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)
https://join.onstreammedia.com/register/mydx/earningscall
Registration is required for access.
Please call in 5 minutes prior to the call, so that the call can
begin promptly.
Agenda:
- 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
Q&A
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.
Forward-Looking Statements
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.