MyDx Inc (OTCMKTS:MYDX) has advanced MyDx®, which marks as preliminary multi-application handheld chemical analyzer for customers. More recently, the company reported that MyDx® was showcased by Canadian Tier 1 Media Outlets such as Business News Network, Global News and Toronto Life Magazine. Daniel Yazbeck, the CEO, also presented at MJAC2017 InvestorsHub Global Cannabis Conference on September 2, 2017.
For the second quarter of 2017, MyDx reported that CannaDx product revenue jumped to around $126,000 in Q2 2017, a jump of around 47% from Q1 2017. The sales of company’s signature handheld analyzer in Q1 2017 was stronger than anticipated demand resulting in a backlog of orders and consumer deposits that were completed in Q2 2017.
MyDx anticipates to continue to record consistent increasing demand for its analyzer dependent on referrals and word of mouth mainly and a new marketing plan the firm introduced in June, which is generating new consumer responsiveness and product orders from Canada. The firm will focus on using the EcoSmartPen in 2H2017 as well as expand its client base for the “MyDx360” SAAS service outside the preliminary i+Huntr/BlackSwan brand deal which was not recorded as revenue in the second quarter of 2017.
Gross profit margins as a fraction of net revenues surged to 78% in Q2 2017, a jump of 32% over the same period a year earlier. This marks the highest product margins in firm’s history. The gross product margin showed improvement on back of a jump in MyDx Grower Packages offered for $899 on MyDx web store, which resulted in a higher profit margin as against the standard $699 retail pricing and a much higher margin as against the units offered through company’s distribution channels. Any expected future revenue from the firm’s services and software licensing are anticipated to have a positive impact on the gross profit margins.