06/27/2024 | Press release | Archived content
Executives:
Matthew Custer - President and Chief Executive Officer
Felicia Ladin - Chief Financial Officer
Matt Custer:
Aloha from Kona, Hawaii. Thank you all for joining us today. I am Matt Custer, President and Chief Executive Officer of Cyanotech. Joining me on the call today is Felicia Ladin, our Chief Financial Officer to report Cyanotech's fourth quarter and fiscal year 2024 earnings results. I will turn the call over to Felicia to provide our forward-looking statement.
Felicia Ladin:
Thanks Matt. Our discussion today may include forward-looking statements. We do not undertake any obligation to update forward-looking statements either as a result of new information, future events or otherwise. Our actual results may differ materially from what is described in these forward-looking statements. Some of the factors that may cause results to differ are listed in our publicly filed documents. For additional information, we encourage you to review our 10K fiscal year 2024 report filed with the Securities and Exchange Commission.
I will turn it back to Matt, Matt:
Thank you, Felicia.
Matt Custer
Although the year was filled with challenges, our team effectively managed spending, production and inventory to conclude the year with only slightly increased debt of $209,000.
Our sales were essentially flat with the prior year, however, the product mix shifted as we saw an increase in our packaged sales. This increase was offset by declines in spirulina bulk sales as the market for bulk material is increasingly price sensitive with many companies sourcing lower priced international ingredients.
Our re-aligned commercial function continues to expand on and create market awareness with strategic initiatives. These initiatives include restructuring the sales team to bolster both the business to business and business to consumer channels, aligning our selling materials and messaging with our commitment to transparency and sustainability, and refining our core value proposition to emphasize and educate the consumer about our high-quality farm-direct, and responsibly grown products. We have also expanded our product offerings by launching our BioAstin® Hawaiian Astaxanthin®and Hawaiian Spirulina®in new, convenient gummy formats.
As we look forward to this next year, and the increasing interest we are currently seeing in our products along with the new product offerings, we are now turning our focus to meeting this demand with a well-managed increase in supply. We have preliminarily secured the financing to ensure we can meet market demand.
Now I'd like to turn over the call to Felicia to discuss the financials. Felicia, please?
Felicia Ladin
I will hand the call back to Matt for concluding comments, Matt:
Matt Custer
We have not had any questions. Thank you for attending the call.
Please stay safe and healthy. Aloha