NuGene International Inc (OTCBB:NUGN) reported that it revenue in 2Q2015 came at $536,363 compared to $211,667 in 2Q2014. The increase in revenue can be attributed to the company’s focus on expanding distribution network using professional channels such as plastic surgeons, dermatologists, medical offices and spas. The company intends to take necessary measures to expand its sales on both direct online platform and retail locations.
NuGene reported that in 2Q2015 the company commenced hiring and trading sales personnel to focus on acquiring new distribution channels. The idea was to offer each existing client with a close point of contact with the company. In addition, the company expanded its product line by unveiling a skin care trial pack in month of June. The pack included a Light & Bright gel, Eye Serum, Universal Serum and Universal Cream in 10 ml bottles. The management believes that the introductory pack will offer first-time users with an attractive way of trying NuGene products.
The research team of company is working to advance several consumer products, with the development of a hydrating shampoo, facial scrub and facial mask, which are expected to be introduced in 3Q2015. NuGene’s subsidiary firm, NuGene BioPharma, Inc., is working to advance the SkinGuardian® product line of moisturizing lotion, skin protectant and antiseptic. This product line with stem cell media is expected to be unveiled in late 2015 or early 2016 in OTC divisions of pharmacies.
The management view
Ali Kharazmi, the CEO said that they are pleased to report YOY revenue growth as NuGene’s core operations continues to expand and the brand successfully gets enhanced name recognition. The company has begun to witness the commercial advantages of newly formed sales force.
NuGene International Inc (OTCBB:NUGN) bounced back very sharply yesterday and finished the last trading session with a huge gain of 38.55%. The volume for the day reached 649,000, more than double the daily average of 262,000 but still not a very respectable figure. The bounce seen in the last couple of sessions wiped out the entire loss incurred last Thursday but the stock now faces very strong supply zone in the band of $2.50-$2.90 and unless that area is cleared firmly by the bulls, the downside risk will keep looming in the shadows.