STRATA Skin Sciences Inc (NASDAQ: SSKN) is having an overwhelmingly strong time in the market early on this morning, and for good reason. The company announced an agreement late in the trading day yesterday that led to excitement among investors who are sending the stock toward the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:44), SSKN is trading at $2.08 per share after a gain of $0.33 per share or 18.57% thus far today.
SSKN Gains On Agreement
As mentioned above, STRATA Skin Sciences is having a strong start to the trading session this morning after the company announced that it has signed an agreement with MedResults Network, or simply MRN. This is a key agreement as MRN is a Group Purchasing Organization with more than 3,000 customers. Their customers range from dermatology offices to plastic surgery practices, facial plastic practices, MediSpas and more.
In particular, MRN focuses on the aesthetic market, creating agreements with more than 50 vendors with only one vendor per product category. This is great news for SSKN as it will be the only vendor in its category and will now have access to various customers it didn’t have before. The agreement, including special offer pricing to MRN members will lead to a launch to the membership base as early as this week. In a statement, Frank McCaney, President and CEO at SSKN, had the following to offer:
“We are pleased to announce this relationship, which we believe has major benefits to STRATA. MRN has a loyal and long-term subscriber base and a reputation for providing value to its members. MRN provides additional value to its members by offering educational seminars and value to its vendors by active promotion of the products on agreement with them.
Furthermore, the products that STRATA introduced earlier this year in the Aesthetic space are outstanding, technology-advantaged products but lacked broad awareness. We believe that the reach and credibility of MRN will greatly benefit our sales efforts.”
The above statement was followed up by Jeff Routledge, President of MRN. Here’s what he had to say with regard to the partnership with SSKN:
“We are excited about the opportunity to assist STRATA in marketing their products to our membership. STRATA’s Aesthetic products, Nordlys and STRATAPEN, are excellent products that are in growing sectors of the Aesthetic market. MRN’s mission is to offer our members best-in-class products from world class companies through pricing that can only be achieved by leveraging the buying power of our 3,000 member practices and medical spas.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to follow the SSKN story. In particular, we’re interested in following the relationship the company is building with MRN and excited to see the results via sales revenue. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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