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MyDx (MYDX) Sees Q2 Revenue Soaring 75% Quarter Over Quarter

Ryan Allway

July 13th, 2016

News, Top Story

[stockchart symbol=MYDX]

MyDx Inc. [stockquote symbol=MYDX], a rapidly growing chemical detection company, recently announced that it expects revenue to increase to approximately $282,000 for its second quarter ended June 30, which represents a sequential increase of over 75% compared to the $161,000 posted during the first quarter ended March 31.

The sharp increase in revenues reflects new orders from the company’s first national distributor, increased international orders as well as online consumer orders through the company’s website as the CannaDxTM application continues to gain traction globally through news media, social media and word-of-mouth.

“Although we are very excited to be able to exceed our internal revenue goals for the quarter, we believe this is only the beginning of a revenue ramp-up period the Company has been diligently preparing for since the launch of the MyDxTM analyzer last fall,” said Daniel R. Yazbeck, Chairman and Chief Executive Officer of MyDx, Inc.

“Top line revenue growth and unit sales are both trending higher and the new applications we are about to launch: OrganaDxTM, AquaDxTM and AeroDxTM, which will come in the form of new sensors compatible with the existing MyDxTM analyzer, can only serve to enhance the core value of the product.”

The increase in revenues coupled with an ongoing decrease in its operating expenses should enable the company to achieve profitability by the fourth quarter of 2016 as previously forecasted.  That said, the company still expects to report a net loss for the second quarter.

The Company is also continuing to strengthen its balance sheet by redeeming or extending its outstanding convertible debentures. On June 8th 2016, it redeemed a note from Kodiak Capital LLC and negotiations are underway for the redemption of all of the company’s convertible debt. The firm has also cancelled its $1 million Kodiak Capital Equity Purchase Agreement signed earlier this year.

“For the first time in history, consumers will have the ability to use an affordable handheld device to test for the presence of toxic chemicals (including pesticides and heavy metals) in their fruits and vegetables, drinking water and medicinal cannabis samples,” added Mr. Yazbeck.

“We sincerely appreciate the support of our investors and lenders to date.  Our outlook remains positive for the year given the many developments already achieved and in our pipeline. We are very proud and look forward to celebrating the completion of our mission to help the everyday consumer Trust and VerifyTM the chemical composition of everything they eat, drink, and inhale with the release of our OrganaDxTM, AquaDxTM, and AeroDxTM applications in the second half of 2016, well in advance of our original projected launch dates.”

Shares of MyDx Inc. were unchanged in early trading on Wednesday, July 13, 2016.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

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