Growlife Inc (OTCMKTS:PHOT) has showcased outstanding results in its Q3 2019. Compared to results in the previous year, matters have been impressive this time around. The revenues have increased by almost 141% from where they were last year.
An outlook at the Results
The CEO of GrowLife Marco Hegyi has was the first one to commend the company for this massive achievement. He reveals that the summer quarter isn’t in their favor most of the time. It gets rather challenging even at those times when they are well prepared. However, he likes the performance of the GrowLife and EZ CLONE products. The official says that these products have continuously showcased outstanding performance.
Hegyi is also quite pleased with the gross margins which have remained strong standing at about 32.4%. The official attributes the massive success being experienced partially to the implementation of proper strategy.
Plans to uphold remarkable performance
Sometime back, the company decided to do away with some of its poor-performing business segments. These included the flooring as well as the retail hydroponics segments.
Hegyi applauds the move outlining that it will help a huge deal in bringing down the company’s monthly spending. According to the official, this could be up to an amount of almost $100,000 monthly.
Hegyi is confident that the company will climb the business ladder as long as it sticks to its developmental plans. Currently, the company is looking into the utility of its increased gross margin and savings. The official outlines that they will be making several business investments shortly. He highlights the previously announced 2020 plans where the business seeks to provide hemp CBD clones. It intends to sell them under the EZ CLONE brand. Hegyi believes that this will help satisfy the ballooning CBD market. The leader remains optimistic that this will result in a significant level of growth for the fast-growing company.
Growlife may soon witness its dream of becoming the nation’s biggest player in cultivating organics come true. It also seeks to lead in other fronts including greens, herbs and some other plant-based medicines. The business giant is looking to expand its presence in the United States and Canada.