SenesTech (NASDAQ:SNES) has reported its 2019 full year results, followed by a conference call, on March 16, 2020.
Revenue in the fourth quarter was $0.064 million and this was the fourth sequential increase. The loss for the quarter was $2.78 million as compared to our estimate of $2.42 million. The quarter included $.054 a share in termination expenses.
China has shown significant interest with potential deployment to include Hong Kong. The Chinese distributor will be responsible for obtaining regulatory approval, which could occur in 2Q20.
The St Louis site was success, with complete removal of all rats, Washington DC achieved 77% reduction in the juvenile to adult ratio. The poultry farms and Los Angeles show a high rate of consumption of the bait. Although initial deployment of ContraPest is expensive once the juvenile population is reduced and the sites move into a maintenance mode the cost declines dramatically.
ContraPest continues to show positive performance in use and major customers will be increasing deployment this year. Washington DC; San Francisco, Los Angeles are all expected to add sites this year.
SenesTech closed two direct stock offerings totaling $1.7 million after expenses. Current cash is $3.6 million. This should be sufficient to finance operations into the 4Q20.
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