CAPE TOWN, South Africa (BRAIN) — Leatt Corp. revenues increased 10% in the second quarter over the same period last year.
Revenues for the protective gear brand topped $5.3 million for the quarter that ended June 30. Revenues for the second quarter of 2018 were $4.7 million. Year-to-date global revenues also increased 10% to $11.4 million.
"We had a solid quarter and made substantial progress, particularly in terms of revenue growth and the market acceptance of our newest product lines in both the U.S. and international markets," said Leatt CEO Sean Macdonald.
Global revenue was driven in the second quarter by a 69% sales volume increase in Leatt's new Z Frame knee braces and selection of body armor. Leatt's other products, including its new Velocity 6.5 goggles, increased 88% in sales volume.
"Our full line of medically proven, revolutionary knee braces continues to gain traction globally," Macdonald said. "We are also very excited about the enthusiastic market acceptance of our new, bulletproof Velocity 6.5 goggle line. ... The demand has exceeded our expectations, and our goggle category has become another important revenue contribution segment. Initial shipments and continued ordering patterns are showing great promise for future growth."
Dr. Christopher Leatt, chairman of the board and lead research and development consultant, said the company will introduce a new "major" product category in the second half of this year.
