Business
SenesTech Announces Second Quarter 2019 Financial and Operational Results
FLAGSTAFF, Ariz., Aug. 13, 2019 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES), a developer of proprietary technologies for managing animal pest populations
About this update from Senestech, Inc.
[{"type":"text","content":"\n FLAGSTAFF, Ariz., Aug. 13, 2019 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES), a developer of proprietary technologies for managing animal pest populations through fertility control, today announced financial and operational results for the second quarter of fiscal 2019, which ended June 30, 2019. \n\n \n\"Since taking over as CEO three months ago, we have made a number of significant changes in our go forward strategy intended to drive commercial adoption of our highly disruptive technology,\" commented Ken Siegel, Chief Executive Officer of SenesTech. \"Specifically, we have narrowed our focus to key market verticals and geographies that we believe are most likely to generate near term results, focusing in on zoos and sanctuaries, municipalities and government agencies, and food and agriculture, with a significant amount of effort placed into California. California, which currently has bill AB 1788 moving through its legislature to ban second generation anticoagulant rodenticides in certain circumstances, would move ContraPest from a disruptive innovation to what we believe will be a potential necessity in the world's fifth largest economy.\" \n\"California's desire for a better environment is evidenced by a growing demand for effective and environmentally sound pest management solutions. AB1788 has drawn attention to the critical role pest management strategies play in the lives of people, pets, and wildlife. We have recently undertaken one-on-one consumer interactions in our target market segments to assess the demand. The shift to ContraPest is underway. As AB1788 moves through its legislative pathway, users are motivated now and are seeking our assistance in planning near term deployments. We are ready to meet this growing demand that is core to our mission,\" added Dr. Loretta Mayer, SenesTech's co-founder and Chief Scientific Officer.\nSecond Quarter 2019 Financial ResultsRevenues from product sales during Q2 2019 ended June 30, 2019 were $24,000, compared to $19,000 of revenue from product sales during Q1 2019. Q2 2019 operating expenses were $2.3 million, significantly lower than the $4.1 million in Q2 2018 of last year and slightly lower than the $2.4 million in Q1 2019. Net loss for Q2 2019 was $(2.3) million, compared with a net loss of $(4.1) million in Q2 2018 and $(2.4) million during Q1 2019. Adjusted EBITDA...