MyDx Reports Positive Net Income as it Positions Itself for Growth and Investment
SAN DIEGO, CA, May 22, 2018 (GLOBE NEWSWIRE) -- MyDx, Inc.(OTC: MYDX), a leader in science based cannabis health technologies and creator of the industry’s first handheld analyzer to help consumers and professionals understand how cannabis makes cannabis users feel,today announces its 2018 first quarter earnings results and management analysis.
MyDx reported positive earnings of $880k in the first quarter of 2018 as it executes its business model. The $880k compares favorably to the same quarter last year that saw a loss of -$5.1 million.
Operations continue to be streamlined to maximize operational efficiency and minimize waste. Gross profits remained relatively even from the same quarter in the previous year as gross margins increased by 6 percentage points. Total Operating costs decreased by 32% from the same quarter in the previous year due to the more efficient scaling and allocation of marketing and other general operating expenses. R&D expenses rose due to the ongoing commercialization of the ECOSmartPenTM.
MyDx continues to deliver on its long-term growth strategy as it utilizes its database of over 10 million pre-clinical data points that tie cannabis chemical profiles to their net physiological effects. MyDx360TMis a fully integrated suite of services designed to provide brands immediate access to the legal cannabis market with differentiated products that are created using the latest science and technology.
To learn more about MyDx360, please visit www.mydxlife.com/mydx360.
About MyDx
MyDx, Inc. (OTC: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’s first product, MyDx®, also known as “My Diagnostic”, is a patented multiuse hand-held chemical analyzer designed to help consumers and professionals test for pesticides in food, chemicals in water, toxins in the air, and the safety and potency of cannabis samples, which is the initial focus through the CannaDx application. CannaDx users have logged over 10 million crowdsourced data points revealing the chemical profile of the cannabis they are consuming and how its making them feel which feeds a data analytics platform, a SaaS business, as well as the biopharmaceutical division of MyDx. The company is committed to addressing areas of critical national need to promote public safety, transparency and regulation in the various markets we serve and hence its more immediate mission is to continue to develop smart devices as part of an ecosystem that crowdsources consumer generated preclinical data to drive innovation in the cannabis industry. For more information, please visit www.mydxlife.com.
Forward-Looking Statements
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.