Home shopping a winner for Cellmid balding remedies
Infomercials have been a hit for Cellmid’s hair growth products, pushing the company to record sales of $2 million in the last quarter.
But wait, theres more!
It’s the first time the company has exceeded $2 million in sales, and marks an increase of 115 per cent from the same period last year.
Cellmid (ASX:CDY) have put it all down to the success of television shopping channel QVC, the home of Martha Stewart, where they have been advertising since 2015.
“The substantial increase in quarterly sales was the result of continued success with television shopping channel QVC as well as the commencement of shipping to China following the receipt of import permits,” they told investors on Wednesday.
Shares in the company were up 5 percent at lunch to trade at 52c, mid-way in their 35c to 80c range over the past 52 weeks.
The company makes a series of products under the evolis brand, which are advertised as promoting hair growth by blocking signals from FGF5 molecules. They are sold across Australia, Japan, USA and China.
This quarterly record is a 34 per cent increase on the highest previous quarterly result of $1.5 million, both of which were recorded in conjunction with QVC’s ‘million-dollar day’ in late December.
In Cellmid’s October quarterly they recorded $2.9 million in the bank, with $1.6 million in estimated outflows.
The company last year teamed up with ASX-listed anti-counterfeiter YPB (ASX:YPB) to help sell hair loss treatments in China by enabling QR code technology.