InnovaDerma PLC (LON:IDP) will tell investors it is on track to hit full-year expectations at Wednesday’s annual general meeting, buoyed by a “positive market” for its range of products.
The company is currently gearing up for a busy start to 2018, with several new product launches and expansions slated for the first half of the year.
InnovaDerma’s main product is self-tanning lotion Skinny Tan – of Dragon’s Den fame – which “continues to make excellent progress” in the UK and throughout Europe.
Sephora to stock Skinny Tan
Skinny Tan will be sold in France for the first time in the first quarter of next year through Sephora’s online store. Sephora is a big name in the beauty and cosmetics industry whose owner is LVMH Moet Hennessy Louis Vuitton.
Slightly closer to home, demand for the lotions and sprays continues to grow in the Republic of Ireland, and the products will feature in Sam McCauley Chemists soon.
Given the popularity for Skinny Tan and the positive brand reputation, the company is set to launch a new body and skin range, including after-sun products, under the Skinny Tan name.
They will hit the shelves of 390 Superdrug stores in the first quarter of 2018.
Haircare range ‘on a similar growth trajectory to Skinny Tan’
InnovaDerma is for from a one-trick pony though. The firm – which only listed in London last September – launched its Roots haircare range in August and said today it is already performing “very strongly with excellent feedback" from customers.
Roots is currently in 390 Superdrug stores across the UK but that will rise to 521 come January.
What will excite investors is that InnovaDerma expects Roots to enjoy a similar growth trajectory to that of Skinny Tan, which became popular in a relatively short period of time.
Hair loss helmet
InnovaDerma also has an FDA-cleared hair loss prevention helmet – branded as Hair MD – which is now market ready.
The device contains various lasers and LED technologies and will be launched first in Australia and then Europe in the first quarter of next year.
InnovaDerma hopes Hair MD will allow it to grab a chunk of the US$2.8bn-a-year hair loss market.
‘Positive market’ for all products
"The company remains confident in achieving its full year expectations and continues to benefit from a positive market for its product portfolio,” executive chairman Haris Chaudhry will tell investors.
"Growth prospects for InnovaDerma remain substantial. Skinny Tan is continuing to expand into new markets and new brands such as Roots start to gain good momentum post launch.”
He added: “We are excited about the future and look forward to reporting further progress during the course of this financial year."