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Product sales increased 123% as the company drives the implementation of ContraPest® in new and existing verticals
PHOENIX, March 29, 2022 /PRNewswire/ — SenesTech, Inc. (NASDAQ: SNES, “SenesTech” or the “Company”), (www. senestech. com), rodent fertility experts and inventors of the only EPA-registered contraceptive for male and female rats, ContraPest®, announced today that profits for 2021 have more than doubled from last year, the company accelerates its penetration into existing markets and expands into a number of new vertical markets.
Since the end of 2021, the company has announced a number of key implementations in government applications, accelerating penetration as more cities and counties recognize ContraPest’s developing good fortune through media and marketing efforts. In particular, Los Angeles County specified the use of fertility in one of its requests for proposals, an improvement that is expected to continue. In addition, deployments to new customers, such as wildlife reserves and correctional facilities, are expected to result in continued expansion in the coming years.
ContraPest continues to see tailwinds from favorable legislative changes, expanding environmental sensitivity, and an emerging preference for “clean technology” options. Active consumers increased by more than 300% of the year. Due to California law restricting the use of second-generation primary anticoagulant rodenticides. (SGAR), sales to date in California account for approximately 28% of total sales.
ContraPestStore. com, introduced in May 2021, remains a key driving force for expansion within the company. “Self-service” e-commerce sales account for nearly one-third of 2021 revenue and e-commerce sales in total. show strong expansion during the year. To drive initial adoption and first acquisition, the Company implemented promotional packages and discounts, which affected short-term gross margins. The company believes this will result in longer-term acquisition renewals, as ContraPest is identified through customers.
The key to expansion in 2021 has been the deployment of sales acceleration tactics to build awareness and popularity of ContraPest, adding advanced marketing techniques; new advertising and public relations projects through the “Operation Rat Race” campaign; progression of a new image and logo; the launch of an e-commerce site, ContraPestStore. com; Conducting compelling, long-term real-world studies on target market segments; and strengthened partnerships and strategic collaborations with influential suppliers and pest control professionals.
Most recently, the company announced EPA approval and the pending advertising launch of The Elevate Bait SystemTM with ContraPest (“Elevate”), a bait formula designed in particular to resolve rat disorders in above-floor locations. Elevate is designed to unfold seamlessly on the floor with formula mounting features, on the beams of barns, attics, garages and production services, anywhere rats feed, transit or hide. . The formula is designed to allow for a simple deposition and replacement of the new 8 oz of ContraPest. bottles, reducing the time and cost of the service.
“ContraPest is the right product for pests with a prospect of significant expansion based on efficacy and environmental, regulatory and social trends,” said Ken Siegel, president and CEO of SenesTech. “ContraPest is the only EPA-registered product for birth in rats. It works alone or in conjunction with classic strategies, expanding the overall power from 60% to more than 90% beyond existing strategies alone.
Mr. Siegel continued, “I believe 2021 has provided a solid foundation for long-term growth. Our reorganization of sales and market placement drives product awareness and lead generation, and we have a much greater understanding of how to target consumers and market segments that lead to increased acquisition, market penetration, and repeat sales. It is vital to note that we receive genuine knowledge in the target segments that highlight the effectiveness and profitability of ContraPest. Together, those points are accelerating earnings growth. “
“As we look ahead to 2022 and beyond, we will build on the foundation and momentum created in 2021, with two vital additional drivers to watch. First, Elevate is expected to further increase our penetration of agricultural opportunities as it provides a demand, delivery approach supplement for ContraPest. Second, we are seeing increased interest from primary PMPs to begin employing ContraPest as a component of an embedded pest control program. I believe we are well placed to continue to build on the strong track record of expansion going forward. ” concluded Mr. Siegel.
2021 Year-End Highlights
Revenue in 2021 was about $600,000, up from $282,000 in 2020, an increase of 113%. Product sales, which exclude subsidy revenue, increased by 123%.
Gross profit for the year of approximately $244,000 or 41% of total revenue, compared to approximately $1,000 or 1% of total revenue in 2020.
Net loss for 2021 $(8. 3) million, compared to a net loss of $(8. 4) million for 2020.
Adjusted EBITDA loss, which is a measure of non-GAAP operating performance, for 2021 $(7. 8) million, compared to $(6. 9) million in 2020.
Effective at the end of 2021 approximately $9. 3 million.
Use of a Non-GAAP Measure
Adjusted EBITDA is a non-GAAP measure. However, this measure is not intended to be a replacement for the monetary measures introduced in accordance with GAAP. Adjusted EBITDA has been included because the control believes that, when taken into account in GAAP, it provides significant information about our operational functionality and liquidity, and can have a general understanding of monetary effects and trends. Adjusted EBITDA may be calculated through us differently than other corporations that disclose measures with the same or a similar term. Please refer to our accompanying financial statements for a reconciliation of this gaap non-GAAP measure to the nearest GAAP measure.
Conference Call Details
Date and time: Tuesday, March 29, 2022, at five o’clock in the afternoon. Eastern Time
Call Information: Interested parties may call the convention by dialing (844) 308-3351 or (412) 317-5407.
Live Webcast Information: Interested parties will possibly access the convention call via a live webcast over the Internet, which is located in the Investor Relations segment of the Company’s online page in http://senestech. investorroom. com/.
Playback: There will be a playback of the calling convention call for seven days at (877) 344-7529 or (412) 317-0088, playback passcode 2953398. There will be a webcast in the Investor Relations segment of the Company’s online page in http://senestech. investorroom. com/ for 90 days.
