Cyanotech announces third quarter takings
Success for health product specialist Cyanotech in the third quarter of fiscal 2013.
Health product specialist Cyanotech has announced positive results for the third fiscal quarter of 2013 (ending December 31st), with strong demand helping to net a dramatic increase in revenue and profits alike.
The world leader in microalgae-based supplements reported a gross profit of $2,865,000 (£1,823,589), representing a margin of 42 per cent, while revenues were up eight per cent on the previous fiscal year, standing at $7,242,000 (£4,610,103).
Brent Bailey, president and chief executive of the company, said: "Demand in the third quarter was strong …the growth is in the strategic areas we have identified as priorities and is driven by our increased sales and marketing spending."
He added that profitability would have been even higher if it weren't for three contributing factors, namely a continued high cost of Spirulina, ever-rising legal fees and planned marketing and sales expenses.
Analysis of the figures revealed growth in a number of areas throughout the pharmaceutical specialist, including the online and international markets.
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