Today we are joined by the CEO of Joey New York, Inc. (OTC:JOEY), to chat about her company, and its sudden expansion. Recently, JOEY was invested to present some of their products at the 2018 MTV movie awards Private “Secret Room” party, as well as receiving the Diamond Crystal Award by Aesthetic Everything (Video below). You can now find JOEY on Amazon Prime, as well as some of the top beauty salons in California.
Can you give investors a history of Joey New York, Inc. and an overview of The LABB operations?
Joey New York has been formulating beauty products for over 25 years. We are known for our ‘Instant Visible Results’ and ‘I Minute Treatments’ product lines. IN 2013 we took the Company to the public market to increase our ability to raise funds for new ventures. In 2015 we acquired The LABB, a new concept in the aesthetic industry offering only Botox and dermal fillers in a luxury spa-like retail setting. We now have 3 LABB suites; 2 in Miami and 1 in Los Angles and we have expanded our service offerings to include not only Botox and dermal fillers by the leaders in the aesthetic industry, but also other non-surgical procedures. Our highly trained specialists offer fat melting products including Kybella, skin tightening and lifting, medical grade peels and skin rejuvenation procedures using Microneedling with stem cells.
What is the outlook for the aesthetic and beauty industry?
The facial aesthetic market is expected to be about a $4.6 billion-dollar industry in 2018 and about $9.2 billion by 2020.
What are the profit margins for the LABB locations that are currently operating?
Our average gross margin for our existing locations is about 70% with net margins of about 30%
What are the plans for the roll out of LABB suites in the country?
In the next 18 months we are planning on opening 9 additional LABB suites with additional locations in Florida, California, Texas, and New York
What is the overall value proposition that Joey New York and the LABB offers?
Joey New York and The LABB offers clients a wide variety of non-surgical aesthetic procedures in a luxury retail setting at an affordable price. All of our technicians are highly trained to provide the right products and the best results to fit our client’s needs. Our low overhead, competitive prices and high level of service makes The LABB concept a profitable model for growth and success
What are the near-term milestones investors can look forward to for the Company?
Near term milestones include the opening of additional LABB suites in Southern California, and Florida. In addition to that, we will be continuing to aggressively market our existing locations to continue to driverevenues and profits.
What are the projected revenues for this fiscal year?
Our fiscal year ends February 28, so with current and expected new operations, revenues are projected at about $8MM
How many shares of JOEY stock are outstanding?
There are 35 million shares issued and outstanding with approximately 4.35 million in the public float.