SAN DIEGO, CA--(Marketwired - May 22, 2017) - MyDx, Inc. (OTCQB: MYDX), a rapidly growing science and technology company that has developed MyDx®, the first multi-use handheld chemical analyzer for consumers, announces 1Q 2017 results and management analysis.
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
The company will continue to seek alternative financing options to support the growth of its business segments
MyDx diversified its business operations by creating an ecosystem of hardware, software and related services that serves to generate consumer-centric data that can then be leveraged to develop, deploy and track additional consumer products and services
The company spent time and R&D on the creation of the MyDx ECO Smart Pen, a blue-tooth enabled delivery pen capable of actively and passively tracking consumption habits
The company also created MyDx360, its first revenue stream developed by MyDx data insights, which is a SAAS-based community engagement platform designed to help entrepreneurs launch and track cannabis brands at a low cost
The company intends to close its first big customer under its newly created revenue streams in Q2 and will announce it when terms are fully negotiated
MyDx continued to build out its sensory technologies leading to the latest release of MyDx 2.0, an upgraded chemical analyzer that can now accommodate multiple sensors
MyDx 2.0 handheld devices have been upgraded to allow for new sensors to be interchanged seamlessly with the CannaDx Sensor
AeroDx Sensors will be the first of three anticipated digital sensors to be launched into the market and represents the first versatile sensor with applications beyond cannabis that will allow consumers to test what they eat, drink and inhale.
About MyDx, Inc.
MyDx, Inc. (OTCQB: MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify® what they put into their minds and bodies. The Company developed MyDx®, a patented, affordable portable analyzer that provides real-time chemical analysis and fits in the palm of the user's hand. The multi-use MyDx analyzer leverages over a decade of established chemical detection technology to measure chemicals of interest. The Company owns a substantial and growing intellectual property portfolio of patents covering its technology. The MyDx AquaDx®, OrganaDx™ and CannaDx™ sensors are now commercialized, and the AeroDx® application is next in line. All sensors will be compatible with a MyDx App that empowers consumers to live a healthier life by revealing the chemical composition of what they eat, drink and inhale. For more information, please visit www.cdxlife.com.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at http://ir.cdxlife.com/all-sec-filings or www.sec.gov.