Cyanotech Corporation (NASDAQ: CYAN) Reports 1.4% YoY Growth In Net Sales In FY 2021

Cyanotech Corporation (NASDAQ: CYAN) has announced Q4 2021  and FY 2021 financial results in which the company reported net sales of $32.345 million, which is a 1.4% YoY increase. 

Cyanotech generated a net income of $0.15 per share in FY 2021

For fiscal 2021 the company posted a gross profit of $11.117 million and a profit margin of 34.4%. Higher spirulina cost per kilo, which was due to low production volumes this year and product mix, impacted gross profit negatively. The company reported an operating income of $84,000 and a net income of $920,000 or $0.15 per share compared to $387,000 or $0.06 per share. The increase in net income was primarily due to loan forgiveness under the Paycheck protection Program for around $1.39 million.

CEO Gerald R Cysewski said, “Net sales increased slightly over the prior year, however, gross profit was negatively impacted by higher spirulina costs per kilo driven by lower production volumes.  We generated $2.4 million in cash from operations, deleveraged the balance sheet by $1.7 million, and increased our capital investments including the installation of a new tablet press.”

Cynotech posted $9,44 million sales in Q4 2021

Cyanotech had net sales of around $9.44 million in the fourth quarter compared to $8.634 million inQ4 2020, reflecting a 9.3% increase. Gross profit in the quarter was $2.77 million, and gross margin was 29.4%. The company reported a net operating loss of $24,000 with a net loss of $200,000 or $0.03 per share. 

Cysewski added, “During the fourth quarter, we launched new labels for both our BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica® products.  The new labels were well received in the marketplace. The coronavirus (“COVID-19”) pandemic has caused volatility in global markets.  Our company was declared an essential business in Hawaii and California, and we have remained open at full operations.”