Business
SenesTech Announces Third Quarter 2022 Financial Results
Product Sales up 57% year-over-year PHOENIX, Nov. 14, 2022 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES, "SenesTech" or the "Company"), (www.senestech.com)
About this update from Senestech, Inc.
[{"type":"text","content":"Product Sales up 57% year-over-year \nPHOENIX, Nov. 14, 2022 /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 third quarter 2022 financial results, with products sales increasing 57% compared to the third quarter of the prior year.\n\n \n \n \n \n \n \n\n \n\"We continue to make progress in the deployment of ContraPest across a wide variety of industry verticals with particularly strong growth from our e-commerce platform,\" commented Ken Siegel, SenesTech's Chief Executive Officer. \"In just the first few weeks of the fourth quarter, we have received new large-scale orders from municipalities, zoos and sanctuaries, and various agribusiness locations. These deployments, coupled with continued strong growth in our e-commerce platform, positions us well to end 2022 on a strong trajectory.\"\nSales growth during the quarter was led by strong increases in the Company's e-commerce platform, which made up more than 50% of the third quarter product sales, continued traction within zoos and animal sanctuaries, and the launch of the novel and patent pending Elevate Bait System™ with ContraPest (\"Elevate\") as both new and existing customers add the system to their pest management programs. Sales, however, were impacted during the quarter by the outbreak of the avian influenza, or bird flu, which has impacted poultry operators across the U.S. and thus delayed expected deployments of Elevate with certain customers during the quarter. While the bird flu has impacted poultry farms, the Company has transitioned to other agribusinesses and recently deployed ContraPest in its first pork protein production facility.\nThe Company's e-commerce platform continues to be a key driver of growth for SenesTech, with 173% year-over-year growth in product sales through the platform. The e-commerce growth is being driven by its marketing initiatives, including the award-winning \"Operation Rat Race\" campaign, which is driving consistent increases in traffic, as well as increased website functionality.\nElevate, the first product of its kind specifically designed to address rat problems in above-ground locations, launched late in the second quarter and is ide...