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Thursday, October 22, 2020

MyDx Inc (OTCMKTS:MYDX) Trying To Rally The Base

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MyDx Inc (OTCMKTS:MYDX) is a penny play doing business in the pick and shovel arm of the cannabis patch that has clearly fallen on hard times since its monstrous 900% launch higher in the month of March of this year. The company is trying to stake out the initial vestiges of a comeback at present, with two recent key factors making that case.

We want to look at the company’s two most recent press releases to get a better sense of the strategy here. First, 3 weeks ago, the company announced a definitive agreement with BlackSwan, a developer and retailer of custom vaporizers, to provide a community engagement software platform to support its new product development initiatives under the terms of MyDx360. Secondly, just 9 days ago, management pointed to the company’s recent efforts to expand its marketing efforts, reporting that, as a direct result of its recently launched Canadian Product Marketing Campaign, it has begun receiving additional sales orders from Canada. Further, it plans to engage outside sales agencies that will partner with MyDx to increase product sales on a commission basis.

MyDx Inc (OTCMKTS:MYDX) bills itself as a science and technology company that develops and commercializes technology and devices to accurately measure chemicals of interest in solid, liquid, or gas samples.

It focuses on enabling people to live a healthier life by revealing the chemicals in what they eat, drink, and inhale. The company offers MyDx, a portable chemical sensor that fits in the palm of user’s hands; and MyDx App, which provides the user with additional information to understand the chemicals found by the MyDx Analyzer.

It also develops four sensors, which include CannaDx, a cannabis analyzer; organaDx to analyze food; AquaDx to analyze water; and AeroDx to test air. The company distributes its products through various channels, including distributors, e-commerce through company’s Website, direct to retail, and sales through affiliate partners.

According to company materials, “MyDx, Inc. (OTCQB: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 developed MyDx, a patented, affordable portable analyzer that provides real-time chemical analysis and fits in the palm of the user’s hand. The multi-use MyDx analyzer leverages over a decade of established chemical detection technology to measure chemicals of interest. The Company owns a substantial and growing intellectual property portfolio of patents covering its technology. The MyDx AquaDx, OrganaDx and CannaDx sensors are now commercialized, and the AeroDx application is next in line. All sensors will be compatible with a MyDx App that empowers consumers to live a healthier life by revealing the chemical composition of what they eat, drink and inhale.”

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As noted above, the company has been getting more active on the wires as the stock tries to hold support and turn recent weakness around. One of the key elements of the strategy to generate new excitement about shares was the company’s recent multi-faceted marketing aggressiveness.

“With the help of the right seasoned Branding, Advertising, and Sales agencies, we have significantly strengthened our brand and ability to expand into new marketing and sales channels. Over the next several months, we will initially focus on big box Canadian retailers and seek partners with a solid network of licensed growers. Combine this with our recent financial progress, where MYDX achieved positive cash flow in Q1 of this year, we will continue to focus on capitalizing on the market momentum. We are more optimistic than ever before about the future of MyDx, and we appreciate the faith and support of our loyal shareholders,” concluded Daniel Yazbeck, CEO of MyDx.

The chart shows -4% scratched out of share values just during the past week. However, MYDX has a history of dramatic rallies. Furthermore, the name has witnessed a pop in interest, as transaction volume levels have recently pushed 20% over the long run average.

Now commanding a market cap of $7.8M, MYDX has a reserve ($134K) of cash on the books, which stands against virtually no total current liabilities. MYDX is pulling in trailing 12-month revenues of $732K. However, the company is seeing declines on the top line on a quarterly y/y basis, with revenues falling at -47%. You can bet we will update this one again as new information comes into view. For continuing coverage on shares of $MYDX stock, as well as our other breakout stock picks, sign up for our free newsletter today and get our next hot stock pick!

Disclosure: we hold no position in $MYDX, either long or short, and we have not been compensated for this article.

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