Cyanotech Corporation (NASDAQ:CYAN) Q3 2024 Results Conference Call February 9, 2024 8:00 PM ET

Company Participants

Matt Custer – President and CEO

Felicia Ladin – CFO

Matt Custer

Aloha from Kona, Hawaii. Thank you all for joining us today. I’m Matt Custer, President and Chief Executive Officer of Cyanotech. Joining me on the call today is Felicia Ladin, our Chief Financial Officer. 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 10-Q and fiscal year 2023 and 10-K report filed with the Securities and Exchange Commission. I will turn it back to Matt for comments on the quarter. Matt?

Matt Custer

The macroeconomic environment led to lower sales across the portfolio on a year-to-date basis being driven particularly by Spirulina bulk sales. Industry data shows consumers are not pulling back from dietary supplements, but they have begun trading down the private label brands to save on cost. The market for bulk material is increasingly price-sensitive with many companies sourcing lower-priced international ingredients. In the face of these challenges, we have revitalized our sales and marketing team, starting with the addition of a Chief Commercial Officer this past August and strengthening the sales team.

We have focused on enhancing our consumer message on our premium quality and competitive advantages. Our naturally formed microalgae from our location in Hawaii with pristine waters and natural sourcing practices aligns


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