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SenesTech (SNES) Likely to Expand Into China With New Deal
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SenesTech (SNES - Free Report) has inked a distribution agreement with Fruit Tree Limited. This strategic partnership with Fruit Tree, a pest control service provider headquartered in Hong Kong, marks a crucial step for SenesTech in penetrating the lucrative markets of Hong Kong, Macau and potentially Mainland China.
However, the financial terms of the deal have been kept under wraps.
More on the News
Per SenesTech, Fruit Tree is an ideal partner due to its position as a leading player in the pest control industry with a strong focus on quality, innovation and sustainability. Fruit Tree's extensive reach, both directly and through its subsidiaries, aligns well with SenesTech's mission to advance in pest management through fertility control. These make Fruit Tree the perfect distributor for SenesTech's innovative product, Evolve, in this niche market.
The Distribution Agreement encompasses a substantial initial stocking order and annual minimums. For SenesTech, this partnership opens doors to Hong Kong and Macau and holds the potential for expansion into the vast pest control market of Mainland China.
Environmental Focus and Regulatory Approval
Management at Fruit Tree emphasized its commitment to safety and sustainability in pest management. Fruit Tree has already engaged with regulatory officials to secure approval for testing Evolve in government venues, particularly those facing significant infestations like the wet markets of Mainland China.
According to SenesTech, this partnership will provide it with a gateway into one of the largest pest control markets globally, with the support and expertise of Fruit Tree. It is expected to position SenesTech for substantial growth in the region, which is witnessing growing demand for innovative and environmentally conscious solutions in the field of pest control.
Image Source: Zacks Investment Research
Market Prospects
Going by a Custom Market Insights report, the global pest control market, worth $22.5 billion in 2022, is expected to reach $33.55 billion in 2032, at a CAGR of 6.5%. Major growth drivers include growing awareness about the health risks associated with pests, such as rodents and insects.
Pest control is widely adopted in the agriculture sector to safeguard crop yield and improve crop quality through the use of pesticides, chemical fertilizers, and other methods. Technological advancements have significantly boosted agricultural productivity worldwide over the last four decades. Further, rapid urbanization and population growth are resulting in denser living conditions, providing more conducive environments for pests to thrive.
Share Price Performance
Over the past year, shares of SNES have plunged 97.9% compared with the industry’s 1.3% drop.
Zacks Rank and Key Picks
SenesTech currently carries a Zacks Rack #3 (Hold).
Estimates for Insulet’s 2023 earnings per share have increased from $1.61 to $1.90 in the past 30 days. Shares of the company have plunged 40.9% in the past year compared with the industry’s decline of 7%.
PODD’s earnings surpassed estimates in the trailing four quarters, the average surprise being 105.1%. In the last reported quarter, it delivered an average earnings surprise of 77.4%.
Haemonetics’ stock has risen 11.6% in the past year. Earnings estimates for Haemonetics have increased from $3.82 to $3.86 for 2023 and from $4.07 to $4.11 for 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for DexCom’s 2023 earnings per share have increased from $1.23 to $1.41 in the past 30 days. Shares of the company have fallen 7.8% in the past year compared with the industry’s decline of 7.1%.
DXCM’s earnings surpassed estimates in the trailing four quarters, the average surprise being 36.4%. In the last reported quarter, it delivered an average earnings surprise of 47.1%.
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SenesTech (SNES) Likely to Expand Into China With New Deal
SenesTech (SNES - Free Report) has inked a distribution agreement with Fruit Tree Limited. This strategic partnership with Fruit Tree, a pest control service provider headquartered in Hong Kong, marks a crucial step for SenesTech in penetrating the lucrative markets of Hong Kong, Macau and potentially Mainland China.
However, the financial terms of the deal have been kept under wraps.
More on the News
Per SenesTech, Fruit Tree is an ideal partner due to its position as a leading player in the pest control industry with a strong focus on quality, innovation and sustainability. Fruit Tree's extensive reach, both directly and through its subsidiaries, aligns well with SenesTech's mission to advance in pest management through fertility control. These make Fruit Tree the perfect distributor for SenesTech's innovative product, Evolve, in this niche market.
The Distribution Agreement encompasses a substantial initial stocking order and annual minimums. For SenesTech, this partnership opens doors to Hong Kong and Macau and holds the potential for expansion into the vast pest control market of Mainland China.
Environmental Focus and Regulatory Approval
Management at Fruit Tree emphasized its commitment to safety and sustainability in pest management. Fruit Tree has already engaged with regulatory officials to secure approval for testing Evolve in government venues, particularly those facing significant infestations like the wet markets of Mainland China.
According to SenesTech, this partnership will provide it with a gateway into one of the largest pest control markets globally, with the support and expertise of Fruit Tree. It is expected to position SenesTech for substantial growth in the region, which is witnessing growing demand for innovative and environmentally conscious solutions in the field of pest control.
Image Source: Zacks Investment Research
Market Prospects
Going by a Custom Market Insights report, the global pest control market, worth $22.5 billion in 2022, is expected to reach $33.55 billion in 2032, at a CAGR of 6.5%. Major growth drivers include growing awareness about the health risks associated with pests, such as rodents and insects.
Pest control is widely adopted in the agriculture sector to safeguard crop yield and improve crop quality through the use of pesticides, chemical fertilizers, and other methods. Technological advancements have significantly boosted agricultural productivity worldwide over the last four decades. Further, rapid urbanization and population growth are resulting in denser living conditions, providing more conducive environments for pests to thrive.
Share Price Performance
Over the past year, shares of SNES have plunged 97.9% compared with the industry’s 1.3% drop.
Zacks Rank and Key Picks
SenesTech currently carries a Zacks Rack #3 (Hold).
Some better-ranked stocks in the broader medical space are Insulet (PODD - Free Report) , Haemonetics (HAE - Free Report) and DexCom (DXCM - Free Report) . While Insulet presently sports a Zacks Rank #1 (Strong Buy), Haemonetics and DexCom carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Estimates for Insulet’s 2023 earnings per share have increased from $1.61 to $1.90 in the past 30 days. Shares of the company have plunged 40.9% in the past year compared with the industry’s decline of 7%.
PODD’s earnings surpassed estimates in the trailing four quarters, the average surprise being 105.1%. In the last reported quarter, it delivered an average earnings surprise of 77.4%.
Haemonetics’ stock has risen 11.6% in the past year. Earnings estimates for Haemonetics have increased from $3.82 to $3.86 for 2023 and from $4.07 to $4.11 for 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for DexCom’s 2023 earnings per share have increased from $1.23 to $1.41 in the past 30 days. Shares of the company have fallen 7.8% in the past year compared with the industry’s decline of 7.1%.
DXCM’s earnings surpassed estimates in the trailing four quarters, the average surprise being 36.4%. In the last reported quarter, it delivered an average earnings surprise of 47.1%.