS app store, #1 for the keyword Cannabis, and is consistently in the Top 100 of FREE Apps.
Brand Awareness is at an all-time high and continues to grow as the company's social media presence strengthens
- 85,000+ Twitter Followers
70,000+ Instagram Followers
40,000+ Facebook Followers
With 40,000+ consumer-generated data points growing at over 100% year over year, the company is well positioned to capitalize on data-centric opportunities
- Data-licensing business model was implemented in the second half of 2016 to capitalize on the growing demand for data in the cannabis industry
Insights the data has provided so far are currently being used to develop next generation smart technologies and consumer products
MyDx will continue to build out its sensory technology capabilities
- CannaDx, the flagship brand in its portfolio, is seeing strong consumer demand
The company is still building brand awareness for its OrganaDx and AquaDx disposable sensors and intends to finish building-out those brands to capitalize on the growing demand for transparency in what consumers put into their bodies. These brands also diversify the company outside of the cannabis industry.
FY2016 EARNINGS CALL
A conference call with CEO Daniel Yazbeck and the investor community is scheduled as follows and the FY2016 Earnings Presentation will be available on or before Thursday, April 20, 2017 prior to the call.
Conference Call Details
(Press/ Media and the public are encouraged to participate)
Date & time: Thursday, April 20, 2017 at 10:00 a.m. (PDT)/ 1:00 p.m. (EDT)
Registration is required for access.
Please call in 5 minutes prior to the call, so that the call can begin promptly.
- Business highlights and company performance, including record revenue & EBITDA growth
MyDx robust standing and performance relative to industry peers
The power of data and its transformative capabilities
The path forward to unlocking shareholder value and maximizing returns
About MyDx, Inc.
MyDx, Inc. (OTCQB: MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify® what they put into their minds and bodies. The Company developed MyDx®, a patented, affordable portable analyzer that provides real-time chemical analysis and fits in the palm of the user's hand. The multi-use MyDx analyzer leverages over a decade of established chemical detection technology to measure chemicals of interest. The Company owns a substantial and growing intellectual property portfolio of patents covering its technology. The MyDx AquaDx®, OrganaDx™ and CannaDx™ sensors are now commercialized, and the AeroDx® application is next in line. All sensors will be compatible with a MyDx App that empowers consumers to live a healthier life by revealing the chemical composition of what they eat, drink and inhale. For more information, please visit www.cdxlife.com.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at http://ir.cdxlife.com/all-sec-filings or www.sec.gov.