Cellmid (ASX: CDY)
When you are named as one of Men’s Health Magazine’s Top 10 Grooming Brands, you not only have a winning product, but you are also likely to be front and centre of over 13.5 million male readers.
Add another 50 million Daily Mail readers and that’s a substantial audience just from two magazine articles, but it’s part of Cellmid Limited’s (ASX:CDY) plan to create a product that has a dominant US presence.
CDY’s key hair loss product Evolis® has so far had broad uptake in the Australian pharmacy and salon market, but with its expansion into the US and China, it is really taking a swing for the fences.
CDY entered the US market in November 2016 – a market worth $US3.5 billion, where over 80 million people suffer from hair loss.
Not long after entry, CDY’s wholly owned subsidiary Advangen Limited, which sells a distinctive FGF5 hair loss inhibiting product, was invited to introduce Evolis® to 250 of the top hair salon chains.
The Advangen deal gave CDY the opportunity to target $100 million in revenue over seven years in the US alone.
Results released for the second quarter of 2017, shows CDY is on track with the Evolis® range of hair care products continuing to exceed quarterly revenue targets.
In Q2, CDY added $1.4 million in customer receipts, up 98% from the previous year – comfortably exceeding its million-dollar target.
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CDY has set a solid precedent for itself as it looks to grow its revenues quicker than your local barber can say buzz cut.
Well possibly not that quickly, but with international deals in place, this life sciences company which is also making waves in cancer treatment trials, is generating a lot of buzz.