▶ 150% Revenue Growth
For a 2nd year in a row, PromoChrom saw over 100% increase in revenue. While we take a quick moment to relish this achievement, a lot needs to be done to sustain our momentum. Continuous product development and improvement, keeping customers happy and finding the right collaborations are just some of the key things to consider. 2020 started with a very positive sales outlook. It is unfortunate that the Covid-19 pandemic caught the world off guard but we are still maintaining production and strong customer support.
▶ Continued Success of SPE-03
2018 saw a record number of SPE-03 sales and we set a new one in 2019. This 8-Channel system has helped many end users simplify their sample extraction, especially for PFAS in water by fully automating every SPE step. Many customers have returned to acquire more systems or recommended our products to others. We continue to invest in R&D of this product and have released a new model in September with better ergonomics, lower PFAS background, stronger bottle rinse, compatibility with more applications and larger touch screen interface.
▶ Taking on New Applications
Our SPE-03 was used for protein purification by a few renowned pharmaceutical companies. The system's flexibility allowed it to be customized for this field with just some minor changes. PromoChrom continues to work with customers in this field to increase their efficiency of purification and extraction. During the multi-lab validation of EPA Method 533, the SPE-03 was used by our customer Merit Labs to produce initial data for the EPA. The same system can now be used for both EPA Methods 537.1 and 533.
▶ Entering the European Market
PromoChrom's automated SPE systems started making its way to European countries like Hungary, Poland, Germany, Italy and Ukraine. With these customer references and distributors actively setting up demos, we expect to see European sales playing a significant role in the coming years.
▶ Strong Partnerships
We are careful in selecting the right distributors in 2019. PromoChrom is proud to collaborate with DSP systems as our main European distributor. They have seen huge success by focusing on automated extractors for PCBs and Dioxins and have established a huge customer base in just a few short years. Equipped with our SPE-03 system, their team is actively targeting the PFAS market in Europe. Our first sales in Germany and Hungary would not have been so successful without the strong local support and effective communication from LAT and Kvalitex. Our Chinese and Italian distributors are also actively giving product demos and generating good leads. Now, we also have another Korean distributor, Revodix, who is a leading company with over 30,000 end users. PromoChrom is committed to giving them our full support.
▶ Increased Production Capacity
By hiring the right people and optimizing our production process, we are shipping systems out 3 times as fast as before. Even with increased speed, more stringent testing is done on our products to ensure the best quality. PromoChrom continues to build its production workforce to reduce lead time for our customers.