Business
SenesTech Announces First Quarter 2023 Financial Results
E-Commerce Leads Growth at 54% Year Over Year PHOENIX, May 11, 2023 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES, "SenesTech" or the "Company"),
About this update from Senestech, Inc.
[{"type":"text","content":"E-Commerce Leads Growth at 54% Year Over Year\nPHOENIX, May 11, 2023 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES, \"SenesTech\" or the \"Company\"), (www.senestech.com) the rodent fertility control experts and inventors of the only EPA-registered contraceptive for male and female rats, ContraPest®, today announced the first quarter of 2023 financial results.\n\n \n \n \n \n \n \n\n \nJoel Fruendt, SenesTech's President and Chief Executive Officer, commented, \"We experienced continued growth during the first quarter of 2023, led by strong growth in the e-Commerce segment. Following my appointment as CEO a few months ago, I moved to reshape our selling strategy to re-deploy and re-focus our field sales efforts to enhance our customer acquisition capabilities, while also putting sales reps closer to the customers to focus on the numerous large opportunities that are available for our unique fertility control product. Importantly, we signed key distribution agreements with the two largest structural pest management distributors to increase our presence and availability with key customers. We have also seen an increase in our top-of-funnel activities, including a profile piece in TIME Magazine highlighting the benefits of ContraPest and our presence at some of the industry's largest trade shows. I look forward to the benefits of our enhanced strategy in the quarters to come.\"\nSales growth during the first quarter was led by 54% growth in the Company's e-commerce platform, which made up approximately 45% of Q1 2023 product sales, as well as continued traction with zoos and animal sanctuaries, and pest management professionals.\nGeographically, California continues to be a leading adopter of ContraPest following their implementation of the Ecosystems Protection Act of 2021, which bans the use of commonly used second-generation anticoagulant poisons under many circumstances. In December 2022, the Company announced that the City of Los Angeles had deployed ContraPest broadly at the Los Angeles Zoo as part of its Integrated Pest Management program, with a deployment plan that is expected to exceed 250 bait stations. Further, in April 2023, the Company confirmed that the County of Los Angeles is continuing and expanding its use of fertility control in the form of ContraPest in current requests for proposals. The Company is also seeing...