The leading manufacturer and marketer of advanced hair and skin care line, NuGene International Inc (OTCBB:NUGN), has reported financial results for the previous quarter that ended on March 31, 2015. As per the reports, the company managed to achieve several financial milestones during this three-month period.
Financial Insights For 1Q2015:
NuGene successfully outperformed the market. According to Ali Kharazmi, Chief Executive Officer, NuGene, it was one of the best three-month period that the company had witnessed lately. The total sales of the company during the previous quarter was $4,81,360. To make sure that things went the way it had planned, it relocated 11,000 square foot office, manufacturing, research and assembly location in the beautiful Orange County, California.
NuGene made equal efforts towards investing money in the previous quarter. It made a significant investment of $83,000 in office and laboratory and other leasehold improvements in the newly shifted office. As per the report, revenues were generated by selling products. No affiliated transaction contributed any revenue during the previous quarter. It also made significant efforts towards biopharmaceutical development and executed its objective by forming NuGene BioPharma.
With an objective to develop advanced solutions for wound and skin treatments, it acquired SkinGuardian during the previous quarter. The decision not only helped the company attract investors attention, but also generated a good market image. The company is serious about the NuGene Cathy Ireland brand; hence, along with other efforts, it also worked on developing mass retail sales model to get an edge over rival brands.
NuGene International Inc (OTCBB:NUGN) took quite a few initiatives to ensure that increasing market competition in the previous quarter, recruiting in-house sales team was the most important one among them. The company has also made available the detailed report online so that all the stakeholders from across the world can have a look at it as and when they want.
