MyDx Inc (OTCMKTS:MYDX) has announced its financial results for the first quarter of 2018. In addition to the financial results, the company also issued several updates touching on its past accomplishments as well as future plans. MyDx Inc is one of the leading companies in the production of science based cannabis health technologies. The company is known for developing the first handheld analyzer that is used by professionals and consumers to better understand how cannabis users feel after consuming cannabis.
First quarter results
The company seems to have started the year on a positive note. In the first quarter, MyDx reported improved earnings of $880k. The earnings are as a result of the company’s new business models that it is currently implementing. In the first quarter of 2017, the company reported a loss of $5.1 million. Comparatively, the company did very well in this year’s first quarter.
Streamlining its operations
The company is currently working on streaming its operations with a view to minimizing costs and wastes and maximizing efficiency in its operations. The company’s gross profit remained relatively constant from what was reported in the first quarter of 2017. On the other hand, gross margins went up by 6%.
MyDx reported a reduction in total operating costs by 32% compared to what was reported in the same period the previous financial year. The reduction is mainly attributed to proper allocation of marketing as well as other general operating expenses. The company also adopted a more efficient approach of allocating and utilizing resources. It is the reduction in the total operating costs that significantly led to an increase net income for the quarter.
During the quarter, the company’s research and development expenses went up. This is mainly attributed to the commercialization of the ECOSmartPenTM that is still in progress.
Implementing its long term strategy
The company is currently working on implementing its long-strategy that is mainly geared at boosting growth. MyDx is basing is basing its growth strategy to its huge database of more than 10 million pre-clinical data points which connects cannabis chemical profiles to their physiological effects.
MyDx360TM is a full package of services that are tailored to offer brands with instant access to the legal cannabis market with a variety of products that are developed using the latest technology and science.