NuGene International Inc (OTCBB:NUGN), a leading developer, marketer and manufacturer of skin and hair care lines with the help of stem cell media and human stem cells reported financial results for March quarter. As per the reports, the company touched a sales figure of $4,81,360 during the three-month period ended March 31, 2015.
Updates of March Quarter:
The primary objective of the company revolved around expanding its operations during the previous quarter that prompted it to take a lot of challenging decisions. To make sure that thing fell in line, it decided to relocate to 11,000 square foot research, office, assembly and manufacturing location in Orange County based out of California. The company also made an extra investment of $83,000 in office and laboratory equipment and other leasehold improvements that occurred at the new facility of the company.
NuGene claims to have generated all the revenues during the first quarter of its famous NuGene product line. Earlier, it used to generate a part of revenues from affiliated transactions as well, but the management had decided to stream away from affiliated transactions during the previous quarter. NuGene established NuGene BioPharma with the only objective of developing biopharmaceutical products.
NuGene also indulged into an acquisition transaction. As per the reports, it bought SkinGuardian with the prime objective of developing a platform to advance into the advanced wound and skin treatments. The company also launched Kathy Ireland branded products on a national level television show to enhance its reach. It also started a mass retail sales model for its Kathy Ireland products to make them available all over the world in the near future.
NuGene put the entire focus on growing its sales activities; hence, it also recruited in-house sales team for the first time. The management of the company hopes to double its sales in the coming quarter.