Moissanite gemstone maker Charles & Colvard reported a 44 percent rise in revenue in the third quarter as the company ramped up its sales and marketing efforts.
The Morrisville company also announced Thursday that Suzanne Miglucci, a former chief marketing officer at ChannelAdvisor, would become its new president and CEO. She will replace Marvin Beasley, who is retiring Dec. 1.
Charles & Colvard reported revenue of $6.5 million, above the $4.6 million that was the consensus of Wall Street analysts who cover the company, according to Bloomberg.
The company had a net loss of $2 million, or 10 cents a share, compared with a loss of $3.1 million, or 15 cents a share, during the third quarter of 2014. That was a larger loss than the 5 cents a share forecast by analysts.
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Charles & Colvard sells its gemstones to wholesalers and directly to consumers through an e-commerce website, Moissanite.com, as well as through Lulu Avenue, its home party business. A Moissanite gemstone, which is made using material supplied by Durham LED maker Cree, retails for about 10 percent of the cost of a diamond.
The company’s wholesale business increased 13 percent in the quarter, while e-commerce sales rose 77 percent and Lulu Avenue sales jumped 255 percent.
In a statement, Beasley said Charles & Colvard has reduced its inventory levels by almost $5 million since the beginning of the year. “We are focused on improving our balance sheet by reducing our inventory and increasing our cash position,” he said.
Miglucci joined Morrisville-based ChannelAdvisor in June 2012. She has also held executive positions at SAP, SciQuest, MicroMass Communications and Arsenal Digital Solutions.
Charles & Colvard shares closed Friday at $1.28, up 3 cents. The stock is down 30 percent this year.