SenesTech, Inc. (NASDAQ: SNES), a developer of proprietary, next generation technologies for managing animal pest populations through fertility control, today announced financial and operational results for the first quarter of fiscal year 2020, which ended on March 31, 2020 .
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PHOENIX, May 15, 2020 /PRNewswire/ --SenesTech, Inc. (NASDAQ: SNES), a developer of proprietary, next generation technologies for managing animal pest populations through fertility control, today announced financial and operational results for the first quarter of fiscal year 2020, which ended on March 31, 2020.
Ken Siegel, CEO of SenesTech, commented, "We are working through the impact of COVID-19, which has presented challenges, especially to our field work and direct sales. We have been particularly challenged by our field research and sales teams' inability to directly interact with customers, including a number of project locations within the poultry, municipal, and retail segments. In terms of opportunities, we successfully launched our direct-to-consumer model towards the end of the first quarter. We plan to leverage this sales tool quickly and expand adoption of ContraPest in the DIY market, while also resuming our field efforts as COVID-19 restrictions ease." "At the same time, we note a renewal of attention on public health and finding solutions to reduce vectors of disease transmission, such as rats. We expect that this surge in awareness will lead to more customers looking for solutions that can effectively address rodent control," Mr. Siegel concluded. Financial Results Highlights
In response to the uncertainty created by the novel coronavirus (COVID-19), the Company implemented a number of operational safeguards and greatly reduced business travel and in-office presence. In addition, our non-employee directors and executive officers agreed to a 25% reduction in cash compensation. The Company will continue to evaluate the impact from the global pandemic and determine what further steps will be appropriate. Use of Non-GAAP Measure Adjusted EBITDA is a non-GAAP measure. However, this measure is not intended to be a substitute for those financial measures reported in accordance with GAAP. Adjusted EBITDA has been included because management believes that, when considered together with the GAAP figures, it provides meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results and trends. Adjusted EBITDA may be calculated by us differently than other companies that disclose measures with the same or similar term. See our attached financials for a reconciliation of this non-GAAP measure to the nearest GAAP measure. Conference Call Details Date and Time: 11:00 am ET (8:00 am PT) on Friday, May 15, 2020 Call-in Information: Interested parties can access the conference call by dialing (844) 308-3351 or (412) 317-5407. Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available in the Investor Relations section of the Company's website at http://senestech.investorroom.com/. Replay: About SenesTech ContraPest® is an innovative technology with an approach that targets the reproductive capabilities of both sexes in rat populations, inducing egg loss in female rats and impairing sperm development in males. Using a proprietary bait delivery method, ContraPest® is dispensed in a highly palatable liquid formulation that promotes sustained consumption by rat communities. ContraPest® is designed, formulated and dispensed to be low hazard for handlers and non-target species such as wildlife, livestock and pets, where the active ingredients break down rapidly. We believe ContraPest® will establish a new paradigm in rodent control, resulting in a decreased reliance on lethal options. For more information visit the SenesTech website at www.senestech.com. Safe Harbor Statement Investors should not unduly rely on forward-looking statements. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those made in the forward-looking statements, including as a result of various factors and other risks, such as market acceptance and demand for the Company's products, customers completing order commitments, the Company's ability to reduce costs and execute on its plans and continuing to believe it is following the best strategy, the Company having sufficient financing, and other factors identified in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports filed on Form 10-Q. All forward-looking statements speak only as of the date on which they were made based on management's assumptions as of such date. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. CONTACT: Company: Tom Chesterman, Chief Financial Officer, SenesTech, Inc., 928-779-4143
SOURCE SenesTech, Inc. |
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Company Codes: NASDAQ-SMALL:SNES |
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