MyDx Inc (OTCMKTS:MYDX) Posts Strong 3Q2016 Report
MyDx Inc (OTCMKTS:MYDX) released its financial report for the third quarter closed September 30, 2016 and offered financial guidance that fueled partly by its latest licensing model, it predicts to turn positive cash flow in the following quarter and record profitability in early 2017.
For the three months closed September 30, 2016 and 2015, MyDx recorded net revenues of $134,240 and $219,180, in that order. The comparable drop in net revenues, year over year, highlights the revenue earned from CannaDx shipments in reported period that was a cumulative buildup of roughly one year of pre-sales. For 3Q2016 and 3Q2015, gross profit as a fraction of net revenues held steady at 40.2% and 40.8%, in that order.
For the quarter closed September 30, 2016, MyDx incurred operating expenses of more than $1.976 million versus more than $1.447 million for the three months closed September 30, 2015. In 3Q2016, the increase in expenses was stated to be a direct result of fresh investments made to design and release a revised global licensing model, with an initial focus in the greater China region. The licensing contract is expected to post a minimum of $2.5 million in income over the imminent 5 years.
Commenting on the overall achievements, Daniel R. Yazbeck, MyDx CEO and Chairman, stated that in the preceding nine months, they streamlined their activities across the board, minimizing operating cash burn by over 80% year over year, which extends their course towards becoming cash flow positive by the completion of the next quarter.
Supported by widespread liberalization of marijuana guidelines at the state level in the November elections and an encouraging test marketing campaign, MyDx reported its CannaDxTM iOS smartphone application had propelled to the top of the iOS App Store Charts. It is a prime accomplishment following release of CannaDxTM smart phone App for iOS and Android platforms.
The firm has tripled its count of product lines releasing two Sensor Chips for its Analyzer for addressing major, global mass markets.© Copyright 2016 OTC News Magazine. All rights reserved.