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MyDx (OTCQB:MYDX) has announced its Q1 results together with its management analysis. As quoted in the press release: Financial ResultsRevenue and client deposits increased to ~$264k, up ~50% from the same quarter in the previous year, on strong product & licensing demand Revenue was lifted by increasing demand for CannaDx™ Sensor, which in turn was …
MyDx (OTCQB:MYDX) has announced its Q1 results together with its management analysis.
As quoted in the press release:
Financial Results
Revenue and client deposits increased to ~$264k, up ~50% from the same quarter in the previous year, on strong product & licensing demand
- Revenue was lifted by increasing demand for CannaDx™ Sensor, which in turn was brought on by greater consumer awareness of MyDx products and services
- MyDx sold out of its signature Handheld Analyzer on stronger than expected demand leading to a backlog of orders and customer deposits that are currently being filled
For the first time in company history, the company is cash-flow positive with ~$30k in operating cash flows vs. (~$210k) from the same quarter in the previous year
- The company demonstrated its ability to generate sufficient positive cash flow to maintain and grow its core business operations
- Combined with cash flows from investing and financing activities, the company generated net positive cash flow of ~$100k, which strengthened the overall balance sheet by increasing cash on hand to ~$135k
- The company intends to make substantial investments in marketing and sales to grow the business and execute on its growth strategy, which may impact cash-flow characteristics going forward
Satisfied ~$250k in debt used to finance company operations and support growth initiatives
- The company continued its march to relieve itself of toxic variable rate debt obligations, which has significantly reduced its yearly debt burden and brought a level of stability to the stock price.
