Boomer Naturals: Hitting the bull’s eye during the pandemic
A wellness company at its core, Boomer Naturals quickly pivoted to becoming a leading supplier of face masks and PPE during the early days of the pandemic. CEO Mike Quaid elaborates on the firm’s rapid business transition and success.
So far this year, we have witnessed how companies have adapted to the new normal of the pandemic lifestyle to drive business. Healthcare firm Boomer Naturals Holdings (OTC: BOMH) identified the long-lasting requirement for face masks and PPE right during the initial months of COVID-19 and leveraged its expertise in nano-silver technology to produce superior quality products and drive growth.
Primarily a wellness products company, Boomer Naturals kickstarted the PPE business in April this year. In an interview with AlphaStreet, CEO Mike Quaid said the idea was turned into a business in a matter of weeks.
“Our advisory board recognized that the nano-silver provided a unique attribute to the face masks that would really separate us from the pack. Up to 60% of the population has been exposed to the Boomer brand by now through our television interviews, doctor recommendations, and advertising activities.”
The company has guided fourth-quarter net sales of $9.5 million, which is expected to be followed by a three times jump in the first quarter of the next fiscal year to $30-35 million. While Boomer continues to see strength in its healthcare lineup of products, the CEO believes the primary growth driver during these two quarters will be PPE and face masks. The face masks, which are made in adherence to the WHO and CDC recommendations, are manufactured and shipped from Vietnam.
The company has established a strong distribution channel through CVS Health (NYSE: CVS); the masks are made available in over 8,000 CVS stores.
Boomer’s other business unit consists of wellness products that target the body’s endocannabinoid system, as an alternative to CBD. These line of products, named Boomer Botanics, provides pain relief and enhances physical, mental, and emotional well-being. The CEO estimates the overall market size to be approximately 15 billion.
Responding to the impact on Boomer’s CBD alternatives in a landscape where countries are legalizing cannabis, Quaid stated:
“CBD is a wonderful, natural recipe that impacts the endocannabinoid system, but it has so many barriers in the marketplace right now due to the constant monitoring and restrictions associated with the FDA, FTC and DEA. Hence, major retailers aren’t ready to take in the ingestibles. And we’ve got an FDA compliant product that not only impacts the endocannabinoid system, but is more effective than either marijuana or CBD.”
Interestingly, Boomer Naturals has also inked a co-branded licensing deal with Tommy Bahama, which allows the company to sell their Boomer Botanics products through the stores of the Seattle-based sportswear manufacturer.
Boomer Holdings had a market cap of $500 million, as on September 24. The company is expected to announce current quarter results in early October.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard