Startup MyDx Inc. Makes Revenue GainsFriday, April 29, 2016
San Diego’s MyDx Inc., a company that makes a handheld chemical analyzer for consumers, announced a jump in quarterly revenue as the startup gains traction.
The company reported $164,000 in fourth quarter revenue for 2016, up from no revenue in the same period the prior year. The revenue more than doubled from its third quarter haul, the company said, with its Q3 revenue of $76,000.
The company launched its MyDx analyzer in the third quarter of 2015, and subsequent fourth quarter revenue reflects primarily online sales of its products, the company stated. The company recently launched its CannaDx sensor, designed to help consumers test, index, and review strains of medical marijuana.
MyDx uses interchangeable sensors to test solids, liquids and gases to reveal their chemical composition. MyDx incorporates proprietary technology formerly used by NASA. Samples are sent via Bluetooth to the MyDx app, giving users a chemical profile of the sample.
“Having signed our first major distribution deal for the CannaDx earlier this month, initially valued at more than $4 million, we’re excited with the promise that our revolutionary multi-use MyDx Analyzer holds to empower consumers to take responsibility for what is perhaps the single-most important influence on our health and longevity – what we eat, drink and inhale,” said Daniel R. Yazbeck, MyDx chairman and CEO.