The Nutritional Growth Solutions Ltd (ASX: NGS) share price is on the move again following yesterday's positive announcement from the company.
At the time of writing, Nutritional Growth Solutions shares are up 8.33% to 26 cents. This means that over the past two days, the company's share price has risen by more than 26%.
Let's take a closer look at what the global nutritional health company released to the ASX.
What did Nutritional Growth Solutions announce?
Investors are fighting to get a hold of Nutritional Growth Solutions shares after the company surpassed a milestone sales target.
According to its release, Nutritional Growth Solutions has received revenue of $508,000 in Italy over the past 3 months. The company launched its Healthy Height shake range in the southern European country during March this year.
Since then, the company has received three purchase orders from its exclusive distribution partner in the region, Dicofarm. Currently the products are stocked in pharmacies and health food stores across Italy.
Nutritional Growth Solutions said it selected Italy as its first entry into the European market based on the country's large population of children. At current estimates, there are roughly 8.2 million children under the age of 14 years who live in Italy. This represents a significant market to build the company's brand image and strengthen its sales base.
Nutritional Growth Solutions CEO and managing director Liron Fendell commented:
To surpass US$500,000 in wholesale sales in three months, in a new region, is a big milestone for our company and shows there is a genuine need for nutritional products that support growth development in children.
Our patented Healthy Height formula was developed over 20 years by leading paediatric specialists from the world-renowned Schneider Children's Medical Centre in Israel and is clinically proven to improve growth in children through our shakes and foods that contain specific key nutrients needed for growth development.
We look forward to expanding our footprint in Europe to assist even more children to reach their height potential.
About the Nutritional Growth Solutions share price
While Nutritional Growth Solutions shares have accelerated recently, the same cannot be said for the past year. In the past 12 months, the company's share price is down roughly 15%, and flat for the current calendar year.
Nutritional Growth Solutions is a small ASX share, valued at around $12 million. The company has almost 46 million shares issued on its books.
