- This success has been attributed largely to the company’s development and recent release of its Evolve soft bait product, a key addition to its growing product line
- Year to date 2024, SenesTech reported 80% year-to-date revenue growth compared to the same period in 2023
- Going forward, the company looks to introduce a soft bait contraceptive product for mice, having proven that its products work effectively on rats
SenesTech (NASDAQ: SNES), a rodent fertility control expert and the inventor of the only EPA-registered contraceptive for male and female rats, just released its financial results for the 2023 financial year. Of note was the 80% year-to-date (“YTD”) revenue growth and the 45.2% year-over-year (“YOY”) growth in gross profit, a significant milestone which Joel Fruendt, President and CEO of SenesTech attributed to the development of Evolve(TM), the company’s all-new soft bait product (https://nnw.fm/mYQOl).
“Since the full launch of Evolve in January 2024, we have seen a significant uptick in interest and orders from a wide range of sales channels and geographies,” noted Mr. Fruendt.
“For instance, we were recently approved as a vendor for a major nationwide hardware retailer; we have signed distribution and stocking agreements for grain management and open field agricultural applications; and we have expanded our geographical reach outside the United States, including Hong Kong, Macau, the United Arab Emirates, Singapore, Australia, New Zealand, and The Netherlands,” he added.
In 2022, SenesTech’s revenue stood at $1 million and increased by 17% in 2023. Agribusiness and new distribution agreements were the primary drivers for this growth. With the company’s shift in focus to the development of Evolve in the fourth quarter, the growth was temporarily slowed. Following the successful launch of Evolve for rats, there was a significant uptick in demand.
In addition, the company’s venture into new markets played a role in expanding its reach and growing the number of its potential customers. This, coupled with its aggressive push for its industry-leading Evolve product, helped stamp its position as a leader in its space while also growing its brand recognition and asserting itself as the go-to company for pest control.
Going forward, SenesTech looks to introduce a soft bait contraceptive product for mice. Having proven that its products work on rats, a product for the control of mice is a logical extension of the company’s rodent fertility control solutions, and the company expects to have the product on the market by mid-2024.
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
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