Cyanotech returns to strong growth with 20% year over year sales gain

By Hank Schultz

- Last updated on GMT

©Getty Images - Galeaneu Milhai
©Getty Images - Galeaneu Milhai

Related tags spirulina Astaxanthin

Cyanotech, a legacy firm producing spirulina and astaxanthin supplements, reported a return to strong growth after a year of flat financial results in 2020.

In its first quarter 2021 earnings statement, which was released recently, the company reported $8.96 million in revenue, which represented a 20% year over rise over the first quarter of 2020, in which the firm brought in $7.35 million. 

Cyanotech, which is based on the Kona Coast of Hawaii’s Big Island, produces spirulina and astaxanthin via open pond algae cultivation.  The company has been producing its raw material in the same location for more than 30 years.  Cyanotech markets its own finished products as well as selling water dispersible astaxanthin powder on a wholesale basis. Cyanotech advertises that its spirulina and astaxanthin supplements are the leading sellers in their respective categories.

“We had a good start to the year with strong sales and an improvement in gross profit margin. Climatic conditions were generally stable during the first quarter on Hawaii Island, and we saw cultivation and production metrics above trend,”​ said Cyanotech CEO Gerald R. Cysewski, PhD.

In its first quarter statement, Cyanotech quoted a trailing 12 months net sales figure for the period ending June 30, 2021, of $34 million, compared to $31.2 million for the year previously.  That compares to the company’s full year 2020 results, when Cyanotech reported $32.3 million in revenue, for an increase of just 1.4%.

Cyanotech’s shares are trading at $2.94 today, down from a recent high of more than $5 a share in March of 2018.

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