SenesTech (NASDAQ:SNES) announced its second quarter results on August 12, 2020. They were very encouraging.
Although the sales are still very small the 2Q20 increase was nearly threefold, from $0.02 million to $0.07. This included the continued expansion in new accounts, a trend of moving beyond IPM and, albeit from a small base, increasing sales at retail through the new web site. The company is adding a service charge for large clients, which was not charged previously.
The characteristics of the new accounts were a firming in pricing and, in case of sales direct to consumers, less of an impact from COVID-19.
The company is working on adding a solid formulation, which would use a simpler bait box. This would appeal to the retail buyer and foster an increase in the growth rate. Senestech is also looking into different, and less expensive, contraceptives as well as lower cost manufacturing methods.
During the second quarter the company had reduced headcount. As business returns to normal headcount will increase by hiring only those that add revenue.
Bill AB 1788 has been amended and re-referred to the Appropriations Committee. When it was initially introduced there was significant opposition from the chemical rodenticide manufacturers.
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