About SenesTechWe are “the antiparasitic difference” for the twenty-first century. We are specialists in rodent fertility control, driven through our eagerness to create a healthy environment through the practical elimination of destructive rodent populations. We stay in the brain as an inescapable truth. Two rats and their offspring may be guilty of the birth of up to 15,000 domestic dogs per year. We invented ContraPest®, the only EPA-registered contraceptive in the United States for male and female rats. ContraPest® is perfectly suited to all incorporated pest control programs, greatly improving the overall purpose of effective rat control. We aspire to blank cities, effective businesses and satisfied families, with a product that has been designed to be effective and sustainable without killing rats. At SenesTech, we do it not just rats. We are creating a better world.
For more information, https://senestech. com/ and https://contrapeststore. com.
Safe Harbor Declaration
This press release comprises “forward-looking statements” within the meaning of the federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor so created. These forward-looking statements include, among other things, our expectation of a continued trend of municipalities specifying the use of fertility tests in their RFPs; our confidence that deployments to new customers, such as wildlife reserves and correctional facilities, are worth fueling continued expansion for years to come; we know that our adoption of promotional packages and discounts, to drive initial adoption and first purchase, will drive long-term repeat purchases as the benefits of ContraPest are identified through customers; our confidence that ContraPest is the right pest control product with significant expansion prospects based on efficacy and environmental, regulatory and social trends; we 2021 has provided a solid foundation for long-term expansion; our drivers to accelerate earnings expansion; we’re hoping as we look into 2022 and beyond to build on the foundation and momentum created in 2021, with two additional important points to note: First, Elevate is expected to further increase our penetration into the agriculturalArray opportunities, as which provides an additional benefit to ContraPest’s often-requested delivery approach; and second, we are seeing increased interest from primary PPMs to begin employing ContraPest as a component of an embedded pest control program; and our confidence that we are well placed to continue to build on our strong long-term growth track record. Forward-looking statements would possibly describe long-term expectations, plans, effects or approaches and are often, though not always, expressed using words such as “”, “possibly”, “long-term”, “plans”, “will” , “deserve”, “expect”, “anticipate”, “eventually”, “plan”, “estimate”, “continue”, “intend” and similar words or expressions. You are cautioned that such statements are subject to dangers, uncertainties and other matters that may also cause actual effects to differ materially from those reflected in such forward-looking statements. These items include, but are not limited to, the effects and implications of the COVID-19 pandemic, the successful commercialization of our products, market acceptance of our products, regulatory approval and regulation of our products, and other known items and hazards. from time to time in our filings with the Securities and Exchange Commission, adding our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. All forward-looking statements contained in this news release speak only as of the date they were made and are based on the control assumptions and estimates as of that date. Except as required by law, we undertake no legal responsibility to publicly update any forward-looking statement, whether as a result of the receipt of new information, the occurrence of long-term events or otherwise.
SENESTECH, INC.
BALANCE SHEET
(In thousands, movements and knowledge consistent with sharing)
31 December,
31 December,
2021
2020
THE ADVANTAGES
Current assets:
In cash
$9,326
$3,643
Accounts receivable, net
77
25
Expenses paid in advance
230
178
Inventory
1 001
945
Deposits
22
28
Total assets
10 656
4 819
Right-of-use leases
511
665
Ownership and equipment, net
334
538
Total assets
$11,501
$ 6,022
COMMITMENTS AND EQUITY
Current liabilities:
Short-term debt
$32
$98
Accounts payable
333
404
increased expenditure
578
292
Total liability
943
794
Long-term, net debt
–
673
Operating liabilities
523
671
Total responsibilities
1 466
2 138
Commitments and contingencies (See 13)
–
–
Capital:
Common shares, on par with $0. 001, 100,000,000 legal actions, 12,207,283 and 5,099,512
issued and notable shares as of December 31, 2021 and December 31, 2020, respectively
12
5
issue premium
122 531
108 119
Accumulated deficit
(112 508)
(104 240)
Total equity for shareholders
10 035
3 884
Total liabilities and equity
$11,501
$6,022
SENESTECH, INC.
STATEMENTS OF OPERATIONS AND TOTAL LOSSES
(In thousands, movements and knowledge consistent with sharing)
For years
Completed on December 31
2021
2020
Income:
Subsidy income
$24
$24
Sales
576
258
Total revenue
600
282
The cost of sales
356
281
Gross profit
244
1
Operating costs:
Research and development
1 954
1 494
Selling and administrative expenses
7 224
6 440
Total expenses
9 178
7 934
Net loss
(8 934)
(7 933)
Other source of income (expenses):
Interest income
4
3
Interest expense
(11)
(28)
Payroll Protection Program Loan Waiver
673
–
Other income
–
21
Total revenue
666
(4)
Net loss and loss
(8 268)
(7 937)
Protection revaluation adjustment for attributed dividend guarantee value
–
436
Net loss attributable to non-unusual shareholders
($8,268)
($8,373)
Weighted average number of notable non-unusual stocks: fundamental and diluted
11 191 814
3 006 475
Net loss consistent with non-unusual consistent with percentage – fundamental and completely diluted
$ (0. 74)
$ (2,78)
senestech inc.
Detailed reconciliation of loss to non-GAAP adjusted EBITDA
For the years ended December 31, 2021 and 2020
(Unaudited)
(thousands)
For years
Completed on December 31
2021
2020
Net loss (as shown, GAAP)
($8,268)
($7,937)
Non-GAAP settings:
Interest expense, net
7
25
Stock-based compensation
763
645
Paycheck Coverage Program Loan Forgiveness
(646)
–
Reserve for obsolescence of stocks
–
119
Profit on the sale of assets
–
(21)
Depreciation expense
303
288
Total non-GAAP settings
427
1 056
Loss of Adjusted EBITDA (excluding GAAP)
($7,841)
($6,881)
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SOURCEEnesTech, Inc.