Baywood International, a US nutraceutical company specialising in the development, marketing and distribution of its own proprietary brands, announced an increase of 66.7 per cent in revenue from the first quarter ended 31 March, up to $744,771 from $446,901 in the same period last year.
The increase in revenue was attributed to increased sales volume of the Purechoice, Solutions and Complete La Femme brands, which are distributed in pharmacies, grocers and other direct-to-consumer retailers. Baywood also said that the introduction of new products both to existing customers and in the Canadian and Asian markets were helping to drive sales.
Neil Reithinger, Baywood chairman, president and CEO, said: "We are working hard to continue to fulfill the growth potential of our products in the marketplace. At the same time, we remain focused on nurturing our organisation toward profitability while adapting our business toward the evolving nutraceutical marketplace. We feel confident that our new product offerings in 2002 will allow us to continue our pattern of year over year sales growth."
Gross profit margin for the three months ended 31 March 2002 was 51.7 per cent compared to 47 per cent for the same period last year. The company said that the increase in gross profit margin for the three months was due to the sales mix of higher margin products into the North American market as opposed to a higher mix of international sales where margins are typically lower as compared to the same period last year.
Operating loss for the three months ended 31 March 2002 was reduced by 74.5 per cent from the same period last year. Net loss for the quarter was $25,556 or less than $.01 per share.
Baywood also sells directly to consumers and to health care practitioners through its wholly-owned subsidiary, EpiPharma.