The Hawaiian healthy algae specialist has reported revenues of $3,856,000 for the quarter ended 30 June, compared to $4,021,000 for the same period last year. Gross profit margin remained at 43 per cent, and gross profit was $1657,000, down slightly from $1733,000.
Its sales have been fairly evenly split between its two main products, spirulina (accounting for 51 percent of revenues) and astaxanthin (49 percent).
The company has been shifting its emphasis onto its consumer products, sold under its Nutrex Hawaii brand, and is aiming to introduce them to a broader consumer base than previously.
“Our marketing team is making good progress with new retail outlets, both major chain stores and their online stores,” said interim president and CEO David Rosenthal.
The emphasis is very much on growth within the domestic US market, although international sales still counted for 46 per cent of the total value in Q1.
Cyantech’s algae are grown at its 90-acre facility in Kona, Hawaii, using patented and proprietary technology. Rosenthal said it has seen “excellent yields, which should enable us to meet increased demand for our bulk and packaged products as we go forward,” said Rosenthal.
New antioxidant system
Earlier this year Cyanotec unveiled a new antioxidant system for its dietary supplement BioAstin Natural Astaxanthin, which is said to enhance stability, doubles shelf-life and may prolong the storage capability of its customers’ final products.
Gerald Cysewski, the company’s chief scientific officer and founder, told NutraIngredients.com: “The new antioxidant system for BioAstin Natural Astaxanthin is a unique blend of naturally occurring tocopherols. Astaxanthin is the most powerful natural antioxidant known; as such, Astaxanthin is very susceptible to oxidation. The specific blend of natural tocopherols work synergistically with natural astaxanthin to protect BioAstin from oxidation.”