Neptune Wellness Solutions Inc (NASDAQ:NEPT) expect to report revenues of $29.6 million (up 21%) in 2020. The company expects to report revenues of $22 million (up 440%) in Q1 2021. It is on the backdrop of rapidly expanding its wellness and health solutions and adapting to the changing market conditions.
Introduces Neptune Air
Neptune recently introduced Neptune Air, a non-contact infrared thermometer, and hand sanitizers. The company also leverages its economical and highly flexible supply chain and takes advantage of third-party manufacturers and in-house production to scale up production to meet the market demand. New capacity expansions are helping the company to improve its revenues.
Neptune Air helps to measure the temperature of a person and reduces the risk of contamination and disease spreading. The company will provide different versions of Neptune Air for government customers, businesses, and consumers. Benefits of Neptune Air include easy to use, displays temperature readings quickly, and facilitates repeat measurements.
CEO of Neptune, Michael Cammarata, said Neptune Air showcases its ability to respond quickly to the needs of consumers. Neptune Air strengthens the leadership of Neptune in the health and wellness segment. It opens the door to the wellness and health market and grows its leadership and capabilities to meet the growing needs. The company is excited to introduce Neptune Air and address supply constraints. Michael said the company expects to report strong results in Q1 2021 because of growing demand in all distribution channels.
Key growth drivers and corporate update
Neptune has introduced Ocean Remedies and Forest Remedies. D2C consumer operations have also supported new brand development. The company has developed hand sanitizer products and bagged retail orders to support growth.
Neptune entered a pact with Dr. Jane Goodall, a renowned wildlife conservationist, to develop natural health and wellness products and introduce it under the brand ‘Forest Remedies.’ Its phase II expansion of the Sherbrooke facility is operational and added a new extraction business.
Neptune has strengthened its sales, operations, and management teams by recruiting professionals, who worked at companies like Hanes, Colgate Palmolive, SmartyPants Vitamins, Unilever, and MediPharm. The new initiatives helped the company to win new customers and enhance production levels.